DAVENPORT & Co LLC Decreases Stake in Shenandoah Telecommunications Co $SHEN

DAVENPORT & Co LLC lowered its stake in Shenandoah Telecommunications Co (NASDAQ:SHEN) by 30.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 665,576 shares of the utilities provider’s stock after selling 287,834 shares during the quarter. DAVENPORT & Co LLC owned 1.21% of Shenandoah Telecommunications worth $8,848,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SHEN. ECP ControlCo LLC increased its stake in shares of Shenandoah Telecommunications by 10.7% in the second quarter. ECP ControlCo LLC now owns 2,714,371 shares of the utilities provider’s stock worth $37,078,000 after buying an additional 261,987 shares during the period. Geode Capital Management LLC grew its holdings in Shenandoah Telecommunications by 8.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,248,255 shares of the utilities provider’s stock worth $17,053,000 after acquiring an additional 93,340 shares during the last quarter. American Century Companies Inc. increased its position in shares of Shenandoah Telecommunications by 51.3% in the second quarter. American Century Companies Inc. now owns 739,551 shares of the utilities provider’s stock valued at $10,102,000 after acquiring an additional 250,901 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Shenandoah Telecommunications by 27.8% during the first quarter. Goldman Sachs Group Inc. now owns 532,984 shares of the utilities provider’s stock valued at $6,700,000 after acquiring an additional 116,040 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Shenandoah Telecommunications by 48.3% during the first quarter. Millennium Management LLC now owns 448,976 shares of the utilities provider’s stock worth $5,644,000 after purchasing an additional 146,221 shares during the period. Hedge funds and other institutional investors own 61.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SHEN shares. Weiss Ratings restated a “sell (d)” rating on shares of Shenandoah Telecommunications in a report on Wednesday, October 8th. BWS Financial reissued a “buy” rating and set a $26.00 target price on shares of Shenandoah Telecommunications in a research note on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $26.00.

Shenandoah Telecommunications Stock Performance

Shenandoah Telecommunications stock opened at $11.42 on Friday. Shenandoah Telecommunications Co has a fifty-two week low of $9.66 and a fifty-two week high of $15.84. The stock’s 50 day simple moving average is $11.45 and its two-hundred day simple moving average is $12.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.50 and a current ratio of 0.50. The stock has a market cap of $626.68 million, a price-to-earnings ratio of -18.12 and a beta of 0.85.

Shenandoah Telecommunications (NASDAQ:SHEN) last announced its earnings results on Wednesday, October 29th. The utilities provider reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.02. Shenandoah Telecommunications had a negative return on equity of 4.25% and a negative net margin of 9.98%.The firm had revenue of $89.80 million during the quarter, compared to analyst estimates of $90.95 million. As a group, analysts expect that Shenandoah Telecommunications Co will post -0.49 earnings per share for the current fiscal year.

Shenandoah Telecommunications Increases Dividend

The firm also recently announced an annual dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 7th were issued a dividend of $0.11 per share. This is a boost from Shenandoah Telecommunications’s previous annual dividend of $0.10. The ex-dividend date was Friday, November 7th. This represents a dividend yield of 101.0%. Shenandoah Telecommunications’s dividend payout ratio (DPR) is presently -17.46%.

About Shenandoah Telecommunications

Shenandoah Telecommunications Company operates as a diversified communications provider offering both wireless and wireline services across rural markets in the Mid-Atlantic region. Headquartered in Edinburg, Virginia, the company designs, builds and maintains network infrastructure to deliver mobile connectivity, high-speed broadband access and related telecommunications solutions to residential, business and wholesale customers.

In its wireless segment, the company owns and operates a portfolio of cellular towers and associated spectrum under a long-term partnership with a national carrier.