California Public Employees Retirement System lifted its holdings in shares of Cincinnati Bell Inc. (NYSE:CBB) by 4.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 117,010 shares of the utilities provider’s stock after acquiring an additional 4,543 shares during the quarter. California Public Employees Retirement System owned 0.23% of Cincinnati Bell worth $1,738,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the stock. Rafferty Asset Management LLC bought a new position in Cincinnati Bell during the second quarter valued at about $473,000. New York State Common Retirement Fund grew its position in shares of Cincinnati Bell by 16.4% during the 2nd quarter. New York State Common Retirement Fund now owns 48,320 shares of the utilities provider’s stock valued at $718,000 after acquiring an additional 6,800 shares during the period. US Bancorp DE grew its position in shares of Cincinnati Bell by 45.9% during the 2nd quarter. US Bancorp DE now owns 2,334 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 734 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Cincinnati Bell by 91.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 72,914 shares of the utilities provider’s stock worth $1,082,000 after purchasing an additional 34,804 shares during the last quarter. Finally, Swiss National Bank bought a new stake in shares of Cincinnati Bell in the 2nd quarter worth approximately $1,509,000. Institutional investors and hedge funds own 96.20% of the company’s stock.
Shares of NYSE CBB opened at $15.03 on Wednesday. Cincinnati Bell Inc. has a 52 week low of $4.05 and a 52 week high of $16.05. The business has a 50-day simple moving average of $15.06 and a two-hundred day simple moving average of $14.76.
Several equities analysts have weighed in on the company. TheStreet raised Cincinnati Bell from a “d” rating to a “c-” rating in a report on Tuesday, September 8th. Wells Fargo & Company assumed coverage on Cincinnati Bell in a research note on Wednesday, June 17th. They set an “equal weight” rating and a $15.50 price target for the company. Finally, ValuEngine lowered Cincinnati Bell from a “buy” rating to a “hold” rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $14.67.
Cincinnati Bell Company Profile
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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