SBA Communications (NASDAQ:SBAC) Shares Down 2.1%

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research note on Friday. KeyCorp upped their price objective on shares of SBA Communications from $227.00 to $230.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Wells Fargo & Company lowered shares of SBA Communications from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $230.00 to $220.00 in a report on Monday, July 15th. Barclays lowered their target price on SBA Communications from $240.00 to $236.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $240.00.

SBA Communications Price Performance

The firm has a market cap of $25.73 billion, a price-to-earnings ratio of 46.95, a P/E/G ratio of 0.75 and a beta of 0.67. The stock has a 50-day moving average of $224.12 and a 200-day moving average of $209.29.

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 analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.21 million. During the same period last year, the business earned $3.24 earnings per share. The business’s revenue was down 2.7% compared to the same quarter last year. On average, equities analysts expect that SBA Communications Co. will post 12.53 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. 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 payout ratio is currently 76.86%.

Insider Buying and Selling

In related news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the sale, 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 document filed with the SEC, which is available at this hyperlink. In other news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction dated 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 sale, the director now directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The disclosure for this sale can be found here. Insiders sold a total of 51,590 shares of company stock worth $11,483,981 in the last three months. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SBA Communications

Several large investors have recently added to or reduced their stakes in SBAC. Gilbert & Cook Inc. boosted its position in shares of SBA Communications by 8.3% during the 4th quarter. Gilbert & Cook Inc. now owns 2,386 shares of the technology company’s stock worth $605,000 after purchasing an additional 183 shares in the last quarter. Panagora Asset Management Inc. grew its position in SBA Communications by 27.8% in the 4th quarter. Panagora Asset Management Inc. now owns 2,993 shares of the technology company’s stock valued at $759,000 after purchasing an additional 651 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of SBA Communications by 0.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 18,060 shares of the technology company’s stock valued at $4,582,000 after buying an additional 76 shares in the last quarter. Coldstream Capital Management Inc. acquired a new position in shares of SBA Communications during the fourth quarter valued at about $495,000. Finally, Wells Fargo & Company MN increased its position in shares of SBA Communications by 11.6% during the fourth quarter. Wells Fargo & Company MN now owns 207,064 shares of the technology company’s stock worth $52,530,000 after acquiring an additional 21,448 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

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.