Shenandoah Telecommunications (NASDAQ:SHEN) Shares Up 4.1% After Dividend Announcement

by · The Cerbat Gem

Shenandoah Telecommunications (NASDAQ:SHEN – Get Free Report)’s share price shot up 4.1% during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $14.69 and last traded at $14.69. 75,442 shares were traded during trading, a decline of 61% from the average session volume of 191,091 shares. The stock had previously closed at $14.11.

The newly announced dividend which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be given a dividend of $0.10 per share. This is a positive change from Shenandoah Telecommunications’s previous annual dividend of $0.09. This represents a dividend yield of 0.66%. The ex-dividend date of this dividend is Tuesday, November 5th. Shenandoah Telecommunications’s payout ratio is 2.22%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SHEN. BWS Financial reiterated a “buy” rating and set a $26.00 target price on shares of Shenandoah Telecommunications in a research report on Thursday, August 8th. StockNews.com upgraded shares of Shenandoah Telecommunications to a “sell” rating in a research report on Tuesday, July 30th.

Check Out Our Latest Report on Shenandoah Telecommunications

Shenandoah Telecommunications Stock Performance

The stock has a market capitalization of $816.91 million, a price-to-earnings ratio of 3.72 and a beta of 0.67. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock’s 50-day simple moving average is $14.48 and its 200 day simple moving average is $15.97.

Shenandoah Telecommunications (NASDAQ:SHEN – Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The utilities provider reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.10). The firm had revenue of $85.80 million during the quarter, compared to analyst estimates of $86.12 million. Shenandoah Telecommunications had a net margin of 68.81% and a negative return on equity of 0.48%. Analysts expect that Shenandoah Telecommunications will post -0.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Shenandoah Telecommunications

In other news, CEO Christopher E. French purchased 5,000 shares of Shenandoah Telecommunications stock in a transaction on Wednesday, August 14th. The shares were purchased at an average cost of $14.02 per share, for a total transaction of $70,100.00. Following the completion of the transaction, the chief executive officer now directly owns 86,485 shares in the company, valued at approximately $1,212,519.70. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Christopher E. French bought 6,500 shares of the company’s stock in a transaction on Friday, August 9th. The stock was bought at an average cost of $14.94 per share, with a total value of $97,110.00. Following the completion of the purchase, the chief executive officer now owns 346,394 shares in the company, valued at approximately $5,175,126.36. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Christopher E. French bought 5,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average cost of $14.02 per share, with a total value of $70,100.00. Following the completion of the purchase, the chief executive officer now owns 86,485 shares of the company’s stock, valued at approximately $1,212,519.70. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 14,700 shares of company stock worth $212,745 over the last ninety days. Corporate insiders own 4.37% of the company’s stock.

Hedge Funds Weigh In On Shenandoah Telecommunications

A number of institutional investors have recently modified their holdings of SHEN. BNP Paribas Financial Markets raised its stake in shares of Shenandoah Telecommunications by 74.9% during the first quarter. BNP Paribas Financial Markets now owns 24,195 shares of the utilities provider’s stock worth $420,000 after buying an additional 10,358 shares during the last quarter. DAVENPORT & Co LLC raised its stake in shares of Shenandoah Telecommunications by 8.3% during the first quarter. DAVENPORT & Co LLC now owns 932,832 shares of the utilities provider’s stock worth $16,203,000 after buying an additional 71,451 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Shenandoah Telecommunications during the first quarter worth approximately $109,000. Susquehanna Fundamental Investments LLC acquired a new position in Shenandoah Telecommunications during the first quarter valued at approximately $211,000. Finally, Inspire Investing LLC increased its stake in Shenandoah Telecommunications by 14.9% in the first quarter. Inspire Investing LLC now owns 20,443 shares of the utilities provider’s stock valued at $355,000 after purchasing an additional 2,652 shares in the last quarter. 61.96% of the stock is owned by institutional investors.

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.

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