Wed Sep 25 07:56:57 UTC 2024: ## State of New Jersey Pension Fund Trims Cogent Communications Holdings Stake

**TRENTON, NJ -** The State of New Jersey Common Pension Fund D has reduced its stake in Cogent Communications Holdings, Inc. (NASDAQ: CCOI) by 10% in the second quarter, according to HoldingsChannel.com. The fund now owns 31,374 shares of the technology company, valued at $1,771,000, after selling 3,477 shares during the period.

This move comes amid a flurry of activity from other large investors in Cogent Communications.

**Institutional Investors Show Interest**

* Prairieview Wealth Partners LLC bought a new position in Cogent Communications during the fourth quarter valued at approximately $634,000.
* Norges Bank also acquired a new position in the company’s shares in the fourth quarter, worth $50,430,000.
* Wells Fargo & Company MN increased its stake by 18% in the fourth quarter, now owning 162,670 shares valued at $12,373,000.
* TFO Wealth Partners LLC dramatically boosted its position by 66,540% in the fourth quarter, now owning 3,332 shares worth $253,000.
* Madison Asset Management LLC also increased its stake by 19% in the fourth quarter, now owning 71,672 shares valued at $5,451,000.

Overall, hedge funds and institutional investors hold 92.45% of Cogent Communications’ stock.

**Insider Transactions**

Several company insiders, including VP John B. Chang and CEO Dave Schaeffer, have sold shares of Cogent Communications in recent transactions. However, insiders still own 11.40% of the company’s stock.

**Strong Earnings, Increased Dividend**

Cogent Communications exceeded analysts’ expectations in the second quarter, reporting ($0.68) earnings per share (EPS) compared to the consensus estimate of ($1.27). Revenue reached $260.40 million, surpassing the expected $264.32 million.

The company also announced a quarterly dividend increase, paying $0.985 to shareholders of record on August 22nd. This represents a $3.94 annualized dividend and a yield of 5.29%.

**Analyst Opinions**

Various brokerages have issued reports on Cogent Communications, with ratings ranging from “underperform” to “buy”. Currently, the stock has a consensus rating of “Hold” and an average target price of $75.86 according to MarketBeat.

**Cogent Communications Holdings, Inc.** is a provider of high-speed internet access, private networks, and data center colocation space services across the globe. The company serves a wide range of customers, including businesses, institutions, and other service providers.

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