California Public Employees Retirement System cut its holdings in Cincinnati Bell Inc. (NYSE:CBB) by 29.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 125,963 shares of the utilities provider’s stock after selling 52,615 shares during the quarter. California Public Employees Retirement System owned approximately 0.25% of Cincinnati Bell worth $1,978,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. Northern Trust Corp increased its holdings in Cincinnati Bell by 1.2% in the first quarter. Northern Trust Corp now owns 525,751 shares of the utilities provider’s stock valued at $7,282,000 after buying an additional 6,399 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Cincinnati Bell by 2.9% in the first quarter. Principal Financial Group Inc. now owns 324,946 shares of the utilities provider’s stock valued at $4,500,000 after buying an additional 9,265 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Cincinnati Bell by 34.4% during the first quarter. Legal & General Group Plc now owns 120,636 shares of the utilities provider’s stock worth $1,664,000 after purchasing an additional 30,860 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Cincinnati Bell by 31.8% during the second quarter. BNP Paribas Arbitrage SA now owns 18,448 shares of the utilities provider’s stock worth $290,000 after purchasing an additional 4,449 shares in the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new stake in shares of Cincinnati Bell during the second quarter worth about $155,000. Institutional investors own 74.38% of the company’s stock.
A number of analysts have recently commented on CBB shares. ValuEngine raised shares of Cincinnati Bell from a “sell” rating to a “hold” rating in a research note on Wednesday, July 4th. UBS Group cut shares of Cincinnati Bell from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research note on Tuesday, July 10th. Finally, Wells Fargo & Co raised shares of Cincinnati Bell from a “market perform” rating to an “outperform” rating in a research note on Thursday, August 9th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Cincinnati Bell presently has a consensus rating of “Hold” and an average target price of $16.33.
In other news, Director Phillip R. Cox sold 14,597 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $12.60, for a total transaction of $183,922.20. Following the completion of the sale, the director now owns 9,216 shares of the company’s stock, valued at $116,121.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is owned by insiders.
CBB stock opened at $14.19 on Thursday. The stock has a market cap of $681.64 million, a PE ratio of -177.38 and a beta of 1.16. Cincinnati Bell Inc. has a 52 week low of $9.90 and a 52 week high of $22.20.
Cincinnati Bell (NYSE:CBB) last released its earnings results on Wednesday, August 8th. The utilities provider reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.07). The firm had revenue of $296.80 million for the quarter, compared to analyst estimates of $298.03 million. The firm’s quarterly revenue was up 14.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.08 earnings per share. As a group, research analysts forecast that Cincinnati Bell Inc. will post -0.99 EPS for the current fiscal year.
About Cincinnati Bell
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, such as Fioptics voice lines, voice over Internet protocol, long distance, digital trunking, switched access, caller identification, voicemail, call waiting, and call return.
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