SBA Communications (NASDAQ:SBAC) Sees Unusually-High Trading Volume on Analyst Upgrade

SBA Communications Co. (NASDAQ:SBAC) saw strong trading volume on Tuesday after KeyCorp raised their price target on the stock from $230.00 to $280.00. KeyCorp currently has an overweight rating on the stock. 2,216,499 shares were traded during mid-day trading, an increase of 141% from the previous session’s volume of 919,078 shares.The stock last traded at $246.21 and had previously closed at $239.82.

Several other research analysts have also commented on the stock. TD Cowen reduced their price objective on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Wells Fargo & Company upped their price target on SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. raised their price objective on SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research report on Friday, September 20th. Finally, Royal Bank of Canada raised their price target on SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $251.58.

Insider Activity at SBA Communications

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the transaction, the chairman now directly owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction dated 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 sale, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. This trade represents a 0.00 % decrease in their ownership of the stock. 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 over the last quarter. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its stake in shares of SBA Communications by 596.2% in 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 period. PNC Financial Services Group Inc. boosted its stake in shares of SBA Communications by 0.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 18,060 shares of the technology company’s stock worth $4,582,000 after acquiring an additional 76 shares in the last quarter. Kapitalo Investimentos Ltda acquired a new stake in shares of SBA Communications during the 4th quarter valued at about $134,000. Los Angeles Capital Management LLC increased its stake in shares of SBA Communications by 8.3% in the 1st quarter. Los Angeles Capital Management LLC now owns 141,957 shares of the technology company’s stock valued at $30,762,000 after purchasing an additional 10,870 shares in the last quarter. Finally, Mather Group LLC. acquired a new position in SBA Communications in the 1st quarter worth about $76,000. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Stock Down 0.2 %

The business has a 50-day simple moving average of $232.92 and a 200-day simple moving average of $212.04. The company has a market cap of $26.73 billion, a PE ratio of 48.77, a P/E/G ratio of 0.70 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The business had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The company’s quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the business earned $3.24 EPS. On average, research analysts forecast that SBA Communications Co. will post 12.52 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were given 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 1.58%. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

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.