JPMorgan Chase & Co. lowered its stake in Shenandoah Telecommunications Co (NASDAQ:SHEN) by 77.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,654 shares of the utilities provider’s stock after selling 46,114 shares during the period. JPMorgan Chase & Co.’s holdings in Shenandoah Telecommunications were worth $383,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in SHEN. Norges Bank purchased a new position in Shenandoah Telecommunications during the fourth quarter valued at approximately $13,697,000. Aberdeen Asset Management PLC UK raised its position in Shenandoah Telecommunications by 16.6% in the first quarter. Aberdeen Asset Management PLC UK now owns 2,374,343 shares of the utilities provider’s stock valued at $66,600,000 after buying an additional 338,266 shares in the last quarter. Benson Investment Management Company Inc. purchased a new position in Shenandoah Telecommunications during the first quarter valued at approximately $1,477,000. Ameriprise Financial Inc. raised its position in Shenandoah Telecommunications by 22.2% in the first quarter. Ameriprise Financial Inc. now owns 267,338 shares of the utilities provider’s stock valued at $7,499,000 after buying an additional 48,510 shares in the last quarter. Finally, Mawer Investment Management Ltd. increased its stake in Shenandoah Telecommunications by 6.8% in the first quarter. Mawer Investment Management Ltd. now owns 651,876 shares of the utilities provider’s stock valued at $18,285,000 after buying an additional 41,356 shares during the last quarter. Institutional investors and hedge funds own 49.32% of the company’s stock.
Shenandoah Telecommunications Co (NASDAQ SHEN) traded down 0.42% during mid-day trading on Friday, reaching $35.20. 164,491 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $32.05 and a 200-day moving average price of $30.22. The stock’s market cap is $1.73 billion. Shenandoah Telecommunications Co has a 52 week low of $22.05 and a 52 week high of $36.80.
Shenandoah Telecommunications (NASDAQ:SHEN) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.06. Shenandoah Telecommunications had a positive return on equity of 5.43% and a negative net margin of 0.89%. The firm had revenue of $153.30 million for the quarter, compared to analysts’ expectations of $153.83 million. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. On average, analysts forecast that Shenandoah Telecommunications Co will post $0.10 earnings per share for the current year.
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Several equities research analysts recently weighed in on SHEN shares. Zacks Investment Research raised shares of Shenandoah Telecommunications from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a report on Thursday, May 11th. BidaskClub raised shares of Shenandoah Telecommunications from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. ValuEngine raised shares of Shenandoah Telecommunications from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Finally, TheStreet downgraded shares of Shenandoah Telecommunications from a “b” rating to a “c+” rating in a report on Thursday, May 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $35.50.
In other Shenandoah Telecommunications news, VP Raymond B. Ostroski sold 3,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $31.75, for a total transaction of $95,250.00. Following the transaction, the vice president now owns 21,621 shares in the company, valued at $686,466.75. The sale was disclosed in a document filed with the SEC, which is available through this link. 7.24% of the stock is currently owned by company insiders.
Shenandoah Telecommunications Company Profile
Shenandoah Telecommunications Company is a telecommunications holding company. The Company’s segments are Wireless, Cable, Wireline and Other. The Company, through its operating subsidiaries, provides both regulated and unregulated telecommunications services to end user customers and other telecommunications providers in Virginia, West Virginia, central Pennsylvania, western Maryland, and portions of Kentucky and Ohio.
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