Connor Clark & Lunn Investment Management Ltd. Acquires New Stake in Shenandoah Telecommunications (NASDAQ:SHEN)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Shenandoah Telecommunications (NASDAQ:SHEN - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 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 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SHEN. Vanguard Group Inc. raised its stake in Shenandoah Telecommunications by 1.0% during the first quarter. Vanguard Group Inc. now owns 5,488,067 shares of the utilities provider's stock worth $95,328,000 after buying an additional 51,697 shares during the last quarter. GCM Grosvenor Holdings LLC acquired a new stake in Shenandoah Telecommunications during the 2nd quarter worth about $66,959,000. Dimensional Fund Advisors LP raised its position in shares of Shenandoah Telecommunications by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,576,290 shares of the utilities provider's stock worth $42,070,000 after acquiring an additional 29,413 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Shenandoah Telecommunications by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 466,677 shares of the utilities provider's stock valued at $7,621,000 after purchasing an additional 13,776 shares during the period. Finally, Gabelli Funds LLC boosted its position 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 valued at $2,294,000 after purchasing an additional 14,500 shares in the last quarter. Institutional investors own 61.96% of the company's stock.

Shenandoah Telecommunications Stock Up 1.4 %

SHEN stock traded up $0.18 during mid-day trading on Friday, reaching $13.33. 131,586 shares of the company traded hands, compared to its average volume of 198,016. Shenandoah Telecommunications has a fifty-two week low of $11.87 and a fifty-two week high of $22.97. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.36. The firm's 50 day moving average price is $13.75 and its 200 day moving average price is $15.80. The stock has a market cap of $727.84 million, a price-to-earnings ratio of 3.43 and a beta of 0.67.

Shenandoah Telecommunications Increases Dividend

The company also recently announced an annual dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be paid a $0.10 dividend. This is a positive change from Shenandoah Telecommunications's previous annual dividend of $0.09. The ex-dividend date is Tuesday, November 5th. This represents a dividend yield of 0.66%. Shenandoah Telecommunications's dividend payout ratio is presently 2.57%.

Analyst Ratings Changes

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

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.