Connor Clark & Lunn Investment Management Ltd. Takes Position in Shenandoah Telecommunications (NASDAQ:SHEN)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Shenandoah Telecommunications (NASDAQ:SHEN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 48,022 shares of the utilities provider’s stock, valued at approximately $678,000. Connor Clark & Lunn Investment Management Ltd. owned 0.09% of Shenandoah Telecommunications at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SHEN. GCM Grosvenor Holdings LLC purchased a new stake in shares of Shenandoah Telecommunications in the second quarter worth about $66,959,000. Vanguard Group Inc. boosted its holdings in Shenandoah Telecommunications by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 5,488,067 shares of the utilities provider’s stock worth $95,328,000 after acquiring an additional 51,697 shares during the period. Mercer Global Advisors Inc. ADV grew its position in Shenandoah Telecommunications by 99.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 101,288 shares of the utilities provider’s stock valued at $1,654,000 after acquiring an additional 50,630 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of Shenandoah Telecommunications during the second quarter worth $572,000. Finally, Marshall Wace LLP purchased a new position in shares of Shenandoah Telecommunications in the second quarter valued at $480,000. 61.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, BWS Financial reaffirmed a “buy” rating and set a $26.00 price target on shares of Shenandoah Telecommunications in a research note on Wednesday, November 13th.

Shenandoah Telecommunications Price Performance

Shares of NASDAQ SHEN opened at $13.15 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.36. Shenandoah Telecommunications has a fifty-two week low of $11.87 and a fifty-two week high of $23.13. The business has a 50 day moving average price of $13.75 and a two-hundred day moving average price of $15.80. The firm has a market cap of $717.99 million, a PE ratio of 3.38 and a beta of 0.67.

Shenandoah Telecommunications Increases Dividend

The business also recently declared an annual dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a $0.10 dividend. The ex-dividend date is Tuesday, November 5th. This is a boost from Shenandoah Telecommunications’s previous annual dividend of $0.09. This represents a yield of 0.66%. Shenandoah Telecommunications’s dividend payout ratio is currently 2.57%.

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.