Credit Suisse AG reduced its stake in Cincinnati Bell Inc (NYSE:CBB) by 13.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,113 shares of the utilities provider’s stock after selling 18,856 shares during the period. Credit Suisse AG owned approximately 0.30% of Cincinnati Bell worth $2,215,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CBB. BlackRock Inc. raised its position in shares of Cincinnati Bell by 58,412.1% in the first quarter. BlackRock Inc. now owns 6,270,745 shares of the utilities provider’s stock valued at $110,992,000 after buying an additional 6,260,028 shares during the last quarter. State Street Corp bought a new stake in Cincinnati Bell during the first quarter valued at about $19,007,000. Jericho Capital Asset Management L.P. bought a new stake in Cincinnati Bell during the first quarter valued at about $13,143,000. FMR LLC increased its stake in Cincinnati Bell by 80.7% in the first quarter. FMR LLC now owns 1,423,672 shares of the utilities provider’s stock valued at $25,199,000 after buying an additional 635,900 shares during the period. Finally, Norges Bank bought a new stake in Cincinnati Bell during the fourth quarter valued at about $4,150,000. 85.08% of the stock is currently owned by institutional investors.
Shares of Cincinnati Bell Inc (CBB) traded down 0.73% during trading on Friday, hitting $20.50. The stock had a trading volume of 277,672 shares. The stock’s 50-day moving average is $19.24 and its 200-day moving average is $18.83. The stock has a market capitalization of $864.59 million, a P/E ratio of 12.50 and a beta of 1.66. Cincinnati Bell Inc has a 12-month low of $16.05 and a 12-month high of $24.45.
Cincinnati Bell (NYSE:CBB) last announced its quarterly earnings results on Friday, August 4th. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. The company had revenue of $294 million during the quarter, compared to the consensus estimate of $284.28 million. Cincinnati Bell had a net margin of 6.84% and a negative return on equity of 3.87%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.04 earnings per share. Analysts predict that Cincinnati Bell Inc will post $1.36 EPS for the current fiscal year.
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CBB has been the subject of several recent analyst reports. BidaskClub upgraded Cincinnati Bell from a “hold” rating to a “buy” rating in a research note on Monday, July 31st. Morgan Stanley restated an “equal weight” rating and set a $22.00 target price (down previously from $25.00) on shares of Cincinnati Bell in a research note on Wednesday, June 14th. Gabelli downgraded Cincinnati Bell from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, ValuEngine downgraded Cincinnati Bell from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Cincinnati Bell currently has an average rating of “Hold” and a consensus price target of $23.50.
About Cincinnati Bell
Cincinnati Bell Inc, along with its subsidiaries, provides diversified telecommunications and technology services. The Company operates through two segments: Entertainment and Communications, and IT Services and Hardware. Through its Entertainment and Communications segment, the Company provides high-speed data, video and voice solutions to consumers and businesses over fiber network and a legacy copper network.
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