Cincinnati Bell Inc (NYSE:CBB) Cut to “Sell” at BidaskClub
Cincinnati Bell Inc (NYSE:CBB) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Thursday.
A number of other research analysts also recently weighed in on CBB. ValuEngine downgraded Cincinnati Bell from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Morgan Stanley reissued an “equal weight” rating and issued a $22.00 price objective (down from $25.00) on shares of Cincinnati Bell in a research note on Wednesday, June 14th. Six equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Cincinnati Bell currently has an average rating of “Hold” and an average price target of $21.08.
Shares of Cincinnati Bell (CBB) traded up 4.20% during mid-day trading on Thursday, hitting $17.35. The stock had a trading volume of 545,054 shares. The company has a 50-day moving average of $17.77 and a 200 day moving average of $19.60. Cincinnati Bell has a one year low of $16.05 and a one year high of $25.65. The firm has a market cap of $731.72 million, a price-to-earnings ratio of 5.04 and a beta of 1.68.
Cincinnati Bell (NYSE:CBB) last posted its quarterly earnings results on Tuesday, May 9th. The utilities provider reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by $0.60. Cincinnati Bell had a negative return on equity of 3.12% and a net margin of 13.23%. The firm had revenue of $278 million for the quarter, compared to analysts’ expectations of $291.68 million. During the same period last year, the business earned $0.02 earnings per share. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, equities research analysts forecast that Cincinnati Bell will post $1.02 earnings per share for the current year.
Institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue increased its position in shares of Cincinnati Bell by 78.8% in the second quarter. State of Alaska Department of Revenue now owns 8,316 shares of the utilities provider’s stock valued at $162,000 after buying an additional 3,666 shares during the last quarter. BNP Paribas Arbitrage SA purchased a new stake in Cincinnati Bell during the first quarter worth $161,000. Mason Street Advisors LLC increased its stake in 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 purchased a new stake in Cincinnati Bell during the first quarter worth $231,000. Finally, Clinton Group Inc. purchased a new stake in Cincinnati Bell during the first quarter worth $259,000. Hedge funds and other institutional investors own 81.74% 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: 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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