JPMorgan Chase & Co. Cuts Stock Position in Shenandoah Telecommunications (NASDAQ:SHEN)

JPMorgan Chase & Co. lessened its stake in Shenandoah Telecommunications (NASDAQ:SHEN) by 29.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 153,850 shares of the utilities provider’s stock after selling 64,885 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.28% of Shenandoah Telecommunications worth $2,171,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. GCM Grosvenor Holdings LLC purchased a new stake in Shenandoah Telecommunications in the 2nd quarter worth $66,959,000. Dimensional Fund Advisors LP grew its holdings in shares of Shenandoah Telecommunications by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,576,290 shares of the utilities provider’s stock worth $42,070,000 after buying an additional 29,413 shares in the last quarter. Gabelli Funds LLC grew its holdings in shares of Shenandoah Telecommunications by 11.5% during the second quarter. Gabelli Funds LLC now owns 140,500 shares of the utilities provider’s stock worth $2,294,000 after buying an additional 14,500 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Shenandoah Telecommunications by 5.8% during the second quarter. Public Sector Pension Investment Board now owns 110,379 shares of the utilities provider’s stock worth $1,802,000 after buying an additional 6,072 shares in the last quarter. Finally, FMR LLC grew its holdings in shares of Shenandoah Telecommunications by 211.9% during the third quarter. FMR LLC now owns 105,789 shares of the utilities provider’s stock worth $1,493,000 after buying an additional 71,868 shares in the last quarter. Hedge funds and other institutional investors own 61.96% of the company’s stock.

Shenandoah Telecommunications Price Performance

Shenandoah Telecommunications stock opened at $11.93 on Wednesday. Shenandoah Telecommunications has a 52-week low of $11.39 and a 52-week high of $22.27. The firm has a market capitalization of $651.38 million, a price-to-earnings ratio of 3.07 and a beta of 0.63. The company has a fifty day simple moving average of $12.82 and a 200-day simple moving average of $14.63. 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 (NASDAQ:SHEN) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The firm had revenue of $87.60 million for the quarter, compared to analyst estimates of $88.80 million. Shenandoah Telecommunications had a net margin of 62.67% and a negative return on equity of 1.45%. During the same period in the previous year, the firm posted $0.03 EPS. On average, equities analysts anticipate that Shenandoah Telecommunications will post -0.41 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.