Insider Selling: Cincinnati Bell Inc. (NYSE:CBB) Director Sells 55,000 Shares of Stock

Cincinnati Bell Inc. (NYSE:CBB) Director Theodore H. Torbeck sold 55,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $7.11, for a total transaction of $391,050.00. Following the transaction, the director now owns 315,591 shares of the company’s stock, valued at approximately $2,243,852.01. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Shares of NYSE:CBB traded up $0.29 on Wednesday, reaching $7.59. 38,832 shares of the company traded hands, compared to its average volume of 585,668. Cincinnati Bell Inc. has a fifty-two week low of $3.19 and a fifty-two week high of $16.10. The company’s 50 day moving average is $4.63 and its 200-day moving average is $6.91. The stock has a market capitalization of $374.12 million, a PE ratio of -6.86 and a beta of 1.28.

Cincinnati Bell (NYSE:CBB) last released its quarterly earnings data on Thursday, August 8th. The utilities provider reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.12. The company had revenue of $384.20 million for the quarter, compared to the consensus estimate of $377.08 million. The business’s revenue was up 29.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.19) earnings per share. As a group, research analysts forecast that Cincinnati Bell Inc. will post -0.98 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Verition Fund Management LLC acquired a new position in shares of Cincinnati Bell in the second quarter worth about $495,000. Walleye Trading Advisors LLC acquired a new stake in shares of Cincinnati Bell during the second quarter valued at approximately $117,000. Walleye Trading LLC purchased a new stake in shares of Cincinnati Bell in the 2nd quarter valued at approximately $128,000. Schroder Investment Management Group purchased a new stake in shares of Cincinnati Bell in the 2nd quarter valued at approximately $130,000. Finally, Nuveen Asset Management LLC acquired a new position in Cincinnati Bell in the 2nd quarter worth approximately $2,045,000. 98.79% of the stock is owned by institutional investors and hedge funds.

A number of research firms recently commented on CBB. UBS Group upgraded shares of Cincinnati Bell from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $11.00 to $7.00 in a report on Friday, August 9th. ValuEngine raised shares of Cincinnati Bell from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Morgan Stanley restated an “equal weight” rating and set a $8.00 target price (down from $10.00) on shares of Cincinnati Bell in a report on Friday, June 7th.

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.

Recommended Story: Call Option Volume

Receive News & Ratings for Cincinnati Bell Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cincinnati Bell and related companies with MarketBeat.com's FREE daily email newsletter.