Cincinnati Bell (NYSE:CBB) Stock Rating Upgraded by UBS Group

Cincinnati Bell (NYSE:CBB) was upgraded by analysts at UBS Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The firm presently has a $7.00 price target on the utilities provider’s stock, down from their prior price target of $11.00. UBS Group’s price objective would suggest a potential upside of 63.93% from the stock’s current price.

Other research analysts have also issued research reports about the company. ValuEngine upgraded Cincinnati Bell from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Morgan Stanley restated an “equal weight” rating and set a $8.00 price objective (down previously from $10.00) on shares of Cincinnati Bell in a research report on Friday, June 7th.

Shares of NYSE CBB traded up $0.27 during trading on Friday, reaching $4.27. The stock had a trading volume of 925,803 shares, compared to its average volume of 493,976. Cincinnati Bell has a one year low of $3.19 and a one year high of $16.10. The stock has a 50 day simple moving average of $4.35.

Cincinnati Bell (NYSE:CBB) last released its quarterly earnings data on Thursday, August 8th. The utilities provider reported ($0.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.12. The company had revenue of $384.20 million for the quarter, compared to analyst estimates of $377.08 million. During the same quarter in the prior year, the firm earned ($0.19) EPS. The company’s revenue for the quarter was up 29.4% compared to the same quarter last year. Research analysts forecast that Cincinnati Bell will post -1.12 EPS for the current year.

In other Cincinnati Bell news, VP Christopher J. Wilson purchased 6,628 shares of Cincinnati Bell stock in a transaction on Thursday, May 30th. The stock was bought at an average price of $6.70 per share, for a total transaction of $44,407.60. Following the transaction, the vice president now owns 90,285 shares of the company’s stock, valued at approximately $604,909.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew R. Kaiser purchased 4,300 shares of Cincinnati Bell stock in a transaction on Wednesday, May 29th. The shares were acquired at an average price of $6.93 per share, with a total value of $29,799.00. Following the transaction, the chief financial officer now directly owns 62,354 shares in the company, valued at approximately $432,113.22. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CBB. Norges Bank acquired a new position in Cincinnati Bell during the 4th quarter worth $2,451,000. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV acquired a new position in Cincinnati Bell during the 1st quarter worth $1,717,000. Dimensional Fund Advisors LP boosted its position in Cincinnati Bell by 7.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,880,058 shares of the utilities provider’s stock worth $14,627,000 after acquiring an additional 122,482 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Cincinnati Bell during the 2nd quarter worth $368,000. Finally, FMR LLC boosted its position in Cincinnati Bell by 8.4% during the 4th quarter. FMR LLC now owns 896,972 shares of the utilities provider’s stock worth $6,978,000 after acquiring an additional 69,800 shares during the period. Institutional investors own 95.12% of the company’s stock.

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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