Cincinnati Bell Inc. (NYSE:CBB)’s stock price passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $6.64 and traded as high as $5.02. Cincinnati Bell shares last traded at $4.97, with a volume of 13,887 shares traded.
Several research firms have commented on CBB. ValuEngine upgraded shares of Cincinnati Bell from a “sell” rating to a “hold” rating in a research note on Wednesday, March 20th. Morgan Stanley restated an “equal weight” rating and issued a $8.00 price target (down previously from $10.00) on shares of Cincinnati Bell in a research note on Friday, June 7th.
The stock has a market capitalization of $256.87 million, a price-to-earnings ratio of -4.46 and a beta of 1.70. The firm has a 50-day simple moving average of $6.64.
Cincinnati Bell (NYSE:CBB) last released its quarterly earnings data on Wednesday, May 8th. The utilities provider reported ($0.48) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.26). The firm had revenue of $379.60 million for the quarter, compared to analyst estimates of $382.99 million. The company’s revenue was up 28.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.19) earnings per share. On average, equities research analysts expect that Cincinnati Bell Inc. will post -1.13 earnings per share for the current fiscal year.
In related news, VP Christopher J. Wilson purchased 6,628 shares of Cincinnati Bell stock in a transaction that occurred on Thursday, May 30th. The stock was purchased at an average cost of $6.70 per share, with a total value of $44,407.60. Following the completion of the transaction, the vice president now directly owns 90,285 shares in the company, valued at $604,909.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew R. Kaiser purchased 4,300 shares of Cincinnati Bell stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average cost of $6.93 per share, with a total value of $29,799.00. Following the completion of the transaction, the chief financial officer now owns 62,354 shares of the company’s stock, valued at $432,113.22. The disclosure for this purchase can be found here. 2.40% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC increased its position in shares of Cincinnati Bell by 1.5% in the first quarter. FMR LLC now owns 910,172 shares of the utilities provider’s stock worth $8,683,000 after acquiring an additional 13,200 shares in the last quarter. Sawtooth Solutions LLC acquired a new stake in Cincinnati Bell during the 1st quarter valued at $167,000. Laurion Capital Management LP grew its holdings in Cincinnati Bell by 4.3% during the 1st quarter. Laurion Capital Management LP now owns 40,014 shares of the utilities provider’s stock valued at $382,000 after purchasing an additional 1,642 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in Cincinnati Bell during the 1st quarter valued at $129,000. Finally, Gamco Investors INC. ET AL grew its holdings in Cincinnati Bell by 2.4% during the 1st quarter. Gamco Investors INC. ET AL now owns 2,141,523 shares of the utilities provider’s stock valued at $20,430,000 after purchasing an additional 50,503 shares in the last quarter. 95.00% of the stock is owned by hedge funds and other institutional investors.
About Cincinnati Bell (NYSE:CBB)
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, as well as long distance, digital trunking, switched access, and other value-added services, such as caller identification, voicemail, call waiting, and call return.
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