Cincinnati Bell (NYSE:CBB) Lifted to Hold at ValuEngine

ValuEngine upgraded shares of Cincinnati Bell (NYSE:CBB) from a sell rating to a hold rating in a report issued on Thursday, ValuEngine reports.

Separately, Morgan Stanley reissued an equal weight rating and issued a $8.00 target price (down from $10.00) on shares of Cincinnati Bell in a research report on Friday, June 7th.

Shares of Cincinnati Bell stock traded down $0.02 during mid-day trading on Thursday, hitting $3.60. 503,739 shares of the stock were exchanged, compared to its average volume of 459,176. Cincinnati Bell has a twelve month low of $3.38 and a twelve month high of $16.10. The stock has a 50-day moving average of $4.58.

Cincinnati Bell (NYSE:CBB) last released its quarterly earnings results on Wednesday, May 8th. The utilities provider reported ($0.48) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.26). The business had revenue of $379.60 million for the quarter, compared to the consensus estimate of $382.99 million. During the same quarter in the prior year, the company earned ($0.19) earnings per share. Cincinnati Bell’s revenue was up 28.4% compared to the same quarter last year. On average, equities research analysts predict that Cincinnati Bell will post -1.12 earnings per share for the current fiscal year.

In other Cincinnati Bell news, CFO Andrew R. Kaiser purchased 4,300 shares of Cincinnati Bell stock in a transaction on Wednesday, May 29th. The shares were purchased at an average cost of $6.93 per share, with a total value of $29,799.00. Following the completion of the transaction, the chief financial officer now directly owns 62,354 shares in the company, valued at approximately $432,113.22. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Christopher J. Wilson purchased 6,628 shares of Cincinnati Bell stock in a transaction on Thursday, May 30th. The shares were acquired at an average cost of $6.70 per share, for a total transaction of $44,407.60. Following the completion of the transaction, the vice president now owns 90,285 shares of the company’s stock, valued at $604,909.50. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CBB. California Public Employees Retirement System raised its stake in Cincinnati Bell by 1.6% during the 4th quarter. California Public Employees Retirement System now owns 128,862 shares of the utilities provider’s stock valued at $1,003,000 after buying an additional 1,971 shares during the last quarter. BlackRock Inc. raised its stake in Cincinnati Bell by 0.6% during the 4th quarter. BlackRock Inc. now owns 7,257,778 shares of the utilities provider’s stock valued at $56,465,000 after buying an additional 41,767 shares during the last quarter. Great West Life Assurance Co. Can raised its stake in Cincinnati Bell by 7.4% during the 4th quarter. Great West Life Assurance Co. Can now owns 66,103 shares of the utilities provider’s stock valued at $475,000 after buying an additional 4,557 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Cincinnati Bell by 7.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,880,058 shares of the utilities provider’s stock valued at $14,627,000 after buying an additional 122,482 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Cincinnati Bell by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 544,878 shares of the utilities provider’s stock valued at $4,239,000 after buying an additional 22,481 shares during the last quarter. 95.00% of the stock is currently 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, as well as long distance, digital trunking, switched access, and other value-added services, such as caller identification, voicemail, call waiting, and call return.

Recommended Story: How is a price target determined?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for Cincinnati Bell Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cincinnati Bell and related companies with MarketBeat.com's FREE daily email newsletter.