Insider Buying: Shenandoah Telecommunications (NASDAQ:SHEN) CEO Purchases $24,280.00 in Stock

Shenandoah Telecommunications Co (NASDAQ:SHEN) CEO Edward Mckay acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was purchased at an average cost of $12.14 per share, for a total transaction of $24,280.00. Following the completion of the purchase, the chief executive officer directly owned 136,007 shares of the company’s stock, valued at $1,651,124.98. The trade was a 1.49% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Shenandoah Telecommunications Stock Down 3.0%

Shares of SHEN opened at $13.00 on Thursday. Shenandoah Telecommunications Co has a one year low of $9.66 and a one year high of $17.34. The company has a market cap of $719.81 million, a P/E ratio of -16.67 and a beta of 0.68. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a 50 day simple moving average of $13.89 and a two-hundred day simple moving average of $14.22.

Shenandoah Telecommunications (NASDAQ:SHEN) last issued its earnings results on Wednesday, July 29th. The utilities provider reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.11. Shenandoah Telecommunications had a negative return on equity of 4.54% and a negative net margin of 10.83%.The firm had revenue of $93.46 million for the quarter, compared to the consensus estimate of $92.83 million. Research analysts forecast that Shenandoah Telecommunications Co will post -0.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Shenandoah Telecommunications

Several large investors have recently modified their holdings of SHEN. Millennium Management LLC lifted its holdings in Shenandoah Telecommunications by 1,116.6% during the 4th quarter. Millennium Management LLC now owns 1,087,246 shares of the utilities provider’s stock worth $12,569,000 after buying an additional 997,882 shares during the period. Invesco Ltd. increased its stake in shares of Shenandoah Telecommunications by 103.7% in the second quarter. Invesco Ltd. now owns 447,553 shares of the utilities provider’s stock valued at $6,114,000 after buying an additional 227,789 shares during the period. Bridgeway Capital Management LLC increased its stake in shares of Shenandoah Telecommunications by 187.2% in the third quarter. Bridgeway Capital Management LLC now owns 330,890 shares of the utilities provider’s stock valued at $4,441,000 after buying an additional 215,668 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Shenandoah Telecommunications by 27.8% during the first 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 last quarter. Finally, HRT Financial LP raised its position in shares of Shenandoah Telecommunications by 214.2% during the fourth quarter. HRT Financial LP now owns 166,189 shares of the utilities provider’s stock worth $1,921,000 after acquiring an additional 113,296 shares during the last quarter. Institutional investors own 61.96% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SHEN shares. Craig Hallum started coverage on Shenandoah Telecommunications in a research note on Thursday, April 9th. They issued a “buy” rating and a $29.00 price objective on the stock. BWS Financial reissued a “buy” rating and issued a $26.00 target price on shares of Shenandoah Telecommunications in a report 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 lowered shares of Shenandoah Telecommunications from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $27.50.

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.