BidaskClub Downgrades Cincinnati Bell Inc (NYSE:CBB) to Sell
Cincinnati Bell Inc (NYSE:CBB) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Thursday.
CBB has been the subject of a number of other reports. ValuEngine lowered Cincinnati Bell from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Morgan Stanley reissued an “equal weight” rating and set a $22.00 price target (down from $25.00) on shares of Cincinnati Bell in a research note on Wednesday, June 14th. Six investment analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $21.08.
Shares of Cincinnati Bell (NYSE:CBB) opened at 17.35 on Thursday. The company has a 50-day moving average price of $17.77 and a 200-day moving average price of $19.60. Cincinnati Bell has a 52-week low of $16.05 and a 52-week high of $25.65. The company has a market cap of $731.02 million, a P/E ratio of 5.03 and a beta of 1.67.
Cincinnati Bell (NYSE:CBB) last released its earnings results on Tuesday, May 9th. The utilities provider reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by $0.60. Cincinnati Bell had a negative return on equity of 3.12% and a net margin of 13.23%. The business had revenue of $278 million for the quarter, compared to analysts’ expectations of $291.68 million. During the same quarter in the prior year, the business posted $0.02 EPS. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. On average, equities analysts predict that Cincinnati Bell will post $1.04 EPS for the current year.
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A number of institutional investors have recently made changes to their positions in CBB. First Trust Advisors LP purchased a new position in shares of Cincinnati Bell during the first quarter worth approximately $777,000. Norges Bank purchased a new position in shares of Cincinnati Bell during the fourth quarter worth approximately $4,150,000. State of Tennessee Treasury Department raised its position in shares of Cincinnati Bell by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 39,368 shares of the utilities provider’s stock worth $697,000 after buying an additional 5,941 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Cincinnati Bell by 1.8% in the first quarter. Louisiana State Employees Retirement System now owns 17,180 shares of the utilities provider’s stock worth $304,000 after buying an additional 300 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Cincinnati Bell by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 695,609 shares of the utilities provider’s stock worth $12,312,000 after buying an additional 16,285 shares during the last quarter. 81.66% of the stock is owned by institutional investors.
About Cincinnati Bell
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.
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