Prudential Financial Inc. Takes $1.67 Million Position in Shenandoah Telecommunications Co (SHEN)
Prudential Financial Inc. purchased a new stake in shares of Shenandoah Telecommunications Co (NASDAQ:SHEN) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 44,966 shares of the utilities provider’s stock, valued at approximately $1,673,000. Prudential Financial Inc. owned 0.09% of Shenandoah Telecommunications as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Ameritas Investment Partners Inc. grew its holdings in shares of Shenandoah Telecommunications by 9.3% during the second quarter. Ameritas Investment Partners Inc. now owns 4,079 shares of the utilities provider’s stock worth $125,000 after purchasing an additional 347 shares in the last quarter. Pacad Investment Ltd. boosted its stake in shares of Shenandoah Telecommunications by 5.0% during the second quarter. Pacad Investment Ltd. now owns 4,200 shares of the utilities provider’s stock valued at $129,000 after purchasing an additional 200 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of Shenandoah Telecommunications by 790.5% during the second quarter. BNP Paribas Arbitrage SA now owns 5,521 shares of the utilities provider’s stock valued at $169,000 after purchasing an additional 4,901 shares during the period. Alpha Omega Wealth Management LLC raised its holdings in shares of Shenandoah Telecommunications by 5.5% during the second quarter. Alpha Omega Wealth Management LLC now owns 5,800 shares of the utilities provider’s stock valued at $178,000 after acquiring an additional 300 shares in the last quarter. Finally, BB&T Corp bought a new position in shares of Shenandoah Telecommunications during the third quarter valued at approximately $223,000. Hedge funds and other institutional investors own 52.64% of the company’s stock.
In related news, insider Earle A. Mackenzie sold 46,000 shares of the company’s stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $38.93, for a total transaction of $1,790,780.00. Following the transaction, the insider now directly owns 118,047 shares of the company’s stock, valued at approximately $4,595,569.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 7.24% of the company’s stock.
Shenandoah Telecommunications (NASDAQ:SHEN) last issued its earnings results on Thursday, November 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.08. Shenandoah Telecommunications had a return on equity of 4.04% and a net margin of 0.91%. The company had revenue of $151.80 million for the quarter, compared to the consensus estimate of $153.64 million. During the same quarter last year, the company earned ($0.16) EPS. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. equities analysts forecast that Shenandoah Telecommunications Co will post 0.16 earnings per share for the current fiscal year.
The business also recently declared an annual dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 3rd were given a $0.26 dividend. This represents a dividend yield of 0.65%. This is a positive change from Shenandoah Telecommunications’s previous annual dividend of $0.25. The ex-dividend date was Thursday, November 2nd. Shenandoah Telecommunications’s payout ratio is presently 216.67%.
A number of equities analysts have issued reports on SHEN shares. ValuEngine upgraded Shenandoah Telecommunications from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Zacks Investment Research raised Shenandoah Telecommunications from a “sell” rating to a “hold” rating in a research report on Wednesday, October 4th. TheStreet cut Shenandoah Telecommunications from a “b-” rating to a “c+” rating in a research report on Friday, November 10th. Finally, BidaskClub downgraded Shenandoah Telecommunications from a “buy” rating to a “hold” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $35.00.
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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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