Kentucky Retirement Systems Sells 96 Shares of SBA Communications Co. (NASDAQ:SBAC)

Kentucky Retirement Systems lessened its stake in SBA Communications Co. (NASDAQ:SBAC) by 1.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,097 shares of the technology company’s stock after selling 96 shares during the period. Kentucky Retirement Systems’ holdings in SBA Communications were worth $1,589,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Ridgewood Investments LLC purchased a new position in SBA Communications in the 2nd quarter worth approximately $32,000. Family Firm Inc. purchased a new position in shares of SBA Communications in the second quarter worth $36,000. Quarry LP raised its holdings in SBA Communications by 400.0% during the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after buying an additional 132 shares during the last quarter. Global X Japan Co. Ltd. purchased a new stake in SBA Communications during the 2nd quarter valued at $49,000. Finally, Versant Capital Management Inc grew its holdings in SBA Communications by 4,500.0% in the 2nd quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock worth $54,000 after acquiring an additional 270 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at SBA Communications

In other news, EVP Donald Day sold 1,500 shares of SBA Communications 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 approximately $1,213,814.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the sale, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction on 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 approximately $1,213,814.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,590 shares of company stock valued at $11,483,981. Insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SBAC. Wells Fargo & Company downgraded shares of SBA Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $230.00 to $220.00 in a research note on Monday, July 15th. Royal Bank of Canada increased their price objective on SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Barclays reduced their target price on SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research note on Friday. Finally, TD Cowen reduced their price objective on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $240.00.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $239.47 on Friday. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The company has a 50-day moving average of $224.12 and a 200 day moving average of $209.29. The firm has a market cap of $25.73 billion, a price-to-earnings ratio of 46.95, a PEG ratio of 0.75 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last released 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). 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%. SBA Communications’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.24 earnings per share. On average, equities analysts anticipate that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd were paid a $0.98 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.64%. 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.