Charles Schwab Investment Management Inc. Sells 92,475 Shares of Shenandoah Telecommunications (NASDAQ:SHEN)

Charles Schwab Investment Management Inc. lessened its position in shares of Shenandoah Telecommunications (NASDAQ:SHEN - Free Report) by 13.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 593,581 shares of the utilities provider's stock after selling 92,475 shares during the period. Charles Schwab Investment Management Inc. owned about 1.09% of Shenandoah Telecommunications worth $8,375,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. GCM Grosvenor Holdings LLC bought a new position in shares of Shenandoah Telecommunications during the 2nd quarter worth approximately $66,959,000. 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 purchasing an additional 50,630 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Shenandoah Telecommunications in the 3rd quarter valued at about $1,113,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Shenandoah Telecommunications in the 3rd quarter valued at about $678,000. Finally, Inspire Investing LLC grew its holdings in shares of Shenandoah Telecommunications by 34.3% in the 3rd quarter. Inspire Investing LLC now owns 28,988 shares of the utilities provider's stock valued at $409,000 after acquiring an additional 7,407 shares in the last quarter. Institutional investors own 61.96% of the company's stock.

Analyst Ratings Changes

Separately, BWS Financial restated a "buy" rating and issued a $26.00 price target on shares of Shenandoah Telecommunications in a research note on Wednesday, November 13th.

Shenandoah Telecommunications Stock Performance

Shenandoah Telecommunications stock remained flat at $13.62 during midday trading on Wednesday. The company had a trading volume of 186,534 shares, compared to its average volume of 197,869. The company has a current ratio of 0.79, a quick 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 $22.27. The firm has a 50 day moving average price of $13.57 and a 200-day moving average price of $15.53. The company has a market cap of $743.68 million, a price-to-earnings ratio of 3.50 and a beta of 0.63.

Shenandoah Telecommunications Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th were given a dividend of $0.10 per share. This represents a yield of 0.66%. This is a boost from Shenandoah Telecommunications's previous annual dividend of $0.09. The ex-dividend date was Tuesday, November 5th. Shenandoah Telecommunications's payout ratio is 2.57%.

Shenandoah Telecommunications 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.