Research Analysts Issue Forecasts for Cincinnati Bell Inc.’s FY2019 Earnings (CBB)
Cincinnati Bell Inc. (NYSE:CBB) – Gabelli lowered their FY2019 earnings estimates for Cincinnati Bell in a research note issued on Thursday. Gabelli analyst S. Dluzhevskiy now anticipates that the brokerage will post earnings per share of $0.15 for the year, down from their prior forecast of $0.25. Gabelli has a “Buy” rating on the stock.
Cincinnati Bell (NYSE:CBB) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.35. The firm earned $299 million during the quarter, compared to analysts’ expectations of $295.79 million. Cincinnati Bell had a net margin of 16.78% and a negative return on equity of 5.73%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.01 earnings per share.
Several other equities research analysts have also recently weighed in on CBB. Bank of America Corp. set a $16.25 price objective on shares of Cincinnati Bell and gave the stock a “sell” rating in a research report on Wednesday, August 3rd. Raymond James Financial Inc. reaffirmed a “market perform” rating on shares of Cincinnati Bell in a research report on Monday, August 8th. Finally, Zacks Investment Research cut shares of Cincinnati Bell from a “buy” rating to a “hold” rating in a research report on Monday, August 29th.
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Shares of Cincinnati Bell (NYSE:CBB) traded down 1.31% on Friday, reaching $19.53. 179,193 shares of the company were exchanged. The company’s 50-day moving average price is $20.59 and its 200 day moving average price is $20.82. Cincinnati Bell has a 12 month low of $14.00 and a 12 month high of $25.65. The company has a market cap of $820.92 million, a price-to-earnings ratio of 4.41 and a beta of 1.60.
Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Fund Advisors raised its position in shares of Cincinnati Bell by 13.6% in the second quarter. BlackRock Fund Advisors now owns 20,393,608 shares of the company’s stock worth $93,199,000 after buying an additional 2,437,077 shares during the period. Vanguard Group Inc. raised its position in shares of 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. Goldman Sachs Group Inc. raised its position in shares of Cincinnati Bell by 97.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,232,076 shares of the company’s stock worth $4,768,000 after buying an additional 608,583 shares during the period. TFS Capital LLC raised its position in shares of Cincinnati Bell by 716.0% in the second quarter. TFS Capital LLC now owns 296,184 shares of the company’s stock worth $1,354,000 after buying an additional 259,887 shares during the period. Finally, Spark Investment Management LLC raised its position in shares of Cincinnati Bell by 263.2% in the first quarter. Spark Investment Management LLC now owns 322,500 shares of the company’s stock worth $1,248,000 after buying an additional 233,700 shares during the period. Institutional investors and hedge funds own 79.60% of the company’s stock.
In other news, VP Christopher J. Wilson sold 30,000 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $3.70, for a total value of $111,000.00. Following the completion of the transaction, the vice president now owns 74,457 shares of the company’s stock, valued at $275,490.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by insiders.
About Cincinnati Bell
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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