Renaissance Technologies LLC Lowers Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Renaissance Technologies LLC lessened its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 65.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,849 shares of the technology company’s stock after selling 148,800 shares during the quarter. Renaissance Technologies LLC owned 0.07% of SBA Communications worth $15,282,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SBAC. Ridgewood Investments LLC purchased a new position in shares of SBA Communications in the second quarter valued at approximately $32,000. Family Firm Inc. purchased a new position in shares of SBA Communications in the second quarter valued at approximately $36,000. Quarry LP boosted its stake in shares of SBA Communications by 400.0% in the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after purchasing an additional 132 shares during the period. Global X Japan Co. Ltd. purchased a new position in shares of SBA Communications in the second quarter valued at approximately $49,000. Finally, Versant Capital Management Inc boosted its stake in shares of SBA Communications by 4,500.0% in the second quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock valued at $54,000 after purchasing an additional 270 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Trading Up 0.5 %

SBAC stock opened at $239.47 on Friday. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76. The company’s 50 day moving average is $224.12 and its two-hundred day moving average is $209.24. The stock has a market cap 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 released its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The company had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the previous year, the business posted $3.24 EPS. On average, equities research analysts predict that SBA Communications Co. will post 12.53 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd were issued 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 76.86%.

Analysts Set New Price Targets

SBAC has been the subject of several recent research reports. TD Cowen lowered 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. StockNews.com upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Friday. Wells Fargo & Company downgraded shares of SBA Communications from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $230.00 to $220.00 in a research note on Monday, July 15th. Morgan Stanley lifted their price target on shares of SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Barclays decreased their price target on shares of SBA Communications from $240.00 to $236.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $240.00.

Insider Activity

In other news, Director George R. Krouse, Jr. sold 325 shares of SBA Communications 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 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director George R. Krouse, Jr. sold 325 shares of SBA Communications 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 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Donald Day sold 1,500 shares of SBA Communications 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 directly owns 4,998 shares in the company, valued at $1,213,814.28. The disclosure for this sale can be found here. Insiders have sold 51,590 shares of company stock valued at $11,483,981 in the last ninety days. 1.30% of the stock is currently owned by company insiders.

SBA Communications 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.