Public Employees Retirement Association of Colorado Trims Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Public Employees Retirement Association of Colorado cut its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 1.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,956 shares of the technology company’s stock after selling 182 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in SBA Communications were worth $2,151,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ridgewood Investments LLC purchased a new position in shares of SBA Communications in the second quarter worth $32,000. Family Firm Inc. bought a new stake in SBA Communications during the 2nd quarter valued at about $36,000. Quarry LP raised its stake in shares of SBA Communications by 400.0% during the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after acquiring an additional 132 shares in the last quarter. 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 raised its holdings 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 acquiring an additional 270 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at SBA Communications

In other news, EVP Donald Day sold 1,500 shares of the stock in a transaction dated Friday, September 13th. The shares were 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 $1,213,814.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction on 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 completion of the transaction, the chairman now directly owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Donald Day sold 1,500 shares of the company’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 sale, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,213,814.28. The disclosure for this sale can be found here. Insiders sold a total of 51,590 shares of company stock valued at $11,483,981 in the last three months. 1.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. TD Cowen dropped their target price on SBA Communications from $253.00 to $251.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Wells Fargo & Company downgraded SBA Communications from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $230.00 to $220.00 in a research note on Monday, July 15th. Barclays lowered their price target on shares of SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. Finally, Morgan Stanley raised their price objective on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $241.75.

SBA Communications Trading Up 0.4 %

SBAC stock opened at $240.53 on Tuesday. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $258.76. The company has a market cap of $25.84 billion, a price-to-earnings ratio of 47.16, a PEG ratio of 0.75 and a beta of 0.67. The firm has a 50-day moving average of $224.73 and a two-hundred day moving average of $209.34.

SBA Communications (NASDAQ:SBAC) last issued 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 negative return on equity of 9.85% and a net margin of 19.22%. The business had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.21 million. During the same period in the previous year, the business posted $3.24 earnings per share. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, equities analysts forecast that SBA Communications Co. will post 12.53 earnings per share for the current year.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Thursday, August 22nd. SBA Communications’s dividend payout ratio (DPR) is 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.