Bank of New York Mellon Corp Boosts Holdings in Shenandoah Telecommunications (NASDAQ:SHEN)

Bank of New York Mellon Corp increased its position in shares of Shenandoah Telecommunications (NASDAQ:SHEN) by 3.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 466,677 shares of the utilities provider’s stock after buying an additional 13,776 shares during the quarter. Bank of New York Mellon Corp’s holdings in Shenandoah Telecommunications were worth $7,621,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new position in shares of Shenandoah Telecommunications in the 4th quarter valued at $41,000. GAMMA Investing LLC boosted its stake in Shenandoah Telecommunications by 90.8% during the first quarter. GAMMA Investing LLC now owns 2,484 shares of the utilities provider’s stock worth $43,000 after buying an additional 1,182 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Shenandoah Telecommunications in the 1st quarter valued at approximately $109,000. Aristides Capital LLC acquired a new position in shares of Shenandoah Telecommunications in the 1st quarter worth approximately $181,000. Finally, Victory Capital Management Inc. purchased a new position in shares of Shenandoah Telecommunications during the 4th quarter worth approximately $236,000. 61.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SHEN shares. BWS Financial restated a “buy” rating and set a $26.00 price target on shares of Shenandoah Telecommunications in a research note on Thursday, August 8th. StockNews.com raised Shenandoah Telecommunications to a “sell” rating in a research note on Tuesday, July 30th.

Shenandoah Telecommunications Trading Up 4.9 %

NASDAQ SHEN opened at $14.64 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $798.90 million, a price-to-earnings ratio of 3.38 and a beta of 0.67. The firm has a 50 day simple moving average of $16.89 and a 200-day simple moving average of $16.75. Shenandoah Telecommunications has a one year low of $11.87 and a one year high of $25.51.

Shenandoah Telecommunications (NASDAQ:SHEN) last issued its quarterly earnings results on Wednesday, August 7th. The utilities provider reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.10). The business had revenue of $85.80 million during the quarter, compared to analysts’ expectations of $86.12 million. Shenandoah Telecommunications had a net margin of 68.81% and a negative return on equity of 0.48%. Equities research analysts anticipate that Shenandoah Telecommunications will post -0.26 EPS for the current fiscal year.

Insider Activity

In related news, COO Edward H. Mckay bought 2,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average cost of $14.15 per share, with a total value of $28,300.00. Following the purchase, the chief operating officer now directly owns 68,951 shares of the company’s stock, valued at approximately $975,656.65. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Christopher E. French acquired 6,500 shares of the company’s stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $14.94 per share, with a total value of $97,110.00. Following the transaction, the chief executive officer now owns 346,394 shares in the company, valued at approximately $5,175,126.36. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Edward H. Mckay acquired 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average cost of $14.15 per share, with a total value of $28,300.00. Following the completion of the transaction, the chief operating officer now owns 68,951 shares in the company, valued at approximately $975,656.65. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 19,700 shares of company stock worth $291,695. Corporate insiders own 4.37% of the company’s stock.

Shenandoah Telecommunications Profile

Shenandoah Telecommunications Company, together with its subsidiaries, provides a range of broadband communication services and cell tower colocation space in the Mid-Atlantic portion of the United States. It operates in two segments, Broadband and Tower. The company Broadband segment offers broadband, video, and voice services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky through hybrid fiber coaxial cable under the Shentel brand; and fiber optic services under the Glo Fiber brand name.