SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lessened its stake in SBA Communications Co. (NASDAQ:SBAC) by 20.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 14,146 shares of the technology company’s stock after selling 3,574 shares during the period. Mutual of America Capital Management LLC’s holdings in SBA Communications were worth $3,065,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its position in SBA Communications by 54.9% in the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock valued at $931,844,000 after acquiring an additional 1,524,302 shares during the period. Brown Advisory Inc. increased its position in SBA Communications by 7.9% in the 4th quarter. Brown Advisory Inc. now owns 2,091,103 shares of the technology company’s stock valued at $530,492,000 after acquiring an additional 153,299 shares during the period. Massachusetts Financial Services Co. MA increased its position in SBA Communications by 9.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,958,156 shares of the technology company’s stock valued at $496,765,000 after acquiring an additional 166,554 shares during the period. Charles Schwab Investment Management Inc. increased its position in SBA Communications by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,171,945 shares of the technology company’s stock worth $297,311,000 after purchasing an additional 38,047 shares during the period. Finally, Norges Bank acquired a new position in SBA Communications during the 4th quarter worth approximately $286,079,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on SBAC. Barclays dropped their target price on SBA Communications from $241.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Citigroup decreased their price target on SBA Communications from $290.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. TD Cowen reduced their target price on SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. The Goldman Sachs Group began coverage on SBA Communications in a research note on Monday, July 1st. They issued a “neutral” rating and a $212.00 target price on the stock. Finally, Wells Fargo & Company reduced their target price on SBA Communications from $260.00 to $230.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, SBA Communications currently has a consensus rating of “Moderate Buy” and an average target price of $249.08.

SBA Communications Stock Up 7.5 %

SBAC stock opened at $209.86 on Friday. The company has a market cap of $22.55 billion, a price-to-earnings ratio of 41.15, a PEG ratio of 0.62 and a beta of 0.65. The business has a fifty day simple moving average of $194.71 and a 200-day simple moving average of $210.70. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. The business had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.13 EPS. As a group, analysts expect that SBA Communications Co. will post 12.51 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd were issued a $0.98 dividend. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $3.92 annualized dividend and a yield of 1.87%. SBA Communications’s dividend payout ratio is currently 76.86%.

About SBA Communications

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.