Cincinnati Bell Inc (NYSE:CBB) Posts Quarterly Earnings Results, Meets Expectations
Cincinnati Bell Inc (NYSE:CBB) announced its earnings results on Friday. The utilities provider reported $0.07 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.07, Bloomberg Earnings reports. Cincinnati Bell had a net margin of 13.23% and a negative return on equity of 3.12%. The business had revenue of $294 million for the quarter, compared to the consensus estimate of $284.28 million. During the same quarter in the prior year, the firm posted $0.04 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis.
Cincinnati Bell (CBB) opened at 21.60 on Friday. The stock has a 50 day moving average of $18.49 and a 200-day moving average of $18.91. Cincinnati Bell has a 12-month low of $16.05 and a 12-month high of $25.65. The company has a market capitalization of $910.09 million, a PE ratio of 6.26 and a beta of 1.66.
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A number of hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Cincinnati Bell during the fourth quarter valued at about $4,150,000. Louisiana State Employees Retirement System raised its stake 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 valued at $304,000 after buying an additional 300 shares during the period. Nationwide Fund Advisors raised its stake in shares of Cincinnati Bell by 50.7% in the first quarter. Nationwide Fund Advisors now owns 73,070 shares of the utilities provider’s stock valued at $1,293,000 after buying an additional 24,592 shares during the period. Great West Life Assurance Co. Can raised its stake in shares of Cincinnati Bell by 8.9% in the first quarter. Great West Life Assurance Co. Can now owns 57,242 shares of the utilities provider’s stock valued at $1,010,000 after buying an additional 4,661 shares during the period. Finally, First Trust Advisors LP bought a new stake in shares of Cincinnati Bell during the first quarter valued at about $777,000. Hedge funds and other institutional investors own 81.64% of the company’s stock.
Several equities research analysts have recently weighed in on CBB shares. Morgan Stanley reissued an “equal weight” rating and issued a $22.00 target price (down previously from $25.00) on shares of Cincinnati Bell in a research note on Wednesday, June 14th. BidaskClub raised shares of Cincinnati Bell from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, ValuEngine cut shares of Cincinnati Bell from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $23.50.
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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