BNP Paribas Arbitrage SA Sells 39,688 Shares of Cincinnati Bell Inc. (CBB)
BNP Paribas Arbitrage SA reduced its stake in shares of Cincinnati Bell Inc. (NYSE:CBB) by 53.4% during the third quarter, Holdings Channel reports. The institutional investor owned 34,679 shares of the company’s stock after selling 39,688 shares during the period. BNP Paribas Arbitrage SA’s holdings in Cincinnati Bell were worth $141,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of CBB. First Allied Advisory Services Inc. bought a new stake in Cincinnati Bell during the second quarter valued at approximately $103,000. Guggenheim Capital LLC boosted its stake in Cincinnati Bell by 9.7% in the second quarter. Guggenheim Capital LLC now owns 23,553 shares of the company’s stock valued at $108,000 after buying an additional 2,088 shares during the period. Amalgamated Bank boosted its stake in Cincinnati Bell by 11.2% in the second quarter. Amalgamated Bank now owns 25,038 shares of the company’s stock valued at $117,000 after buying an additional 2,513 shares during the period. Teacher Retirement System of Texas boosted its stake in Cincinnati Bell by 13.1% in the second quarter. Teacher Retirement System of Texas now owns 26,286 shares of the company’s stock valued at $120,000 after buying an additional 3,035 shares during the period. Finally, PineBridge Investments L.P. boosted its stake in Cincinnati Bell by 6.0% in the second quarter. PineBridge Investments L.P. now owns 26,640 shares of the company’s stock valued at $121,000 after buying an additional 1,518 shares during the period. 79.60% of the stock is owned by hedge funds and other institutional investors.
Shares of Cincinnati Bell Inc. (NYSE:CBB) opened at 19.52 on Wednesday. Cincinnati Bell Inc. has a 52 week low of $14.00 and a 52 week high of $25.65. The firm has a market capitalization of $820.50 million, a PE ratio of 4.41 and a beta of 1.60. The stock has a 50 day moving average price of $20.45 and a 200-day moving average price of $20.87.
Cincinnati Bell (NYSE:CBB) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.35. The business earned $299 million during the quarter, compared to the consensus estimate of $295.79 million. Cincinnati Bell had a negative return on equity of 5.73% and a net margin of 16.78%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.01 EPS. Equities analysts anticipate that Cincinnati Bell Inc. will post $0.30 earnings per share for the current year.
Several equities research analysts have issued reports on CBB shares. Gabelli cut Cincinnati Bell from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Bank of America Corp. set a $16.25 target price on Cincinnati Bell and gave the stock a “sell” rating in a research note on Wednesday, August 3rd. Raymond James Financial Inc. reissued a “market perform” rating on shares of Cincinnati Bell in a research note on Monday, August 8th. Finally, Zacks Investment Research cut Cincinnati Bell from a “buy” rating to a “hold” rating in a research note on Monday, August 29th.
In other news, VP Christopher J. Wilson sold 30,000 shares of the company’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $3.70, for a total transaction of $111,000.00. Following the completion of the sale, the vice president now directly owns 74,457 shares in the company, valued at approximately $275,490.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.00% 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. The Entertainment and Communications segment provides products and services, such as high-speed Internet, data transport local voice, long distance, voice over Internet protocol (VoIP), video and other services.
Want to see what other hedge funds are holding CBB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cincinnati Bell Inc. (NYSE:CBB).
Receive News & Ratings for Cincinnati Bell Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cincinnati Bell Inc. and related companies with MarketBeat.com's FREE daily email newsletter.