Investors Buy Large Volume of Cincinnati Bell Put Options (CBB)

Cincinnati Bell (NYSE:CBB) saw unusually large options trading on Wednesday. Stock traders bought 1,000 put options on the company. This is an increase of approximately 1,900% compared to the average volume of 50 put options.

CBB has been the subject of several research reports. TheStreet cut Cincinnati Bell from a “c-” rating to a “d+” rating in a report on Wednesday, March 28th. Morgan Stanley decreased their price target on Cincinnati Bell from $24.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Monday, March 19th. Finally, ValuEngine upgraded Cincinnati Bell from a “sell” rating to a “hold” rating in a research note on Wednesday, May 9th. One analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. Cincinnati Bell currently has an average rating of “Hold” and an average target price of $16.00.

In other news, VP Christopher J. Wilson acquired 2,959 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was acquired at an average cost of $14.45 per share, for a total transaction of $42,757.55. Following the completion of the acquisition, the vice president now owns 51,723 shares in the company, valued at $747,397.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew R. Kaiser acquired 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were purchased at an average price of $15.90 per share, with a total value of $47,700.00. Following the completion of the acquisition, the chief financial officer now owns 24,280 shares of the company’s stock, valued at approximately $386,052. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 7,334 shares of company stock worth $110,450. 1.40% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in shares of Cincinnati Bell by 1.3% in the fourth quarter. BlackRock Inc. now owns 6,194,055 shares of the utilities provider’s stock worth $129,146,000 after purchasing an additional 77,719 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Cincinnati Bell by 2.0% in the third quarter. Dimensional Fund Advisors LP now owns 1,628,621 shares of the utilities provider’s stock valued at $32,329,000 after acquiring an additional 31,489 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of Cincinnati Bell by 11.1% in the first quarter. Diamond Hill Capital Management Inc. now owns 597,371 shares of the utilities provider’s stock valued at $8,274,000 after acquiring an additional 59,565 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Cincinnati Bell by 1.2% in the first quarter. Northern Trust Corp now owns 525,751 shares of the utilities provider’s stock valued at $7,282,000 after acquiring an additional 6,399 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Cincinnati Bell by 77.1% in the fourth quarter. Millennium Management LLC now owns 450,300 shares of the utilities provider’s stock valued at $9,389,000 after acquiring an additional 196,034 shares in the last quarter. 84.54% of the stock is currently owned by institutional investors and hedge funds.

Shares of CBB stock opened at $16.15 on Thursday. The firm has a market cap of $703.79 million, a P/E ratio of -201.88 and a beta of 1.52. Cincinnati Bell has a twelve month low of $13.00 and a twelve month high of $22.20. The company has a debt-to-equity ratio of -6.71, a quick ratio of 1.82 and a current ratio of 1.94.

Cincinnati Bell (NYSE:CBB) last issued its quarterly earnings data on Wednesday, May 9th. The utilities provider reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.04). The firm had revenue of $296.00 million for the quarter, compared to the consensus estimate of $296.69 million. Cincinnati Bell had a negative return on equity of 0.61% and a negative net margin of 2.77%. The company’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.01) EPS. equities research analysts expect that Cincinnati Bell will post -0.29 EPS for the current fiscal year.

Cincinnati Bell Company Profile

Cincinnati Bell Inc, together with its subsidiaries, provides diversified telecommunications and technology services to residential and business customers in the United States. It operates in two segments, Entertainment and Communications, and IT Services and Hardware. The Entertainment and Communications segment offers data services, including high-speed Internet access, data transport, and interconnection services, as well as metro-Ethernet products; and voice local services, such as Fioptics voice lines, voice over Internet protocol, long distance, digital trunking, switched access, caller identification, voicemail, call waiting, and call return.

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