SBA Communications (NASDAQ:SBAC) Shares Down 2.1%

SBA Communications Co. (NASDAQ:SBAC)’s stock price dropped 2.1% during mid-day trading on Thursday . The company traded as low as $234.72 and last traded at $234.93. Approximately 60,887 shares were traded during trading, a decline of 93% from the average daily volume of 923,799 shares. The stock had previously closed at $239.91.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Royal Bank of Canada lifted their target price on SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Morgan Stanley increased their target price on shares of SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft increased their price target on SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. TD Cowen decreased their price target on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group initiated coverage on shares of SBA Communications in a report on Monday, July 1st. They set a “neutral” rating and a $212.00 price target for the company. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $240.00.

SBA Communications Price Performance

The firm’s fifty day moving average is $223.02 and its 200-day moving average is $208.90. The firm has a market cap of $25.56 billion, a price-to-earnings ratio of 47.04, a price-to-earnings-growth ratio of 0.74 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.07 by ($0.56). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The company had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.21 million. During the same period in the prior year, the company earned $3.24 earnings per share. The firm’s revenue was down 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.98 per share. The ex-dividend date was Thursday, August 22nd. This represents a $3.92 annualized dividend and a dividend yield of 1.65%. SBA Communications’s dividend payout ratio is 76.86%.

Insider Buying and Selling

In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the transaction, the director now owns 8,084 shares in the company, valued at approximately $1,775,084.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the transaction, the director now directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the sale, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The disclosure for this sale can be found here. Insiders have sold a total of 51,590 shares of company stock worth $11,483,981 in the last ninety days. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC raised its position in shares of SBA Communications by 191.3% during the 1st quarter. SG Americas Securities LLC now owns 25,828 shares of the technology company’s stock valued at $5,597,000 after buying an additional 16,962 shares in the last quarter. Franklin Resources Inc. lifted its stake in SBA Communications by 2.8% during the fourth quarter. Franklin Resources Inc. now owns 707,743 shares of the technology company’s stock worth $179,547,000 after purchasing an additional 19,462 shares during the last quarter. Nomura Holdings Inc. purchased a new position in shares of SBA Communications in the 4th quarter worth about $7,422,000. Wellington Management Group LLP increased its position in shares of SBA Communications by 596.2% during the 4th quarter. Wellington Management Group LLP now owns 225,128 shares of the technology company’s stock valued at $57,113,000 after purchasing an additional 192,791 shares during the last quarter. Finally, Clear Rock Advisors LLC purchased a new position in shares of SBA Communications during the 4th quarter valued at about $1,900,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Company Profile

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.