DAVENPORT & Co LLC Sells 27,946 Shares of Shenandoah Telecommunications Co $SHEN

Key Points

• Davenport & Co LLC reduced its stake in Shenandoah Telecommunications by 2.8%, selling 27,946 shares, and now holds 953,410 shares valued at approximately $13.04 million.
• Shenandoah Telecommunications has received recent downgrades from brokerages, notably from Wall Street Zen, which lowered its rating from "hold" to "strong sell."
• Shares of Shenandoah Telecommunications opened at $13.40 with a market cap of $735.12 million, while the company reported a loss of ($0.19) EPS for the last quarter, beating expectations slightly.

DAVENPORT & Co LLC lowered its position in Shenandoah Telecommunications Co (NASDAQ:SHEN - Free Report) by 2.8% during the second quarter, according to its most recent filing with the SEC. The firm owned 953,410 shares of the utilities provider's stock after selling 27,946 shares during the period. DAVENPORT & Co LLC owned 1.74% of Shenandoah Telecommunications worth $13,042,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Bank of America Corp DE lifted its holdings in Shenandoah Telecommunications by 13.2% in the fourth quarter. Bank of America Corp DE now owns 64,872 shares of the utilities provider's stock valued at $818,000 after buying an additional 7,575 shares during the period. Two Sigma Investments LP acquired a new position in shares of Shenandoah Telecommunications in the 4th quarter valued at about $126,000. GAMMA Investing LLC lifted its stake in shares of Shenandoah Telecommunications by 2,104.3% in the 1st quarter. GAMMA Investing LLC now owns 192,258 shares of the utilities provider's stock valued at $2,417,000 after purchasing an additional 183,536 shares during the period. Principal Financial Group Inc. boosted its position in shares of Shenandoah Telecommunications by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 228,612 shares of the utilities provider's stock valued at $2,874,000 after purchasing an additional 6,024 shares in the last quarter. Finally, Capital Investment Advisory Services LLC grew its position in shares of Shenandoah Telecommunications by 100.0% during the 1st quarter. Capital Investment Advisory Services LLC now owns 40,000 shares of the utilities provider's stock worth $503,000 after buying an additional 20,000 shares during the period. 61.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on SHEN. Wall Street Zen lowered Shenandoah Telecommunications from a "hold" rating to a "strong sell" rating in a report on Sunday, August 10th. Weiss Ratings reissued a "sell (d)" rating on shares of Shenandoah Telecommunications in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $26.00.

Shenandoah Telecommunications Stock Performance

Shares of Shenandoah Telecommunications stock opened at $13.40 on Tuesday. Shenandoah Telecommunications Co has a 52 week low of $9.77 and a 52 week high of $16.28. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.56. The business has a 50 day moving average price of $13.29 and a 200-day moving average price of $13.20. The company has a market cap of $735.12 million, a PE ratio of -23.93 and a beta of 0.81.

Shenandoah Telecommunications (NASDAQ:SHEN - Get Free Report) last announced its earnings results on Thursday, July 31st. The utilities provider reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.01. The company had revenue of $88.57 million for the quarter, compared to analysts' expectations of $89.94 million. Shenandoah Telecommunications had a negative return on equity of 3.78% and a negative net margin of 8.90%. Shenandoah Telecommunications has set its FY 2025 guidance at EPS. Equities analysts anticipate that Shenandoah Telecommunications Co will post -0.49 earnings per share for the current fiscal year.

Insider Transactions at Shenandoah Telecommunications

In other news, major shareholder Ecp Fiber Holdings Gp, Llc bought 13,541 shares of the stock in a transaction dated Wednesday, September 10th. The stock was bought at an average price of $13.29 per share, for a total transaction of $179,959.89. Following the completion of the acquisition, the insider directly owned 3,455,302 shares in the company, valued at approximately $45,920,963.58. This trade represents a 0.39% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ecp Controlco, Llc purchased 3,000 shares of the company's stock in a transaction that occurred on Friday, September 5th. The shares were purchased at an average cost of $13.45 per share, for a total transaction of $40,350.00. Following the completion of the transaction, the insider directly owned 3,441,252 shares of the company's stock, valued at $46,284,839.40. This represents a 0.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 609,182 shares of company stock worth $8,452,575 in the last quarter. 4.51% of the stock is currently owned by corporate insiders.

About Shenandoah Telecommunications

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.

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