Los Angeles Capital Management & Equity Research Inc. lowered its position in shares of Cincinnati Bell Inc (NYSE:CBB) by 24.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 135,910 shares of the company’s stock after selling 44,215 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned about 0.32% of Cincinnati Bell worth $555,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CBB. BlackRock Inc. boosted its stake in Cincinnati Bell by 281.4% in the second quarter. BlackRock Inc. now owns 59,956 shares of the company’s stock worth $275,000 after buying an additional 44,236 shares during the period. BlackRock Investment Management LLC boosted its stake in Cincinnati Bell by 6.9% in the second quarter. BlackRock Investment Management LLC now owns 959,152 shares of the company’s stock worth $4,383,000 after buying an additional 62,165 shares during the period. BlackRock Advisors LLC boosted its stake in Cincinnati Bell by 1.5% in the second quarter. BlackRock Advisors LLC now owns 102,790 shares of the company’s stock worth $470,000 after buying an additional 1,514 shares during the period. PineBridge Investments L.P. boosted its stake in Cincinnati Bell by 6.0% in the second quarter. PineBridge Investments L.P. now owns 26,640 shares of the company’s stock worth $121,000 after buying an additional 1,518 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Cincinnati Bell by 5.9% in the second quarter. Vanguard Group Inc. now owns 27,927,150 shares of the company’s stock worth $127,627,000 after buying an additional 1,550,709 shares during the period.
Shares of Cincinnati Bell Inc (NYSE:CBB) traded down 0.88% during mid-day trading on Wednesday, hitting $22.60. 90,270 shares of the stock were exchanged. The firm has a 50-day moving average price of $22.12 and a 200 day moving average price of $21.44. The company has a market capitalization of $949.77 million, a PE ratio of 7.62 and a beta of 1.82. Cincinnati Bell Inc has a 12-month low of $14.20 and a 12-month high of $25.65.
Cincinnati Bell (NYSE:CBB) last posted its earnings results on Wednesday, November 2nd. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.33. Cincinnati Bell had a negative return on equity of 4.95% and a net margin of 11.43%. The business earned $312.40 million during the quarter, compared to analysts’ expectations of $300.03 million. During the same period in the prior year, the business earned $0.37 EPS. Cincinnati Bell’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities research analysts expect that Cincinnati Bell Inc will post $0.24 earnings per share for the current year.
A number of analysts have issued reports on CBB shares. Gabelli upgraded shares of Cincinnati Bell from a “hold” rating to a “buy” rating in a research note on Thursday, October 6th. Raymond James Financial, Inc. restated an “underperform” rating on shares of Cincinnati Bell in a research note on Tuesday, December 6th. Drexel Hamilton started coverage on shares of Cincinnati Bell in a research note on Wednesday, November 23rd. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Citigroup Inc. cut shares of Cincinnati Bell from a “market perform” rating to an “underperform” rating in a research note on Tuesday, December 6th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $21.25.
In related news, CEO Theodore H. Torbeck sold 40,000 shares of the stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $23.68, for a total transaction of $947,200.00. Following the completion of the sale, the chief executive officer now directly owns 197,535 shares of the company’s stock, valued at approximately $4,677,628.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.00% of the company’s stock.
Cincinnati Bell Company Profile
Cincinnati Bell Inc, along with its subsidiaries, provides diversified telecommunications and technology services. The Company operates through two segments. The Entertainment and Communications segment provides products and services, such as high-speed Internet, data transport local voice, long distance, voice over Internet protocol (VoIP), video and other services.
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