California State Teachers Retirement System Cuts Stake in Cincinnati Bell Inc (NYSE:CBB)

California State Teachers Retirement System trimmed its position in shares of Cincinnati Bell Inc (NYSE:CBB) by 10.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,368 shares of the utilities provider’s stock after selling 8,500 shares during the period. California State Teachers Retirement System owned approximately 0.18% of Cincinnati Bell worth $1,454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Cincinnati Bell by 58,412.1% during the 1st quarter. BlackRock Inc. now owns 6,270,745 shares of the utilities provider’s stock valued at $110,992,000 after purchasing an additional 6,260,028 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Cincinnati Bell by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,597,132 shares of the utilities provider’s stock valued at $31,224,000 after acquiring an additional 62,600 shares during the last quarter. State Street Corp grew its position in Cincinnati Bell by 4.0% in the 2nd quarter. State Street Corp now owns 1,117,322 shares of the utilities provider’s stock valued at $21,837,000 after acquiring an additional 43,375 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in Cincinnati Bell by 44.1% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,005,813 shares of the utilities provider’s stock valued at $19,664,000 after acquiring an additional 307,951 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Cincinnati Bell by 3.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 721,922 shares of the utilities provider’s stock valued at $14,113,000 after acquiring an additional 26,313 shares during the last quarter. 84.15% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Cincinnati Bell Inc (NYSE:CBB) traded down $1.00 during mid-day trading on Tuesday, hitting $21.00. The company’s stock had a trading volume of 276,432 shares, compared to its average volume of 321,900. The company has a quick ratio of 0.94, a current ratio of 1.02 and a debt-to-equity ratio of -4.26. The stock has a market cap of $906.99, a PE ratio of 214.50, a price-to-earnings-growth ratio of 6.34 and a beta of 1.52. Cincinnati Bell Inc has a twelve month low of $16.05 and a twelve month high of $24.45.

Cincinnati Bell (NYSE:CBB) last issued its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.05. The firm had revenue of $289.20 million during the quarter, compared to analysts’ expectations of $286.22 million. Cincinnati Bell had a negative return on equity of 2.69% and a net margin of 4.13%. The firm’s quarterly revenue was down 7.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 EPS. analysts forecast that Cincinnati Bell Inc will post 1.13 EPS for the current fiscal year.

Several equities analysts have commented on CBB shares. Gabelli downgraded Cincinnati Bell from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. BidaskClub downgraded Cincinnati Bell from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. ValuEngine upgraded Cincinnati Bell from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Finally, Morgan Stanley initiated coverage on Cincinnati Bell in a report on Thursday, November 30th. They issued an “equal weight” rating and a $24.00 target price for the company. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Cincinnati Bell presently has a consensus rating of “Hold” and a consensus target price of $24.00.

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Cincinnati Bell 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.

Institutional Ownership by Quarter for Cincinnati Bell (NYSE:CBB)

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