PNC Financial Services Group Inc. Decreases Stake in Shenandoah Telecommunications (NASDAQ:SHEN)

PNC Financial Services Group Inc. lowered its position in Shenandoah Telecommunications (NASDAQ:SHEN) by 2.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 37,978 shares of the utilities provider’s stock after selling 866 shares during the period. PNC Financial Services Group Inc. owned 0.08% of Shenandoah Telecommunications worth $821,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SHEN. Charles Schwab Investment Management Inc. lifted its holdings in Shenandoah Telecommunications by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 709,168 shares of the utilities provider’s stock valued at $14,616,000 after purchasing an additional 51,827 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Shenandoah Telecommunications by 14.6% during the 3rd quarter. Deutsche Bank AG now owns 26,104 shares of the utilities provider’s stock worth $538,000 after acquiring an additional 3,324 shares during the period. Dark Forest Capital Management LP raised its holdings in shares of Shenandoah Telecommunications by 55.1% during the 3rd quarter. Dark Forest Capital Management LP now owns 19,087 shares of the utilities provider’s stock worth $393,000 after acquiring an additional 6,777 shares during the period. Corton Capital Inc. raised its holdings in shares of Shenandoah Telecommunications by 23.7% during the 3rd quarter. Corton Capital Inc. now owns 23,881 shares of the utilities provider’s stock worth $492,000 after acquiring an additional 4,582 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Shenandoah Telecommunications by 25.6% during the 3rd quarter. American Century Companies Inc. now owns 445,005 shares of the utilities provider’s stock worth $9,172,000 after acquiring an additional 90,695 shares during the period. Hedge funds and other institutional investors own 61.96% of the company’s stock.

Insider Buying and Selling

In other news, SVP Richard W. Mason, Jr. bought 2,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was bought at an average cost of $14.73 per share, with a total value of $29,460.00. Following the transaction, the senior vice president now directly owns 14,501 shares in the company, valued at approximately $213,599.73. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Richard W. Mason, Jr. bought 2,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was bought at an average cost of $14.73 per share, with a total value of $29,460.00. Following the transaction, the senior vice president now directly owns 14,501 shares in the company, valued at approximately $213,599.73. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO James J. Volk bought 3,187 shares of the company’s stock in a transaction on Monday, June 10th. The stock was purchased at an average cost of $16.36 per share, with a total value of $52,139.32. Following the completion of the transaction, the chief financial officer now owns 38,264 shares in the company, valued at $625,999.04. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 37,650 shares of company stock valued at $577,135. 4.37% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on SHEN shares. StockNews.com upgraded Shenandoah Telecommunications to a “sell” rating in a report on Monday. BWS Financial reiterated a “buy” rating and set a $26.00 price target on shares of Shenandoah Telecommunications in a report on Monday, May 6th.

Shenandoah Telecommunications Stock Up 1.1 %

Shares of NASDAQ:SHEN opened at $16.10 on Tuesday. The business has a 50-day moving average price of $16.22 and a 200 day moving average price of $18.18. The company has a current ratio of 4.68, a quick ratio of 4.68 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $878.21 million, a price-to-earnings ratio of 3.72 and a beta of 0.72. Shenandoah Telecommunications has a 12-month low of $11.87 and a 12-month high of $25.51.

Shenandoah Telecommunications (NASDAQ:SHEN) last issued its quarterly earnings data on Friday, May 3rd. The utilities provider reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The business had revenue of $69.25 million for the quarter, compared to analyst estimates of $71.52 million. Shenandoah Telecommunications had a return on equity of 0.27% and a net margin of 77.44%. Sell-side analysts expect that Shenandoah Telecommunications will post -0.13 EPS for the current year.

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. 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.