Bank of New York Mellon Corp Makes New Investment in Shenandoah Telecommunications Co $SHEN

Key Points

• Bank of New York Mellon purchased 267,990 shares of Shenandoah Telecommunications in the second quarter, worth about $4.04 million and representing roughly 0.48% of the company. Institutional investors and hedge funds collectively own 61.96% of SHEN.
• Shenandoah reported quarterly revenue of $93.46 million and a loss of $0.17 per share, beating analyst estimates for revenue of $92.83 million and a loss of $0.28 per share. Analysts expect a full-year loss of approximately $0.85 per share.
• SHEN shares opened at $12.59, near the lower end of their 52-week range, while analyst sentiment remains mixed: the consensus rating is Hold with an average price target of $27.50.

Bank of New York Mellon Corp bought a new stake in Shenandoah Telecommunications Co (NASDAQ:SHEN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 267,990 shares of the utilities provider's stock, valued at approximately $4,041,000. Bank of New York Mellon Corp owned approximately 0.48% of Shenandoah Telecommunications as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SHEN. Millennium Management LLC increased its position in Shenandoah Telecommunications by 1,116.6% during the 4th quarter. Millennium Management LLC now owns 1,087,246 shares of the utilities provider's stock worth $12,569,000 after purchasing an additional 997,882 shares during the period. Invesco Ltd. increased its position in shares of Shenandoah Telecommunications by 103.7% in the second quarter. Invesco Ltd. now owns 447,553 shares of the utilities provider's stock valued at $6,114,000 after buying an additional 227,789 shares in the last quarter. Bridgeway Capital Management LLC increased its holdings in Shenandoah Telecommunications by 187.2% during the 3rd quarter. Bridgeway Capital Management LLC now owns 330,890 shares of the utilities provider's stock valued at $4,441,000 after acquiring an additional 215,668 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Shenandoah Telecommunications by 27.8% during the first quarter. Goldman Sachs Group Inc. now owns 532,984 shares of the utilities provider's stock worth $6,700,000 after acquiring an additional 116,040 shares during the last quarter. Finally, HRT Financial LP raised its position in Shenandoah Telecommunications by 214.2% during the fourth quarter. HRT Financial LP now owns 166,189 shares of the utilities provider's stock worth $1,921,000 after acquiring an additional 113,296 shares during the last quarter. 61.96% of the stock is currently owned by institutional investors and hedge funds.

Shenandoah Telecommunications Stock Up 0.3%

Shares of NASDAQ:SHEN opened at $12.59 on Friday. The company has a 50 day moving average of $12.64 and a two-hundred day moving average of $14.33. Shenandoah Telecommunications Co has a 52-week low of $9.66 and a 52-week high of $17.34. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $697.05 million, a price-to-earnings ratio of -16.14 and a beta of 0.70.

Shenandoah Telecommunications (NASDAQ:SHEN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The utilities provider reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.11. The business had revenue of $93.46 million during the quarter, compared to the consensus estimate of $92.83 million. Shenandoah Telecommunications had a negative net margin of 10.83% and a negative return on equity of 4.54%. As a group, analysts forecast that Shenandoah Telecommunications Co will post -0.85 earnings per share for the current fiscal year.

Insider Activity at Shenandoah Telecommunications

In other Shenandoah Telecommunications news, CFO James Volk bought 4,283 shares of Shenandoah Telecommunications stock in a transaction dated Friday, July 31st. The stock was bought at an average cost of $11.67 per share, for a total transaction of $49,982.61. Following the purchase, the chief financial officer owned 92,671 shares in the company, valued at $1,081,470.57. This represents a 4.85% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 5.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SHEN. BWS Financial reissued a "buy" rating and issued a $26.00 price target on shares of Shenandoah Telecommunications in a report on Thursday, July 30th. Wall Street Zen raised shares of Shenandoah Telecommunications from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Shenandoah Telecommunications in a research note on Friday, July 31st. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $27.50.

Shenandoah Telecommunications Company Profile

Shenandoah Telecommunications Company operates as a diversified communications provider offering both wireless and wireline services across rural markets in the Mid-Atlantic region. Headquartered in Edinburg, Virginia, the company designs, builds and maintains network infrastructure to deliver mobile connectivity, high-speed broadband access and related telecommunications solutions to residential, business and wholesale customers.

In its wireless segment, the company owns and operates a portfolio of cellular towers and associated spectrum under a long-term partnership with a national carrier.

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