Alberta Investment Management Corp Purchases New Position in Shenandoah Telecommunications Co (NASDAQ:SHEN)

Key Points

• Alberta Investment Management Corp has acquired a new position in Shenandoah Telecommunications Co (NASDAQ:SHEN), purchasing 65,127 shares valued at approximately $819,000 during the first quarter.
• Analysts have recently upgraded Shenandoah Telecommunications, with Wall Street Zen moving the stock from a "sell" rating to a "hold" and BWS Financial maintaining a "buy" rating with a price target of $26.00.
• Shenandoah Telecommunications reported a quarterly loss of ($0.19) EPS, though it exceeded analysts' expectations, despite revenues falling short of estimates at $88.57 million.

Alberta Investment Management Corp purchased a new stake in Shenandoah Telecommunications Co (NASDAQ:SHEN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 65,127 shares of the utilities provider's stock, valued at approximately $819,000. Alberta Investment Management Corp owned 0.12% of Shenandoah Telecommunications as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in SHEN. GAMMA Investing LLC boosted its holdings in Shenandoah Telecommunications by 2,104.3% during the first quarter. GAMMA Investing LLC now owns 192,258 shares of the utilities provider's stock worth $2,417,000 after purchasing an additional 183,536 shares during the last quarter. Invesco Ltd. lifted its holdings in Shenandoah Telecommunications by 66.7% during the fourth quarter. Invesco Ltd. now owns 239,856 shares of the utilities provider's stock valued at $3,025,000 after purchasing an additional 96,006 shares during the last quarter. Marshall Wace LLP purchased a new position in Shenandoah Telecommunications in the 4th quarter valued at approximately $1,052,000. Vanguard Group Inc. lifted its holdings in Shenandoah Telecommunications by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 5,529,847 shares of the utilities provider's stock worth $69,731,000 after purchasing an additional 68,133 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Shenandoah Telecommunications by 28.8% during the fourth quarter. Millennium Management LLC now owns 302,755 shares of the utilities provider's stock valued at $3,818,000 after acquiring an additional 67,715 shares in the last quarter. 61.96% of the stock is currently owned by institutional investors.

Insider Activity

In other Shenandoah Telecommunications news, major shareholder Ecp Controlco, Llc purchased 17,303 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average price of $14.88 per share, for a total transaction of $257,468.64. Following the purchase, the insider directly owned 3,041,694 shares in the company, valued at approximately $45,260,406.72. This trade represents a 0.57% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Ecp Fiber Holdings Gp, Llc bought 26,117 shares of Shenandoah Telecommunications stock in a transaction on Tuesday, August 5th. The stock was acquired at an average price of $13.12 per share, for a total transaction of $342,655.04. Following the transaction, the insider directly owned 3,144,361 shares of the company's stock, valued at approximately $41,254,016.32. This trade represents a 0.84% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 674,127 shares of company stock worth $9,369,802. Company insiders own 4.51% of the company's stock.

Shenandoah Telecommunications Price Performance

SHEN traded down $0.30 during trading on Thursday, hitting $12.67. 125,846 shares of the company traded hands, compared to its average volume of 283,589. The company has a market cap of $695.08 million, a PE ratio of -22.70 and a beta of 0.90. The stock's 50-day simple moving average is $14.11 and its two-hundred day simple moving average is $12.68. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.56. Shenandoah Telecommunications Co has a 1 year low of $9.77 and a 1 year high of $16.89.

Shenandoah Telecommunications (NASDAQ:SHEN - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The utilities provider reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.01. Shenandoah Telecommunications had a negative return on equity of 3.78% and a negative net margin of 8.90%. The firm had revenue of $88.57 million for the quarter, compared to the consensus estimate of $89.94 million. As a group, sell-side analysts anticipate that Shenandoah Telecommunications Co will post -0.49 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. BWS Financial reissued a "buy" rating and set a $26.00 price objective on shares of Shenandoah Telecommunications in a report on Thursday, May 1st. Wall Street Zen raised shares of Shenandoah Telecommunications from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd.

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.