Cincinnati Bell (CBB) Stock Price Up 20.5%
Cincinnati Bell Inc. (NYSE:CBB)’s share price rose 20.5% on Tuesday . The company traded as high as $10.82 and last traded at $10.63. Approximately 1,049,140 shares changed hands during trading, an increase of 146% from the average daily volume of 425,985 shares. The stock had previously closed at $8.82.
CBB has been the subject of a number of analyst reports. ValuEngine raised shares of Cincinnati Bell from a “hold” rating to a “buy” rating in a research note on Friday, November 2nd. Morgan Stanley raised shares of Cincinnati Bell from an “underweight” rating to an “equal weight” rating and set a $10.00 target price for the company in a research note on Friday, February 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. Cincinnati Bell has a consensus rating of “Hold” and a consensus price target of $14.33.
The company has a market capitalization of $542.34 million, a price-to-earnings ratio of -9.55 and a beta of 1.53.
A number of institutional investors and hedge funds have recently bought and sold shares of CBB. Millennium Management LLC bought a new stake in Cincinnati Bell in the second quarter valued at $1,311,000. Bank of New York Mellon Corp increased its stake in Cincinnati Bell by 2.5% in the second quarter. Bank of New York Mellon Corp now owns 680,810 shares of the utilities provider’s stock valued at $10,688,000 after purchasing an additional 16,698 shares in the last quarter. Northern Trust Corp increased its stake in Cincinnati Bell by 2.2% in the second quarter. Northern Trust Corp now owns 537,371 shares of the utilities provider’s stock valued at $8,436,000 after purchasing an additional 11,620 shares in the last quarter. Texas Permanent School Fund increased its stake in Cincinnati Bell by 15.5% in the third quarter. Texas Permanent School Fund now owns 31,559 shares of the utilities provider’s stock valued at $503,000 after purchasing an additional 4,225 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in Cincinnati Bell in the third quarter valued at $127,000. 90.35% of the stock is owned by hedge funds and other institutional investors.
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Cincinnati Bell Company Profile (NYSE:CBB)
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, such as Fioptics voice lines, voice over Internet protocol, long distance, digital trunking, switched access, caller identification, voicemail, call waiting, and call return.
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