Shenandoah Telecommunications (NASDAQ:SHEN) Shares Down 4.9% – Here’s What Happened

Shenandoah Telecommunications (NASDAQ:SHEN) shares traded down 4.9% on Tuesday . The company traded as low as $12.70 and last traded at $12.75. 14,942 shares traded hands during trading, a decline of 92% from the average session volume of 197,509 shares. The stock had previously closed at $13.40.

Analyst Upgrades and Downgrades

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

Shenandoah Telecommunications Trading Up 1.8 %

The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.79 and a current ratio of 0.79. The company has a 50-day simple moving average of $13.80 and a 200 day simple moving average of $15.81. The company has a market capitalization of $717.99 million, a P/E ratio of 3.38 and a beta of 0.67.

Shenandoah Telecommunications Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Shenandoah Telecommunications by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 5,488,067 shares of the utilities provider’s stock worth $95,328,000 after purchasing an additional 51,697 shares in the last quarter. GCM Grosvenor Holdings LLC acquired a new stake in shares of Shenandoah Telecommunications during the 2nd quarter worth approximately $66,959,000. Dimensional Fund Advisors LP grew its holdings in shares of Shenandoah Telecommunications by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,576,290 shares of the utilities provider’s stock worth $42,070,000 after purchasing an additional 29,413 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Shenandoah Telecommunications by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 466,677 shares of the utilities provider’s stock worth $7,621,000 after purchasing an additional 13,776 shares in the last quarter. Finally, Gabelli Funds LLC grew its holdings in shares of Shenandoah Telecommunications by 11.5% during the 2nd quarter. Gabelli Funds LLC now owns 140,500 shares of the utilities provider’s stock worth $2,294,000 after purchasing an additional 14,500 shares in the last quarter. 61.96% of the stock is owned by institutional investors.

Shenandoah Telecommunications Company Profile

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.