Cincinnati Bell (NYSE:CBB) Trading Down 13.4%

Cincinnati Bell Inc. (NYSE:CBB) dropped 13.4% during mid-day trading on Thursday . The company traded as low as $3.70 and last traded at $3.93, approximately 977,631 shares were traded during trading. An increase of 122% from the average daily volume of 439,647 shares. The stock had previously closed at $4.54.

CBB has been the subject of a number of recent analyst reports. UBS Group upgraded shares of Cincinnati Bell from a “neutral” rating to a “buy” rating and cut their price target for the stock from $11.00 to $7.00 in a report on Friday, August 9th. Morgan Stanley reaffirmed an “equal weight” rating and set a $8.00 price objective (down previously from $10.00) on shares of Cincinnati Bell in a research report on Friday, June 7th. Finally, ValuEngine raised shares of Cincinnati Bell from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st.

The stock has a market cap of $244.54 million, a PE ratio of -3.54 and a beta of 1.42. The stock’s 50-day moving average is $4.26 and its two-hundred day moving average is $7.33.

Cincinnati Bell (NYSE:CBB) last posted its quarterly earnings data on Thursday, August 8th. The utilities provider reported ($0.13) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.12. The company had revenue of $384.20 million for the quarter, compared to analysts’ expectations of $377.08 million. The business’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.19) EPS. As a group, equities analysts forecast that Cincinnati Bell Inc. will post -1.12 earnings per share for the current fiscal year.

In other Cincinnati Bell news, VP Christopher J. Wilson purchased 6,628 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was bought at an average price of $6.70 per share, with a total value of $44,407.60. Following the transaction, the vice president now directly owns 90,285 shares of the company’s stock, valued at approximately $604,909.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew R. Kaiser purchased 4,300 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was acquired at an average cost of $6.93 per share, with a total value of $29,799.00. Following the transaction, the chief financial officer now directly owns 62,354 shares in the company, valued at $432,113.22. The disclosure for this purchase can be found here. Company insiders own 2.40% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Bank of Montreal Can boosted its position in Cincinnati Bell by 123.0% in the 2nd quarter. Bank of Montreal Can now owns 5,616 shares of the utilities provider’s stock valued at $28,000 after buying an additional 3,098 shares during the period. Quantamental Technologies LLC acquired a new stake in shares of Cincinnati Bell in the 2nd quarter valued at $42,000. Marshall Wace LLP acquired a new stake in shares of Cincinnati Bell in the 2nd quarter valued at $64,000. Wedbush Securities Inc. acquired a new stake in shares of Cincinnati Bell in the 2nd quarter valued at $70,000. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of Cincinnati Bell by 466.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 10,614 shares of the utilities provider’s stock valued at $101,000 after purchasing an additional 8,741 shares in the last quarter. 94.97% of the stock is owned by 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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