Cincinnati Bell Inc. (NYSE:CBB) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 8,740,000 shares, an increase of 7.6% from the August 30th total of 8,120,000 shares. Based on an average trading volume of 582,100 shares, the days-to-cover ratio is presently 15.0 days. Approximately 18.5% of the shares of the stock are short sold.
CBB traded up $0.11 on Tuesday, hitting $4.53. 6,890 shares of the company were exchanged, compared to its average volume of 532,160. Cincinnati Bell has a twelve month low of $3.19 and a twelve month high of $15.13. The company has a market cap of $222.86 million, a price-to-earnings ratio of -4.09 and a beta of 1.26. The firm has a 50-day moving average price of $5.33 and a two-hundred day moving average price of $6.20.
Cincinnati Bell (NYSE:CBB) last announced its quarterly earnings results on Thursday, August 8th. The utilities provider reported ($0.13) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.12. The business had revenue of $384.20 million for the quarter, compared to analysts’ expectations of $377.08 million. The firm’s quarterly revenue was up 29.4% on a year-over-year basis. During the same period last year, the firm earned ($0.19) earnings per share. Research analysts forecast that Cincinnati Bell will post -0.88 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in CBB. FMR LLC lifted its holdings in Cincinnati Bell by 1.5% during the 1st quarter. FMR LLC now owns 910,172 shares of the utilities provider’s stock worth $8,683,000 after buying an additional 13,200 shares during the last quarter. AE Wealth Management LLC raised its stake in Cincinnati Bell by 141.0% during the 2nd quarter. AE Wealth Management LLC now owns 39,857 shares of the utilities provider’s stock valued at $197,000 after acquiring an additional 23,320 shares during the last quarter. Strs Ohio raised its stake in Cincinnati Bell by 7.5% during the 2nd quarter. Strs Ohio now owns 55,800 shares of the utilities provider’s stock valued at $276,000 after acquiring an additional 3,900 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Cincinnati Bell during the 2nd quarter valued at approximately $368,000. Finally, Wedbush Securities Inc. purchased a new stake in Cincinnati Bell during the 2nd quarter valued at approximately $70,000. 98.70% of the stock is owned by institutional investors.
Several equities analysts have recently weighed in on the company. ValuEngine upgraded Cincinnati Bell from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. UBS Group upgraded Cincinnati Bell from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $11.00 to $7.00 in a research report on Friday, August 9th.
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.
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