Empowered Funds LLC Makes New $3.97 Million Investment in Shenandoah Telecommunications Co $SHEN

Empowered Funds LLC acquired a new stake in Shenandoah Telecommunications Co (NASDAQ:SHEN) during the second quarter, HoldingsChannel reports. The firm acquired 263,553 shares of the utilities provider’s stock, valued at approximately $3,974,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Baird Financial Group Inc. acquired a new stake in shares of Shenandoah Telecommunications during the first quarter worth about $158,000. Royal Bank of Canada increased its position in Shenandoah Telecommunications by 11.8% in the 1st quarter. Royal Bank of Canada now owns 37,008 shares of the utilities provider’s stock valued at $465,000 after acquiring an additional 3,904 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Shenandoah Telecommunications by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,964 shares of the utilities provider’s stock valued at $364,000 after acquiring an additional 1,248 shares during the last quarter. Millennium Management LLC raised its stake in Shenandoah Telecommunications by 48.3% during the 1st quarter. Millennium Management LLC now owns 448,976 shares of the utilities provider’s stock valued at $5,644,000 after acquiring an additional 146,221 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Shenandoah Telecommunications by 27.8% during the 1st 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. 61.96% of the stock is owned by hedge funds and other institutional investors.

Shenandoah Telecommunications Stock Down 0.7%

Shares of NASDAQ:SHEN opened at $12.37 on Tuesday. Shenandoah Telecommunications Co has a fifty-two week low of $9.66 and a fifty-two week high of $17.34. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. The firm’s 50-day simple moving average is $12.83 and its 200-day simple moving average is $14.35. The company has a market cap of $684.93 million, a price-to-earnings ratio of -15.86 and a beta of 0.68.

Shenandoah Telecommunications (NASDAQ:SHEN) last posted its quarterly 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. The firm had revenue of $93.46 million during the quarter, compared to analysts’ expectations of $92.83 million. Shenandoah Telecommunications had a negative net margin of 10.83% and a negative return on equity of 4.54%. As a group, equities research analysts predict that Shenandoah Telecommunications Co will post -0.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SHEN shares. BWS Financial reiterated a “buy” rating and issued a $26.00 target price on shares of Shenandoah Telecommunications in a research note on Thursday, July 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Shenandoah Telecommunications in a research note on Friday, July 31st. Finally, Wall Street Zen raised Shenandoah Telecommunications from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $27.50.

Insider Transactions at Shenandoah Telecommunications

In other Shenandoah Telecommunications news, CFO James J. Volk bought 4,283 shares of the company’s stock in a transaction on Friday, July 31st. The shares were bought at an average price of $11.67 per share, for a total transaction of $49,982.61. Following the transaction, the chief financial officer 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.01% of the company’s stock.

Shenandoah Telecommunications Company Profile

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.