Shenandoah Telecommunications (SHEN) Shares Bought by Bank of America Corp DE

Bank of America Corp DE increased its stake in Shenandoah Telecommunications (NASDAQ:SHEN) by 91.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,897 shares of the utilities provider’s stock after purchasing an additional 58,247 shares during the quarter. Bank of America Corp DE owned 0.25% of Shenandoah Telecommunications worth $3,987,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC increased its holdings in shares of Shenandoah Telecommunications by 0.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,145,600 shares of the utilities provider’s stock valued at $37,461,000 after purchasing an additional 8,600 shares in the last quarter. BlueMountain Capital Management LLC increased its holdings in shares of Shenandoah Telecommunications by 126.8% in the 2nd quarter. BlueMountain Capital Management LLC now owns 29,524 shares of the utilities provider’s stock valued at $965,000 after purchasing an additional 16,506 shares in the last quarter. Federated Investors Inc. PA increased its holdings in shares of Shenandoah Telecommunications by 100.0% in the 2nd quarter. Federated Investors Inc. PA now owns 50,684 shares of the utilities provider’s stock valued at $1,657,000 after purchasing an additional 25,341 shares in the last quarter. FMR LLC increased its holdings in shares of Shenandoah Telecommunications by 10.9% in the 2nd quarter. FMR LLC now owns 452,156 shares of the utilities provider’s stock valued at $14,786,000 after purchasing an additional 44,500 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Shenandoah Telecommunications by 7.8% in the 2nd quarter. BlackRock Inc. now owns 3,323,426 shares of the utilities provider’s stock valued at $108,676,000 after purchasing an additional 239,253 shares in the last quarter. Institutional investors and hedge funds own 46.91% of the company’s stock.

In other Shenandoah Telecommunications news, SVP Edward H. Mckay sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $36.75, for a total transaction of $73,500.00. Following the sale, the senior vice president now directly owns 17,959 shares of the company’s stock, valued at approximately $659,993.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Raymond B. Ostroski sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $38.75, for a total transaction of $193,750.00. Following the sale, the vice president now directly owns 15,364 shares in the company, valued at $595,355. The disclosure for this sale can be found here. Insiders have sold a total of 21,215 shares of company stock valued at $789,757 over the last 90 days. 6.84% of the stock is currently owned by insiders.

Several equities analysts have weighed in on SHEN shares. BidaskClub upgraded shares of Shenandoah Telecommunications from a “hold” rating to a “buy” rating in a report on Saturday, July 7th. Zacks Investment Research downgraded shares of Shenandoah Telecommunications from a “hold” rating to a “sell” rating in a report on Saturday, July 28th. TheStreet upgraded shares of Shenandoah Telecommunications from a “c+” rating to a “b-” rating in a report on Friday, August 24th. Finally, B. Riley started coverage on shares of Shenandoah Telecommunications in a report on Thursday, September 13th. They set a “buy” rating and a $46.00 target price for the company. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Shenandoah Telecommunications presently has an average rating of “Buy” and an average target price of $45.67.

NASDAQ:SHEN opened at $38.02 on Thursday. The company has a quick ratio of 1.36, a current ratio of 1.41 and a debt-to-equity ratio of 1.71. Shenandoah Telecommunications has a twelve month low of $29.92 and a twelve month high of $39.65. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of 146.23 and a beta of 0.29.

Shenandoah Telecommunications (NASDAQ:SHEN) last posted its earnings results on Tuesday, August 7th. The utilities provider reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.06. Shenandoah Telecommunications had a net margin of 12.60% and a return on equity of 6.34%. The firm had revenue of $154.03 million during the quarter, compared to the consensus estimate of $152.83 million. On average, research analysts forecast that Shenandoah Telecommunications will post 0.57 EPS for the current year.

About Shenandoah Telecommunications

Shenandoah Telecommunications Company, through its subsidiaries, provides regulated and unregulated telecommunications services to customers and other telecommunications providers in central and western Virginia, south-central Pennsylvania, West Virginia, Maryland, North Carolina, Kentucky, Tennessee, and Ohio.

Further Reading: Understanding Market Liquidity

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Institutional Ownership by Quarter for Shenandoah Telecommunications (NASDAQ:SHEN)

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