Shenandoah Telecommunications (NASDAQ:SHEN) Shares Up 4.1% After Insider Buying Activity
Shenandoah Telecommunications (NASDAQ:SHEN – Get Free Report)’s share price rose 4.1% during trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $17.02 and last traded at $16.93. Approximately 15,718 shares were traded during trading, a decline of 90% from the average daily volume of 163,539 shares. The stock had previously closed at $16.27.
Specifically, CFO James J. Volk acquired 3,187 shares of the stock in a transaction dated Monday, June 10th. The shares were bought at an average cost of $16.36 per share, for a total transaction of $52,139.32. Following the completion of the acquisition, the chief financial officer now directly owns 38,264 shares of the company’s stock, valued at $625,999.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Christopher E. French purchased 11,000 shares of Shenandoah Telecommunications stock in a transaction that occurred on Tuesday, May 7th. The stock was purchased at an average cost of $14.69 per share, with a total value of $161,590.00. Following the completion of the transaction, the chief executive officer now owns 319,750 shares of the company’s stock, valued at approximately $4,697,127.50. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO James J. Volk purchased 3,187 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was bought at an average price of $16.36 per share, with a total value of $52,139.32. Following the completion of the purchase, the chief financial officer now owns 38,264 shares of the company’s stock, valued at $625,999.04. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 32,650 shares of company stock worth $498,185. Corporate insiders own 4.37% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages have issued reports on SHEN. BWS Financial reaffirmed a “buy” rating and set a $26.00 price target on shares of Shenandoah Telecommunications in a report on Monday, May 6th. StockNews.com raised shares of Shenandoah Telecommunications to a “sell” rating in a report on Tuesday.
Shenandoah Telecommunications Stock Performance
The company has a current ratio of 4.68, a quick ratio of 4.68 and a debt-to-equity ratio of 0.33. The stock has a market cap of $922.99 million, a price-to-earnings ratio of 3.91 and a beta of 0.71. The stock’s 50-day simple moving average is $16.14 and its 200-day simple moving average is $18.57.
Shenandoah Telecommunications (NASDAQ:SHEN – Get Free Report) last released its earnings results on Friday, May 3rd. The utilities provider reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). Shenandoah Telecommunications had a net margin of 77.44% and a return on equity of 0.27%. The company had revenue of $69.25 million for the quarter, compared to the consensus estimate of $71.52 million. Analysts forecast that Shenandoah Telecommunications will post -0.13 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Shenandoah Telecommunications
A number of large investors have recently bought and sold shares of the company. RWA Wealth Partners LLC bought a new stake in shares of Shenandoah Telecommunications during the 4th quarter worth approximately $2,583,000. Charles Schwab Investment Management Inc. increased its position in Shenandoah Telecommunications by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 751,915 shares of the utilities provider’s stock worth $16,256,000 after purchasing an additional 42,747 shares in the last quarter. Norges Bank acquired a new stake in Shenandoah Telecommunications in the fourth quarter valued at approximately $6,797,000. American Century Companies Inc. grew its stake in shares of Shenandoah Telecommunications by 25.6% during the third quarter. American Century Companies Inc. now owns 445,005 shares of the utilities provider’s stock worth $9,172,000 after buying an additional 90,695 shares during the last quarter. Finally, Corton Capital Inc. increased its holdings in shares of Shenandoah Telecommunications by 23.7% during the third quarter. Corton Capital Inc. now owns 23,881 shares of the utilities provider’s stock worth $492,000 after buying an additional 4,582 shares in the last quarter. 61.96% of the stock is currently owned by institutional investors and hedge funds.
Shenandoah Telecommunications Company 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.
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