Analysts forecast that Cincinnati Bell Inc. (NYSE:CBB) will report sales of $390.31 million for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Cincinnati Bell’s earnings. The lowest sales estimate is $386.90 million and the highest is $392.70 million. Cincinnati Bell reported sales of $289.20 million in the same quarter last year, which indicates a positive year over year growth rate of 35%. The company is scheduled to announce its next quarterly earnings report before the market opens on Thursday, November 8th.
On average, analysts expect that Cincinnati Bell will report full-year sales of $1.38 billion for the current financial year, with estimates ranging from $1.37 billion to $1.38 billion. For the next fiscal year, analysts expect that the company will report sales of $1.57 billion, with estimates ranging from $1.54 billion to $1.62 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Cincinnati Bell.
Cincinnati Bell (NYSE:CBB) last issued its quarterly earnings data on Wednesday, August 8th. The utilities provider reported ($0.19) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.07). The company had revenue of $296.80 million during the quarter, compared to analysts’ expectations of $298.03 million. During the same period in the prior year, the company earned $0.08 EPS. Cincinnati Bell’s revenue was up 14.4% on a year-over-year basis.
Several research analysts have weighed in on CBB shares. ValuEngine upgraded Cincinnati Bell from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 14th. UBS Group downgraded Cincinnati Bell from a “buy” rating to a “hold” rating and set a $18.00 price target for the company. in a report on Tuesday, July 10th. Finally, Wells Fargo & Co boosted their price target on Cincinnati Bell to $15.00 and gave the company an “outperform” rating in a report on Thursday, September 6th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Cincinnati Bell has an average rating of “Buy” and a consensus target price of $16.33.
Shares of Cincinnati Bell stock traded up $0.22 during trading on Friday, hitting $14.99. 6,057 shares of the company were exchanged, compared to its average volume of 400,134. The company has a market capitalization of $740.82 million, a P/E ratio of -186.75 and a beta of 1.20. Cincinnati Bell has a fifty-two week low of $9.90 and a fifty-two week high of $22.20.
In related news, Director Phillip R. Cox sold 14,597 shares of the company’s stock in a transaction on 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 directly owns 9,216 shares of the company’s stock, valued at approximately $116,121.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Comerica Bank boosted its position in Cincinnati Bell by 9.3% in the 3rd quarter. Comerica Bank now owns 48,750 shares of the utilities provider’s stock valued at $682,000 after buying an additional 4,129 shares during the last quarter. Texas Permanent School Fund boosted its position in Cincinnati Bell by 15.5% in the 3rd quarter. Texas Permanent School Fund now owns 31,559 shares of the utilities provider’s stock valued at $503,000 after buying an additional 4,225 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Cincinnati Bell by 31.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 18,448 shares of the utilities provider’s stock valued at $290,000 after buying an additional 4,449 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in Cincinnati Bell by 13.3% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 52,108 shares of the utilities provider’s stock valued at $831,000 after buying an additional 6,127 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Cincinnati Bell by 1.2% in the 1st 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 during the last quarter. 74.41% of the stock is owned by hedge funds and other institutional investors.
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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