Shenandoah Telecommunications (NASDAQ:SHEN) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in shares of Shenandoah Telecommunications (NASDAQ:SHEN) by 3.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 466,677 shares of the utilities provider’s stock after purchasing an additional 13,776 shares during the period. Bank of New York Mellon Corp owned about 0.86% of Shenandoah Telecommunications worth $7,621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Shenandoah Telecommunications by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 5,488,067 shares of the utilities provider’s stock valued at $95,328,000 after buying an additional 51,697 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Shenandoah Telecommunications by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,420,378 shares of the utilities provider’s stock valued at $52,328,000 after acquiring an additional 46,227 shares in the last quarter. DAVENPORT & Co LLC lifted its holdings in Shenandoah Telecommunications by 8.3% in the first quarter. DAVENPORT & Co LLC now owns 932,832 shares of the utilities provider’s stock valued at $16,203,000 after acquiring an additional 71,451 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Shenandoah Telecommunications by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 751,915 shares of the utilities provider’s stock worth $16,256,000 after purchasing an additional 42,747 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Shenandoah Telecommunications during the 4th quarter worth approximately $6,797,000. 61.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Christopher E. French acquired 5,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average cost of $14.02 per share, for a total transaction of $70,100.00. Following the purchase, the chief executive officer now owns 86,485 shares in the company, valued at $1,212,519.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Shenandoah Telecommunications news, CEO Christopher E. French purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were purchased at an average cost of $14.02 per share, for a total transaction of $70,100.00. Following the completion of the transaction, the chief executive officer now owns 86,485 shares of the company’s stock, valued at approximately $1,212,519.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Edward H. Mckay acquired 2,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was acquired at an average price of $14.15 per share, with a total value of $28,300.00. Following the acquisition, the chief operating officer now owns 68,951 shares in the company, valued at approximately $975,656.65. The disclosure for this purchase can be found here. Insiders purchased a total of 19,700 shares of company stock worth $291,695 in the last 90 days. Insiders own 4.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SHEN shares. BWS Financial reiterated a “buy” rating and issued a $26.00 target price on shares of Shenandoah Telecommunications in a research note on Thursday, August 8th. StockNews.com upgraded shares of Shenandoah Telecommunications to a “sell” rating in a research report on Tuesday, July 30th.

Shenandoah Telecommunications Stock Up 4.9 %

Shares of SHEN opened at $14.64 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market cap of $798.90 million, a P/E ratio of 3.38 and a beta of 0.67. The stock’s 50 day moving average is $16.89 and its two-hundred day moving average is $16.75. Shenandoah Telecommunications has a 12 month low of $11.87 and a 12 month high of $25.51.

Shenandoah Telecommunications (NASDAQ:SHEN) last released its quarterly earnings results on Wednesday, August 7th. The utilities provider reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.10). The company had revenue of $85.80 million during the quarter, compared to analyst estimates of $86.12 million. Shenandoah Telecommunications had a net margin of 68.81% and a negative return on equity of 0.48%. Analysts predict that Shenandoah Telecommunications will post -0.26 earnings per share for the current fiscal year.

About Shenandoah Telecommunications

Shenandoah Telecommunications Company, together with its subsidiaries, provides a range of broadband communication services and cell tower colocation space in the Mid-Atlantic portion of the United States. It operates in two segments, Broadband and Tower. The company Broadband segment offers broadband, video, and voice services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky through hybrid fiber coaxial cable under the Shentel brand; and fiber optic services under the Glo Fiber brand name.