Connor Clark & Lunn Investment Management Ltd. Invests $678,000 in Shenandoah Telecommunications (NASDAQ:SHEN)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Shenandoah Telecommunications (NASDAQ:SHEN) in the third quarter, according to its most recent filing with the SEC. The fund purchased 48,022 shares of the utilities provider’s stock, valued at approximately $678,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. nVerses Capital LLC bought a new stake in Shenandoah Telecommunications during the third quarter valued at $37,000. GAMMA Investing LLC grew its position in shares of Shenandoah Telecommunications by 85.1% during the 2nd quarter. GAMMA Investing LLC now owns 4,599 shares of the utilities provider’s stock valued at $75,000 after buying an additional 2,115 shares during the last quarter. Quest Partners LLC raised its stake in Shenandoah Telecommunications by 741.0% during the third quarter. Quest Partners LLC now owns 7,636 shares of the utilities provider’s stock worth $108,000 after acquiring an additional 6,728 shares during the period. Magnetar Financial LLC bought a new position in Shenandoah Telecommunications in the second quarter worth about $257,000. Finally, SG Americas Securities LLC acquired a new position in Shenandoah Telecommunications in the third quarter valued at approximately $271,000. 61.96% of the stock is owned by institutional investors and hedge funds.

Shenandoah Telecommunications Stock Up 1.8 %

Shenandoah Telecommunications stock opened at $13.15 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.79 and a current ratio of 0.79. Shenandoah Telecommunications has a one year low of $11.87 and a one year high of $23.13. The company has a 50-day simple moving average of $13.75 and a 200-day simple moving average of $15.80. The firm 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 company also recently declared an annual dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a dividend yield of 0.66%. This is a positive change from Shenandoah Telecommunications’s previous annual dividend of $0.09. Shenandoah Telecommunications’s dividend payout ratio (DPR) is presently 2.57%.

Analyst Ratings Changes

Separately, BWS Financial reissued a “buy” rating and issued a $26.00 price target 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.