Glenn E. Lytle Jr., Senior Vice President of Commercial Sales at Shenandoah Telecommunications Co. (NASDAQ:SHEN), has acquired 380 shares of the company's common stock. The shares were purchased at an average price of $13.07 per share, totaling approximately $4,966. Following this transaction, Lytle holds a direct ownership of 1,780 shares in the company. This recent acquisition reflects Lytle's continued investment in Shenandoah Telecommunications, a Virginia-based company specializing in telephone communications.
In other recent news, Shenandoah Telecommunications Company (Shentel) reported a substantial Q3 growth, primarily fueled by its Glo Fiber service and the integration of former Horizon markets. The company's revenue saw a surge of 30%, reaching $87.6 million, and adjusted EBITDA grew by 31% to $26.6 million. The Glo Fiber service added a record 6,000 net subscribers, bringing the total customer base to over 59,000.
The integration of Horizon is progressing smoothly, with an increased synergy savings target of $11 million expected by Q2 2025. Shentel's broadband network now covers approximately 554,000 homes and businesses, with 59% served via fiber. The company maintains a strong liquidity position at $473 million, with a net leverage ratio of 2.8 times.
Shentel anticipates continued growth in the Glo Fiber service and plans to expand its customer base in unserved areas through government grants. The company has a substantial construction pipeline and aims to add 28,000 government-subsidized fiber passings in the upcoming years. These recent developments highlight Shentel's ongoing growth momentum and strategic focus on expanding its broadband footprint.
InvestingPro Insights
Glenn E. Lytle Jr.'s recent acquisition of Shenandoah Telecommunications Co. (NASDAQ:SHEN) shares comes at a time when the company faces some financial challenges. According to InvestingPro data, SHEN's stock has taken a significant hit over the last week, with a 1-week price total return of -9.83%. This decline is part of a broader trend, as the company's year-to-date price total return stands at -39.35%.
Despite these setbacks, SHEN has maintained its dividend payments for 30 consecutive years, as highlighted by an InvestingPro Tip. This consistency in dividend payouts may be attractive to income-focused investors, even though the current dividend yield is relatively modest at 0.77%.
However, potential investors should be aware that SHEN is currently not profitable over the last twelve months, with a negative diluted EPS of -$0.28. This aligns with another InvestingPro Tip suggesting that analysts do not anticipate the company will be profitable this year.
For those interested in a more comprehensive analysis, InvestingPro offers 8 additional tips for SHEN, providing a deeper understanding of the company's financial position and market performance.
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