Fmr LLC decreased its stake in Cincinnati Bell Inc. (NYSE:CBB) by 0.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 802,672 shares of the utilities provider’s stock after selling 4,500 shares during the period. Fmr LLC’s holdings in Cincinnati Bell were worth $12,602,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Piedmont Investment Advisors LLC bought a new stake in shares of Cincinnati Bell in the 2nd quarter worth approximately $155,000. Element Capital Management LLC bought a new stake in shares of Cincinnati Bell in the 1st quarter worth approximately $263,000. BNP Paribas Arbitrage SA lifted its holdings in shares of Cincinnati Bell by 31.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 18,448 shares of the utilities provider’s stock worth $290,000 after purchasing an additional 4,449 shares during the last quarter. Aperio Group LLC lifted its holdings in shares of Cincinnati Bell by 48.5% in the 2nd quarter. Aperio Group LLC now owns 19,741 shares of the utilities provider’s stock worth $310,000 after purchasing an additional 6,448 shares during the last quarter. Finally, OppenheimerFunds Inc. lifted its holdings in shares of Cincinnati Bell by 36.4% in the 1st quarter. OppenheimerFunds Inc. now owns 51,053 shares of the utilities provider’s stock worth $707,000 after purchasing an additional 13,629 shares during the last quarter. 74.32% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cincinnati Bell stock opened at $15.44 on Monday. The company has a debt-to-equity ratio of -6.33, a quick ratio of 1.81 and a current ratio of 1.90. The firm has a market cap of $800.01 million, a price-to-earnings ratio of -193.00 and a beta of 1.15. Cincinnati Bell Inc. has a 1-year low of $9.90 and a 1-year high of $22.20.
Cincinnati Bell (NYSE:CBB) last announced its earnings results on Wednesday, August 8th. The utilities provider reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.07). The business had revenue of $296.80 million during the quarter, compared to analysts’ expectations of $298.03 million. Cincinnati Bell’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.08 earnings per share. On average, research analysts forecast that Cincinnati Bell Inc. will post -0.99 EPS for the current fiscal year.
Several analysts recently issued reports on CBB shares. ValuEngine raised Cincinnati Bell from a “sell” rating to a “hold” rating in a report on Wednesday, September 12th. UBS Group downgraded Cincinnati Bell from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a research note on Tuesday, July 10th. Finally, Wells Fargo & Co lifted their target price on Cincinnati Bell to $15.00 and gave the company an “outperform” rating in a research note on Thursday, September 6th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $16.33.
In other Cincinnati Bell news, Director Phillip R. Cox sold 14,597 shares of Cincinnati Bell stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $12.60, for a total transaction of $183,922.20. Following the sale, the director now owns 9,216 shares of the company’s stock, valued at approximately $116,121.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is owned by insiders.
About Cincinnati Bell
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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