BlackRock Inc. Invests $106.91 Million in Shenandoah Telecommunications Co $SHEN

Key Points

• BlackRock acquired 7.09 million shares of Shenandoah Telecommunications in the second quarter, investing approximately $106.9 million and taking a 12.8% stake. Institutional investors collectively own 61.96% of the company.
• Shenandoah reported quarterly revenue of $93.46 million and an adjusted loss of $0.17 per share, beating analyst estimates of $92.83 million in revenue and a $0.28-per-share loss.
• Analyst sentiment remains mixed, with an average rating of “Hold” and a $27.50 average price target, while CFO James J. Volk purchased nearly $50,000 worth of company shares.

BlackRock Inc. acquired a new stake in shares of Shenandoah Telecommunications Co (NASDAQ:SHEN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 7,089,344 shares of the utilities provider's stock, valued at approximately $106,907,000. BlackRock Inc. owned about 12.80% of Shenandoah Telecommunications as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Baird Financial Group Inc. bought a new stake in Shenandoah Telecommunications in the 1st quarter worth approximately $158,000. Royal Bank of Canada lifted its holdings in shares of Shenandoah Telecommunications by 11.8% during the 1st quarter. Royal Bank of Canada now owns 37,008 shares of the utilities provider's stock valued at $465,000 after buying an additional 3,904 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Shenandoah Telecommunications by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,964 shares of the utilities provider's stock worth $364,000 after buying an additional 1,248 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Shenandoah Telecommunications by 48.3% in the 1st quarter. Millennium Management LLC now owns 448,976 shares of the utilities provider's stock worth $5,644,000 after buying an additional 146,221 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Shenandoah Telecommunications by 27.8% in 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 period. Institutional investors own 61.96% of the company's stock.

Shenandoah Telecommunications Stock Up 2.5%

SHEN stock opened at $12.46 on Friday. The business's 50-day moving average price is $12.86 and its 200-day moving average price is $14.34. The stock has a market cap of $689.91 million, a P/E ratio of -15.97 and a beta of 0.68. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. Shenandoah Telecommunications Co has a twelve month low of $9.66 and a twelve month high of $17.34.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on SHEN shares. BWS Financial reiterated a "buy" rating and set a $26.00 price objective on shares of Shenandoah Telecommunications in a research report on Thursday, July 30th. Wall Street Zen upgraded 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 report 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's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $27.50.

Insider Activity

In other news, CFO James J. Volk acquired 4,283 shares of the firm's stock in a transaction dated Friday, July 31st. The shares were purchased at an average cost of $11.67 per share, for a total transaction of $49,982.61. Following the transaction, the chief financial officer directly owned 92,671 shares of the company's stock, valued at approximately $1,081,470.57. This trade represents a 4.85% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.01% of the stock is currently owned by company insiders.

About Shenandoah Telecommunications

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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