DAVENPORT & Co LLC Has $12.34 Million Holdings in Shenandoah Telecommunications Co (NASDAQ:SHEN)

DAVENPORT & Co LLC cut its stake in Shenandoah Telecommunications Co (NASDAQ:SHEN - Free Report) by 3.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 981,356 shares of the utilities provider's stock after selling 31,329 shares during the period. DAVENPORT & Co LLC owned approximately 1.79% of Shenandoah Telecommunications worth $12,336,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its holdings in Shenandoah Telecommunications by 456.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,304 shares of the utilities provider's stock worth $53,000 after purchasing an additional 3,531 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Shenandoah Telecommunications in the 4th quarter valued at about $101,000. Two Sigma Investments LP acquired a new stake in shares of Shenandoah Telecommunications in the fourth quarter valued at about $126,000. Tower Research Capital LLC TRC increased its position in shares of Shenandoah Telecommunications by 11.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,735 shares of the utilities provider's stock valued at $173,000 after acquiring an additional 1,380 shares during the last quarter. Finally, Quantinno Capital Management LP bought a new stake in Shenandoah Telecommunications during the fourth quarter worth about $175,000. 61.96% of the stock is owned by institutional investors and hedge funds.

Shenandoah Telecommunications Stock Performance

Shares of SHEN traded up $0.18 during midday trading on Friday, reaching $14.48. The stock had a trading volume of 145,008 shares, compared to its average volume of 254,969. The firm has a market cap of $794.43 million, a PE ratio of -23.74 and a beta of 0.89. The firm has a 50 day simple moving average of $12.77 and a 200-day simple moving average of $12.33. Shenandoah Telecommunications Co has a one year low of $9.77 and a one year high of $21.89. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.55.

Shenandoah Telecommunications (NASDAQ:SHEN - Get Free Report) last issued its earnings results on Wednesday, April 30th. The utilities provider reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.05). Shenandoah Telecommunications had a negative net margin of 10.07% and a negative return on equity of 3.18%. The firm had revenue of $87.90 million during the quarter, compared to analyst estimates of $89.31 million. During the same quarter last year, the business posted ($0.07) earnings per share. As a group, sell-side analysts anticipate that Shenandoah Telecommunications Co will post -0.49 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on SHEN shares. Wall Street Zen upgraded Shenandoah Telecommunications to a "sell" rating in a research note on Thursday, May 8th. BWS Financial reissued a "buy" rating and issued a $26.00 price objective on shares of Shenandoah Telecommunications in a report on Thursday, May 1st.

Insider Buying and Selling

In related news, major shareholder Ecp Controlco, Llc bought 36,238 shares of Shenandoah Telecommunications stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average price of $12.58 per share, with a total value of $455,874.04. Following the acquisition, the insider owned 2,599,274 shares of the company's stock, valued at approximately $32,698,866.92. This represents a 1.41% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Ecp Fiber Holdings Gp, Llc purchased 32,000 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was bought at an average price of $12.46 per share, for a total transaction of $398,720.00. Following the purchase, the insider owned 2,532,697 shares in the company, valued at $31,557,404.62. The trade was a 1.28% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 244,137 shares of company stock worth $3,104,959 over the last three months. 4.51% of the stock is owned by insiders.

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.