Cincinnati Bell Inc. (NYSE:CBB)’s share price was up 5.8% during trading on Friday . The stock traded as high as $7.29 and last traded at $7.25, approximately 352,177 shares were traded during mid-day trading. A decline of 23% from the average daily volume of 458,138 shares. The stock had previously closed at $6.85.
Separately, ValuEngine raised Cincinnati Bell from a “hold” rating to a “buy” rating in a research report on Saturday.
The stock has a 50-day simple moving average of $5.59 and a 200 day simple moving average of $5.27.
In related news, Director Theodore H. Torbeck sold 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $7.11, for a total transaction of $391,050.00. Following the completion of the sale, the director now directly owns 315,591 shares in the company, valued at $2,243,852.01. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CBB. FMR LLC lifted its position in Cincinnati Bell by 1.5% in the 1st quarter. FMR LLC now owns 910,172 shares of the utilities provider’s stock worth $8,683,000 after buying an additional 13,200 shares in the last quarter. AE Wealth Management LLC lifted its holdings in shares of Cincinnati Bell by 141.0% during the 2nd quarter. AE Wealth Management LLC now owns 39,857 shares of the utilities provider’s stock valued at $197,000 after buying an additional 23,320 shares during the last quarter. Strs Ohio grew its stake in shares of Cincinnati Bell by 7.5% in the 2nd quarter. Strs Ohio now owns 55,800 shares of the utilities provider’s stock valued at $276,000 after buying an additional 3,900 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Cincinnati Bell in the 2nd quarter valued at approximately $368,000. Finally, Wedbush Securities Inc. acquired a new position in Cincinnati Bell in the second quarter worth approximately $70,000. Hedge funds and other institutional investors own 98.20% of the company’s stock.
About Cincinnati Bell (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, 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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