Bank of New York Mellon Corp trimmed its holdings in shares of Shenandoah Telecommunications (NASDAQ:SHEN) by 0.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 338,051 shares of the utilities provider’s stock after selling 2,572 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of Shenandoah Telecommunications worth $12,576,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its position in Shenandoah Telecommunications by 1.3% in the second quarter. Vanguard Group Inc. now owns 3,720,805 shares of the utilities provider’s stock worth $114,229,000 after buying an additional 47,212 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Shenandoah Telecommunications by 0.6% in the second quarter. Renaissance Technologies LLC now owns 1,052,800 shares of the utilities provider’s stock valued at $32,321,000 after purchasing an additional 6,500 shares in the last quarter. State Street Corp grew its position in shares of Shenandoah Telecommunications by 5.7% in the second quarter. State Street Corp now owns 946,221 shares of the utilities provider’s stock valued at $29,048,000 after purchasing an additional 50,603 shares in the last quarter. Northern Trust Corp grew its position in shares of Shenandoah Telecommunications by 2.7% in the second quarter. Northern Trust Corp now owns 737,460 shares of the utilities provider’s stock valued at $22,640,000 after purchasing an additional 19,049 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Shenandoah Telecommunications by 1,399.2% in the second quarter. The Manufacturers Life Insurance Company now owns 537,792 shares of the utilities provider’s stock valued at $16,510,000 after purchasing an additional 501,920 shares in the last quarter. 48.41% of the stock is owned by institutional investors.
Several brokerages have recently weighed in on SHEN. BidaskClub cut Shenandoah Telecommunications from a “hold” rating to a “sell” rating in a research report on Tuesday. Zacks Investment Research upgraded Shenandoah Telecommunications from a “sell” rating to a “hold” rating in a research report on Wednesday, October 4th. Finally, TheStreet cut Shenandoah Telecommunications from a “b-” rating to a “c+” rating in a research report on Friday, November 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $35.00.
Shenandoah Telecommunications (NASDAQ SHEN) opened at $33.80 on Friday. The firm has a market capitalization of $1,650.00, a price-to-earnings ratio of 307.27 and a beta of 0.68. Shenandoah Telecommunications has a 52-week low of $25.35 and a 52-week high of $41.80. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.34 and a quick ratio of 1.28.
Shenandoah Telecommunications (NASDAQ:SHEN) last posted its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.08. The company had revenue of $151.80 million during the quarter, compared to analyst estimates of $153.64 million. Shenandoah Telecommunications had a return on equity of 4.04% and a net margin of 0.91%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.16) earnings per share. analysts anticipate that Shenandoah Telecommunications will post 0.16 EPS for the current year.
The firm also recently disclosed an annual dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 3rd were paid a dividend of $0.26 per share. This is a positive change from Shenandoah Telecommunications’s previous annual dividend of $0.25. The ex-dividend date of this dividend was Thursday, November 2nd. This represents a yield of 0.65%. Shenandoah Telecommunications’s dividend payout ratio (DPR) is currently 236.36%.
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About Shenandoah Telecommunications
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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