Bank of New York Mellon Corp decreased its position in shares of Shenandoah Telecommunications (NASDAQ:SHEN – Free Report) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 541,699 shares of the utilities provider’s stock after selling 12,455 shares during the period. Bank of New York Mellon Corp owned about 1.08% of Shenandoah Telecommunications worth $10,303,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Cerity Partners LLC acquired a new position in Shenandoah Telecommunications during the fourth quarter worth about $22,186,000. Norges Bank acquired a new position in Shenandoah Telecommunications during the 4th quarter worth approximately $6,500,000. Dimensional Fund Advisors LP lifted its stake in Shenandoah Telecommunications by 10.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,787,782 shares of the utilities provider’s stock valued at $42,156,000 after purchasing an additional 169,835 shares during the last quarter. Vanguard Group Inc. boosted its position in Shenandoah Telecommunications by 2.0% in the third quarter. Vanguard Group Inc. now owns 5,365,899 shares of the utilities provider’s stock valued at $91,327,000 after buying an additional 104,936 shares in the last quarter. Finally, Broad Run Investment Management LLC boosted its position in Shenandoah Telecommunications by 10.1% in the fourth quarter. Broad Run Investment Management LLC now owns 1,069,607 shares of the utilities provider’s stock valued at $16,985,000 after buying an additional 98,028 shares in the last quarter. 62.61% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of research analysts have recently commented on SHEN shares. StockNews.com initiated coverage on Shenandoah Telecommunications in a research note on Saturday, August 19th. They issued a “sell” rating for the company. BWS Financial raised Shenandoah Telecommunications from a “sell” rating to a “neutral” rating and set a $20.00 target price for the company in a report on Friday, August 4th.
Shenandoah Telecommunications Stock Down 0.8 %
NASDAQ:SHEN opened at $22.55 on Friday. Shenandoah Telecommunications has a one year low of $15.62 and a one year high of $23.31. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $1.13 billion, a PE ratio of -2,255.00 and a beta of 0.73. The firm’s 50 day simple moving average is $20.26 and its 200 day simple moving average is $19.69.
Shenandoah Telecommunications (NASDAQ:SHEN – Get Free Report) last issued its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.08. The company had revenue of $71.34 million for the quarter, compared to analyst estimates of $70.19 million. Shenandoah Telecommunications had a negative net margin of 0.25% and a positive return on equity of 0.03%. On average, research analysts anticipate that Shenandoah Telecommunications will post 0.04 earnings per share for the current 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. Its 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.
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