Cincinnati Bell (CBB) Announces Quarterly Earnings Results

Cincinnati Bell (NYSE:CBB) released its earnings results on Wednesday, May 8th. The utilities provider reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.26), MarketWatch Earnings reports. The company had revenue of $379.60 million during the quarter, compared to analyst estimates of $382.99 million. The business’s quarterly revenue was up 28.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.19) EPS. Cincinnati Bell updated its FY 2019 guidance to EPS.

Shares of Cincinnati Bell stock traded down $0.37 on Friday, hitting $6.40. The stock had a trading volume of 668,112 shares, compared to its average volume of 389,317. The company has a market capitalization of $333.45 million, a price-to-earnings ratio of -5.77 and a beta of 1.57. Cincinnati Bell has a twelve month low of $6.33 and a twelve month high of $17.60.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its stake in shares of Cincinnati Bell by 15.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 782,853 shares of the utilities provider’s stock valued at $12,486,000 after purchasing an additional 102,043 shares during the period. Dimensional Fund Advisors LP raised its position in Cincinnati Bell by 7.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,757,576 shares of the utilities provider’s stock worth $28,033,000 after acquiring an additional 117,070 shares during the period. JPMorgan Chase & Co. raised its position in Cincinnati Bell by 560.5% during the third quarter. JPMorgan Chase & Co. now owns 348,671 shares of the utilities provider’s stock worth $5,561,000 after acquiring an additional 295,881 shares during the period. MetLife Investment Advisors LLC raised its position in Cincinnati Bell by 55.0% during the third quarter. MetLife Investment Advisors LLC now owns 30,256 shares of the utilities provider’s stock worth $483,000 after acquiring an additional 10,739 shares during the period. Finally, Teachers Advisors LLC raised its position in Cincinnati Bell by 5.5% during the third quarter. Teachers Advisors LLC now owns 151,241 shares of the utilities provider’s stock worth $2,412,000 after acquiring an additional 7,919 shares during the period. Hedge funds and other institutional investors own 95.00% of the company’s stock.

A number of brokerages have weighed in on CBB. ValuEngine raised Cincinnati Bell from a “sell” rating to a “hold” rating in a research report on Wednesday, March 20th. Morgan Stanley raised Cincinnati Bell from an “underweight” rating to an “equal weight” rating and set a $10.00 target price on the stock in a research report on Friday, February 15th.

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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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Earnings History for Cincinnati Bell (NYSE:CBB)

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