VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Position in Shenandoah Telecommunications Co $SHEN

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Shenandoah Telecommunications Co (NASDAQ:SHEN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 75,200 shares of the utilities provider’s stock, valued at approximately $844,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.14% of Shenandoah Telecommunications at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Legal & General Group Plc bought a new position in Shenandoah Telecommunications in the 2nd quarter worth $1,538,000. Bank of New York Mellon Corp bought a new stake in Shenandoah Telecommunications during the 2nd quarter valued at approximately $4,041,000. Empowered Funds LLC purchased a new position in Shenandoah Telecommunications in the 2nd quarter worth approximately $3,974,000. BlackRock Inc. bought a new position in Shenandoah Telecommunications in the 2nd quarter worth approximately $106,907,000. Finally, Bank of America Corp DE bought a new stake in shares of Shenandoah Telecommunications during the second quarter valued at approximately $1,050,000. Institutional investors own 61.96% of the company’s stock.

Shenandoah Telecommunications Trading Down 6.4%

Shares of SHEN opened at $9.72 on Friday. The company’s fifty day simple moving average is $11.17 and its 200-day simple moving average is $13.37. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.71 and a quick ratio of 0.71. Shenandoah Telecommunications Co has a twelve month low of $9.13 and a twelve month high of $17.34.

Shenandoah Telecommunications (NASDAQ:SHEN) last posted its quarterly earnings data on Wednesday, October 28th. The utilities provider reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.04. The company had revenue of $93.93 million for the quarter, compared to analyst estimates of $94.10 million. Shenandoah Telecommunications had a negative net margin of 10.68% and a negative return on equity of 4.58%. On average, equities research analysts expect that Shenandoah Telecommunications Co will post -0.88 earnings per share for the current year.

Shenandoah Telecommunications Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 2nd will be paid a $0.12 dividend. The ex-dividend date is Monday, November 2nd. This represents a yield of 121.0%. This is an increase from Shenandoah Telecommunications’s previous annual dividend of $0.11. Shenandoah Telecommunications’s payout ratio is currently -15.58%.

Analysts Set New Price Targets

SHEN has been the subject of several research analyst reports. BWS Financial reaffirmed a “buy” rating and set a $26.00 target price on shares of Shenandoah Telecommunications in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Shenandoah Telecommunications in a report on Thursday, October 29th. Finally, Wall Street Zen cut shares of Shenandoah Telecommunications from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $27.50.

Shenandoah Telecommunications Profile

Shenandoah Telecommunications Company, also known as Shentel, is a telecommunications provider headquartered in Edinburg, Virginia. The company delivers broadband communications services to residential and commercial customers, with a focus on high-speed internet, fiber-optic connectivity, video and voice services.

Shentel operates its Glo Fiber network in selected communities and provides broadband services through its legacy cable and fiber networks. Its service territory primarily includes markets in Virginia, West Virginia, Maryland and Pennsylvania.