California Public Employees Retirement System boosted its position in shares of Cincinnati Bell Inc. (NYSE:CBB) by 11.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 80,881 shares of the utilities provider’s stock after purchasing an additional 8,500 shares during the quarter. California Public Employees Retirement System’s holdings in Cincinnati Bell were worth $410,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of Montreal Can grew its holdings in Cincinnati Bell by 123.0% in the second quarter. Bank of Montreal Can now owns 5,616 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 3,098 shares during the last quarter. Quantamental Technologies LLC purchased a new position in shares of Cincinnati Bell in the second quarter valued at $42,000. Marshall Wace LLP acquired a new position in shares of Cincinnati Bell during the 2nd quarter worth $64,000. Wedbush Securities Inc. acquired a new position in shares of Cincinnati Bell during the 2nd quarter worth $70,000. Finally, Jane Street Group LLC purchased a new stake in shares of Cincinnati Bell in the 2nd quarter worth about $101,000. Institutional investors own 98.20% of the company’s stock.
Shares of CBB opened at $6.85 on Friday. Cincinnati Bell Inc. has a 1-year low of $3.19 and a 1-year high of $11.83. The stock has a market cap of $336.31 million, a price-to-earnings ratio of -6.17 and a beta of 1.34. The firm has a 50 day simple moving average of $5.54 and a 200-day simple moving average of $5.27.
CBB has been the topic of a number of research reports. ValuEngine cut shares of Cincinnati Bell from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. UBS Group upgraded shares of Cincinnati Bell from a “neutral” rating to a “buy” rating and cut their target price for the stock from $11.00 to $7.00 in a research report on Friday, August 9th.
In other news, Director Theodore H. Torbeck sold 55,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $7.11, for a total value of $391,050.00. Following the completion of the transaction, the director now directly owns 315,591 shares of the company’s stock, valued at $2,243,852.01. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.40% of the company’s stock.
Cincinnati Bell 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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