DAVENPORT & Co LLC Sells 641,104 Shares of Shenandoah Telecommunications Co $SHEN

DAVENPORT & Co LLC reduced its position in Shenandoah Telecommunications Co (NASDAQ:SHEN) by 96.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 24,472 shares of the utilities provider’s stock after selling 641,104 shares during the period. DAVENPORT & Co LLC’s holdings in Shenandoah Telecommunications were worth $283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Cooper Investors PTY Ltd. bought a new position in shares of Shenandoah Telecommunications during the 3rd quarter worth $7,050,000. ECP ControlCo LLC increased its holdings in Shenandoah Telecommunications by 10.7% in the 2nd quarter. ECP ControlCo LLC now owns 2,714,371 shares of the utilities provider’s stock worth $37,078,000 after acquiring an additional 261,987 shares during the last quarter. American Century Companies Inc. raised its stake in Shenandoah Telecommunications by 51.3% in the 2nd quarter. American Century Companies Inc. now owns 739,551 shares of the utilities provider’s stock valued at $10,102,000 after acquiring an additional 250,901 shares during the period. State of Wyoming purchased a new stake in Shenandoah Telecommunications during the second quarter valued at about $65,000. Finally, Russell Investments Group Ltd. lifted its holdings in Shenandoah Telecommunications by 11,367.6% during the third quarter. Russell Investments Group Ltd. now owns 4,243 shares of the utilities provider’s stock valued at $57,000 after purchasing an additional 4,206 shares during the last quarter. 61.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SHEN. Weiss Ratings reiterated a “sell (d)” rating on shares of Shenandoah Telecommunications in a research note on Thursday, January 22nd. BWS Financial restated a “buy” rating and set a $26.00 price target on shares of Shenandoah Telecommunications in a research note on Monday, March 2nd. Finally, Wall Street Zen raised shares of Shenandoah Telecommunications from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. One research 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 company has an average rating of “Hold” and an average target price of $26.00.

Shenandoah Telecommunications Stock Down 1.1%

SHEN opened at $15.25 on Thursday. The firm has a market capitalization of $843.33 million, a P/E ratio of -22.43 and a beta of 0.67. Shenandoah Telecommunications Co has a one year low of $9.66 and a one year high of $15.92. The company has a fifty day moving average price of $13.52 and a 200-day moving average price of $12.53. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.90 and a quick ratio of 0.90.

Shenandoah Telecommunications (NASDAQ:SHEN) last issued its quarterly earnings data on Thursday, February 26th. The utilities provider reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.10. Shenandoah Telecommunications had a negative return on equity of 4.01% and a negative net margin of 10.04%.The company had revenue of $91.59 million for the quarter, compared to the consensus estimate of $90.03 million. Equities research analysts expect that Shenandoah Telecommunications Co will post -0.49 earnings per share for the current fiscal year.

About Shenandoah Telecommunications

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.