Shenandoah Telecommunications (NASDAQ:SHEN) Raised to “Hold” at Zacks Investment Research

Shenandoah Telecommunications (NASDAQ:SHENGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Shenandoah Telecommunications Company is a holding company which provides a broad range of telecommunications services through its operating subsidiaries. The Company’s operating subsidiaries provide local telephone, cable, Internet access, interexchange facilities, cellular and PCS services, along with many other associated services. “

A number of other research firms have also weighed in on SHEN. BWS Financial lowered shares of Shenandoah Telecommunications from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $26.25 to $16.00 in a research report on Wednesday, March 2nd. B. Riley dropped their target price on shares of Shenandoah Telecommunications from $32.00 to $29.00 in a research report on Wednesday, March 2nd. Raymond James dropped their target price on shares of Shenandoah Telecommunications from $29.00 to $25.00 and set an “outperform” rating for the company in a research report on Wednesday, March 2nd. Finally, StockNews.com started coverage on shares of Shenandoah Telecommunications in a research report on Thursday, March 31st. They set a “sell” rating for the company. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Shenandoah Telecommunications has an average rating of “Hold” and a consensus price target of $23.33.

SHEN opened at $22.79 on Tuesday. The firm has a market cap of $1.14 billion, a P/E ratio of 1.14 and a beta of 0.30. Shenandoah Telecommunications has a 1-year low of $18.77 and a 1-year high of $61.53. The company has a 50 day simple moving average of $22.33 and a two-hundred day simple moving average of $24.84.

Shenandoah Telecommunications (NASDAQ:SHENGet Rating) last posted its quarterly earnings results on Monday, February 28th. The utilities provider reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.02. The business had revenue of $62.60 million during the quarter, compared to analyst estimates of $62.68 million. Shenandoah Telecommunications had a net margin of 407.52% and a return on equity of 2.20%. During the same period in the prior year, the business posted $0.03 earnings per share. Equities research analysts expect that Shenandoah Telecommunications will post 0.13 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in SHEN. Norges Bank purchased a new stake in Shenandoah Telecommunications during the fourth quarter valued at $11,524,000. Goldman Sachs Group Inc. raised its stake in shares of Shenandoah Telecommunications by 167.5% in the third quarter. Goldman Sachs Group Inc. now owns 504,761 shares of the utilities provider’s stock valued at $15,940,000 after acquiring an additional 316,069 shares during the period. BlackRock Inc. raised its stake in shares of Shenandoah Telecommunications by 3.5% in the fourth quarter. BlackRock Inc. now owns 7,848,317 shares of the utilities provider’s stock valued at $200,132,000 after acquiring an additional 263,142 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Shenandoah Telecommunications by 91.6% in the fourth quarter. JPMorgan Chase & Co. now owns 500,729 shares of the utilities provider’s stock valued at $12,769,000 after acquiring an additional 239,376 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Shenandoah Telecommunications by 543.7% in the fourth quarter. First Trust Advisors LP now owns 140,094 shares of the utilities provider’s stock valued at $3,572,000 after acquiring an additional 118,331 shares during the period. 55.08% of the stock is currently owned by institutional investors.

About Shenandoah Telecommunications (Get Rating)

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. Its Broadband segment offers broadband, video, and voice services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky, via hybrid fiber coaxial cable under the Shentel brand, fiber optic services under the Glo Fiber brand, and fixed wireless network services under the Beam brand name.

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