King Luther Capital Management Corp Purchases 664 Shares of SBA Communications Co. (NASDAQ:SBAC)

King Luther Capital Management Corp lifted its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 2.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,699 shares of the technology company’s stock after acquiring an additional 664 shares during the quarter. King Luther Capital Management Corp’s holdings in SBA Communications were worth $5,634,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at SBA Communications

In other news, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the sale, the chairman now owns 109,583 shares in the company, valued at $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the sale, the chairman now owns 109,583 shares in the company, valued at $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Donald Day sold 1,500 shares of the firm’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 transaction, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,213,814.28. 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 ninety days. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

SBAC has been the topic of several research reports. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research note on Friday. Barclays decreased their price objective on shares of SBA Communications from $240.00 to $236.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. BMO Capital Markets dropped their target price on SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 30th. TD Cowen reduced their price target on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, The Goldman Sachs Group initiated coverage on SBA Communications in a research report on Monday, July 1st. They set a “neutral” rating and a $212.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $240.00.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $239.47 on Friday. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $258.76. The business has a 50 day simple moving average of $224.12 and a two-hundred day simple moving average of $209.29. The stock has a market capitalization of $25.73 billion, a P/E ratio of 46.95, a PEG ratio of 0.75 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data 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 company had revenue of $660.50 million during the quarter, compared to analyst estimates of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm’s revenue 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. As a group, research analysts anticipate that SBA Communications Co. will post 12.53 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date was Thursday, August 22nd. SBA Communications’s dividend payout ratio is presently 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.