Shenandoah Telecommunications (NASDAQ:SHEN) SVP William L. Pirtle Sells 28,829 Shares

Shenandoah Telecommunications (NASDAQ:SHEN) SVP William L. Pirtle sold 28,829 shares of the stock in a transaction on Tuesday, June 8th. The stock was sold at an average price of $51.12, for a total value of $1,473,738.48. Following the transaction, the senior vice president now owns 7,150 shares of the company’s stock, valued at approximately $365,508. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

NASDAQ:SHEN opened at $50.00 on Friday. The firm has a 50-day simple moving average of $49.68. Shenandoah Telecommunications has a twelve month low of $38.77 and a twelve month high of $56.77. The stock has a market cap of $2.50 billion, a PE ratio of 15.20 and a beta of 0.39.

Shenandoah Telecommunications (NASDAQ:SHEN) last released its quarterly earnings results on Thursday, April 29th. The utilities provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.95). Shenandoah Telecommunications had a net margin of 48.16% and a return on equity of 6.21%. The business had revenue of $59.69 million during the quarter, compared to analysts’ expectations of $59.13 million. Equities analysts forecast that Shenandoah Telecommunications will post 1.01 earnings per share for the current year.

Several research analysts have commented on the company. B. Riley restated a “neutral” rating on shares of Shenandoah Telecommunications in a research note on Friday, May 14th. TheStreet downgraded Shenandoah Telecommunications from a “b” rating to a “c-” rating in a research note on Monday, May 3rd. Finally, Zacks Investment Research downgraded Shenandoah Telecommunications from a “hold” rating to a “sell” rating in a research note on Thursday, May 6th. One analyst has rated the stock with a sell rating and three have issued a hold rating to the company. Shenandoah Telecommunications presently has an average rating of “Hold” and a consensus target price of $53.00.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in shares of Shenandoah Telecommunications by 1.0% during the 1st quarter. BlackRock Inc. now owns 7,812,052 shares of the utilities provider’s stock valued at $381,306,000 after buying an additional 74,701 shares in the last quarter. FMR LLC raised its holdings in shares of Shenandoah Telecommunications by 13.5% during the 1st quarter. FMR LLC now owns 954,614 shares of the utilities provider’s stock valued at $42,346,000 after buying an additional 113,516 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Shenandoah Telecommunications by 5.6% during the 1st quarter. Geode Capital Management LLC now owns 847,561 shares of the utilities provider’s stock valued at $41,369,000 after buying an additional 44,838 shares in the last quarter. Norges Bank purchased a new position in shares of Shenandoah Telecommunications during the 4th quarter valued at about $31,136,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Shenandoah Telecommunications by 5.9% during the 4th quarter. Bank of New York Mellon Corp now owns 579,813 shares of the utilities provider’s stock valued at $25,077,000 after buying an additional 32,478 shares in the last quarter. 53.43% of the stock is currently owned by institutional investors.

About Shenandoah Telecommunications

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. Its Broadband segment offers broadband, video, and voice services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky, via hybrid fiber coaxial cable under the Shentel brand, fiber optic services under the Glo Fiber brand, and fixed wireless network services under the Beam brand name.

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