Cincinnati Bell (NYSE:CBB) Stock Price Down 9.6%

Cincinnati Bell Inc. (NYSE:CBB) traded down 9.6% during mid-day trading on Thursday . The stock traded as low as $4.87 and last traded at $4.90, 630,425 shares changed hands during mid-day trading. An increase of 40% from the average session volume of 450,540 shares. The stock had previously closed at $5.42.

Several analysts have issued reports on the stock. UBS Group raised shares of Cincinnati Bell from a “neutral” rating to a “buy” rating and reduced their price target for the company from $11.00 to $7.00 in a report on Friday, August 9th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $8.00 price target (down previously from $10.00) on shares of Cincinnati Bell in a report on Friday, June 7th. Finally, ValuEngine raised shares of Cincinnati Bell from a “sell” rating to a “hold” rating in a report on Thursday, August 1st.

The firm’s 50 day moving average is $4.27 and its 200-day moving average is $7.22.

Cincinnati Bell (NYSE:CBB) last announced its quarterly earnings data on Thursday, August 8th. The utilities provider reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.12. The firm had revenue of $384.20 million for the quarter, compared to analysts’ expectations of $377.08 million. The business’s quarterly revenue was up 29.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.19) EPS. Analysts anticipate that Cincinnati Bell Inc. will post -1.07 earnings per share for the current fiscal year.

In related news, VP Christopher J. Wilson purchased 6,628 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was purchased at an average price of $6.70 per share, with a total value of $44,407.60. Following the completion of the transaction, the vice president now owns 90,285 shares of the company’s stock, valued at approximately $604,909.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew R. Kaiser purchased 4,300 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought 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 of the company’s stock, valued at approximately $432,113.22. The disclosure for this purchase can be found here. Insiders have purchased 15,928 shares of company stock worth $99,207 in the last three months. Insiders own 2.40% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Bank of Montreal Can grew its holdings in Cincinnati Bell by 123.0% during the 2nd quarter. Bank of Montreal Can now owns 5,616 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 3,098 shares in the last quarter. Quantamental Technologies LLC acquired a new stake in Cincinnati Bell during the 2nd quarter valued at $42,000. BNP Paribas Arbitrage SA grew its holdings in Cincinnati Bell by 466.7% during 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. Marshall Wace LLP acquired a new stake in Cincinnati Bell during the 2nd quarter valued at $64,000. Finally, Menta Capital LLC acquired a new stake in Cincinnati Bell during the 1st quarter valued at $127,000. 96.66% of the stock is owned by hedge funds and other institutional investors.

Cincinnati Bell Company Profile (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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