Legal & General Group Plc Takes Position in Shenandoah Telecommunications Co $SHEN

Legal & General Group Plc bought a new position in shares of Shenandoah Telecommunications Co (NASDAQ:SHEN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 102,015 shares of the utilities provider’s stock, valued at approximately $1,538,000. Legal & General Group Plc owned approximately 0.18% of Shenandoah Telecommunications at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SHEN. BlackRock Inc. purchased a new position in Shenandoah Telecommunications during the 2nd quarter valued at $106,907,000. Millennium Management LLC boosted its stake in shares of Shenandoah Telecommunications by 1,116.6% during the fourth quarter. Millennium Management LLC now owns 1,087,246 shares of the utilities provider’s stock valued at $12,569,000 after purchasing an additional 997,882 shares during the period. Broad Run Investment Management LLC bought a new position in shares of Shenandoah Telecommunications in the second quarter worth about $9,931,000. Bank of New York Mellon Corp purchased a new position in Shenandoah Telecommunications in the 2nd quarter worth about $4,041,000. Finally, Invesco Ltd. lifted its holdings in Shenandoah Telecommunications by 103.7% during the 2nd quarter. Invesco Ltd. now owns 447,553 shares of the utilities provider’s stock valued at $6,114,000 after buying an additional 227,789 shares in the last quarter. Institutional investors own 61.96% of the company’s stock.

Insider Buying and Selling at Shenandoah Telecommunications

In other Shenandoah Telecommunications news, CFO James Volk acquired 4,283 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were acquired at an average price of $11.67 per share, for a total transaction of $49,982.61. Following the completion of the acquisition, the chief financial officer directly owned 92,671 shares of the company’s stock, valued at $1,081,470.57. This trade represents a 4.85% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.01% of the stock is currently owned by corporate insiders.

Shenandoah Telecommunications Price Performance

Shares of NASDAQ:SHEN opened at $12.59 on Monday. The company has a market cap of $697.11 million, a price-to-earnings ratio of -16.14 and a beta of 0.70. The firm’s 50-day simple moving average is $12.64 and its 200-day simple moving average is $14.34. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. Shenandoah Telecommunications Co has a fifty-two week low of $9.66 and a fifty-two week high of $17.34.

Shenandoah Telecommunications (NASDAQ:SHEN) last posted its quarterly earnings results on Wednesday, July 29th. The utilities provider reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.11. Shenandoah Telecommunications had a negative net margin of 10.83% and a negative return on equity of 4.54%. The firm had revenue of $93.46 million during the quarter, compared to analysts’ expectations of $92.83 million. As a group, equities research analysts predict that Shenandoah Telecommunications Co will post -0.85 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have commented on SHEN. Wall Street Zen upgraded shares of Shenandoah Telecommunications from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. BWS Financial restated a “buy” rating and set a $26.00 price target on shares of Shenandoah Telecommunications in a research note on Thursday, July 30th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Shenandoah Telecommunications in a research report on Friday, July 31st. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Shenandoah Telecommunications currently has a consensus rating of “Hold” and a consensus price target of $27.50.

Shenandoah Telecommunications Company Profile

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.