Insider Buying: Shenandoah Telecommunications (NASDAQ:SHEN) COO Acquires 10,000 Shares of Stock

May 9, 2024

46 3 minutes read

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Shenandoah Telecommunications (NASDAQ:SHEN – Get Free Report) COO Edward H. Mckay acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were bought at an average cost of $14.95 per share, for a total transaction of $149,500.00. Following the completion of the acquisition, the chief operating officer now directly owns 66,951 shares of the company’s stock, valued at approximately $1,000,917.45. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Shenandoah Telecommunications Trading Up 9.9 %

Shares of SHEN stock opened at $16.37 on Thursday. The company has a quick ratio of 1.79, a current ratio of 4.68 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $825.82 million, a P/E ratio of 3.78 and a beta of 0.61. Shenandoah Telecommunications has a 12-month low of $11.87 and a 12-month high of $25.51. The firm has a 50-day moving average price of $16.12 and a 200 day moving average price of $19.58.

Shenandoah Telecommunications (NASDAQ:SHEN – Get Free Report) last announced its earnings results on Wednesday, February 21st. The utilities provider reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.06. Shenandoah Telecommunications had a return on equity of 0.27% and a net margin of 77.44%. The business had revenue of $72.51 million for the quarter, compared to the consensus estimate of $71.85 million. During the same period in the previous year, the business earned ($0.04) EPS. Research analysts forecast that Shenandoah Telecommunications will post -0.05 earnings per share for the current fiscal year.

Institutional Trading of Shenandoah Telecommunications

Hedge funds and other institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Shenandoah Telecommunications by 17.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,045 shares of the utilities provider’s stock valued at $228,000 after acquiring an additional 1,674 shares in the last quarter. Versor Investments LP acquired a new position in Shenandoah Telecommunications during the 3rd quarter worth $340,000. Illinois Municipal Retirement Fund bought a new position in Shenandoah Telecommunications in the 3rd quarter valued at $650,000. Swiss National Bank increased its stake in shares of Shenandoah Telecommunications by 1.0% in the 3rd quarter. Swiss National Bank now owns 104,872 shares of the utilities provider’s stock valued at $2,161,000 after buying an additional 1,000 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Shenandoah Telecommunications by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 709,168 shares of the utilities provider’s stock worth $14,616,000 after acquiring an additional 51,827 shares during the last quarter. 61.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, BWS Financial reaffirmed a “buy” rating and issued a $26.00 price target on shares of Shenandoah Telecommunications in a research note on Monday.

Check Out Our Latest Stock Report on Shenandoah Telecommunications

Shenandoah Telecommunications Company Profile

(Get Free Report)

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.