American International Group Inc. decreased its stake in shares of Cincinnati Bell Inc (NYSE:CBB) by 16.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,903 shares of the utilities provider’s stock after selling 4,929 shares during the period. American International Group Inc. owned approximately 0.06% of Cincinnati Bell worth $458,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the stock. BNP Paribas Arbitrage SA bought a new position in shares of Cincinnati Bell during the first quarter worth approximately $161,000. Mason Street Advisors LLC increased its position in shares of Cincinnati Bell by 7.3% in the first quarter. Mason Street Advisors LLC now owns 9,851 shares of the utilities provider’s stock worth $174,000 after buying an additional 668 shares during the last quarter. Karp Capital Management Corp bought a new position in shares of Cincinnati Bell during the first quarter worth approximately $231,000. Clinton Group Inc. bought a new position in shares of Cincinnati Bell during the first quarter worth approximately $259,000. Finally, Louisiana State Employees Retirement System increased its position in shares of Cincinnati Bell by 1.8% in the first quarter. Louisiana State Employees Retirement System now owns 17,180 shares of the utilities provider’s stock worth $304,000 after buying an additional 300 shares during the last quarter. 82.43% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cincinnati Bell Inc (CBB) traded down 1.83% during midday trading on Tuesday, hitting $21.45. The stock had a trading volume of 643,496 shares. The firm’s 50-day moving average price is $18.54 and its 200-day moving average price is $18.92. Cincinnati Bell Inc has a one year low of $16.05 and a one year high of $24.45. The firm has a market capitalization of $903.77 million, a PE ratio of 6.22 and a beta of 1.66.
Cincinnati Bell (NYSE:CBB) last issued its quarterly earnings results on Friday, August 4th. The utilities provider reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. The company had revenue of $294 million for the quarter, compared to analyst estimates of $284.28 million. Cincinnati Bell had a negative return on equity of 3.78% and a net margin of 6.84%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 earnings per share. On average, equities analysts predict that Cincinnati Bell Inc will post $0.93 EPS for the current year.
Several research analysts have recently issued reports on the company. BidaskClub raised Cincinnati Bell from a “hold” rating to a “buy” rating in a research note on Monday, July 31st. Gabelli cut Cincinnati Bell from a “buy” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley reissued an “equal weight” rating and issued a $22.00 price target (down previously from $25.00) on shares of Cincinnati Bell in a research note on Wednesday, June 14th. Finally, ValuEngine cut Cincinnati Bell from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Four research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $23.50.
Cincinnati Bell Company Profile
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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