Clear Rock Advisors LLC Acquires 1,099 Shares of SBA Communications Co. (NASDAQ:SBAC)

Clear Rock Advisors LLC grew its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 13.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,043 shares of the technology company’s stock after acquiring an additional 1,099 shares during the quarter. Clear Rock Advisors LLC’s holdings in SBA Communications were worth $1,775,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Principal Financial Group Inc. grew its position in SBA Communications by 54.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after acquiring an additional 1,524,302 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of SBA Communications in the second quarter worth approximately $134,738,000. Long Pond Capital LP bought a new position in shares of SBA Communications in the second quarter worth approximately $83,687,000. AQR Capital Management LLC increased its stake in shares of SBA Communications by 500.0% in the second quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after buying an additional 307,530 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its holdings in SBA Communications by 13.4% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after buying an additional 233,179 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SBA Communications

In related news, Chairman Jeffrey Stoops sold 49,765 shares of the 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 completion of the sale, the chairman now owns 109,583 shares in the company, valued at $24,328,521.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the transaction, the chairman now owns 109,583 shares of the company’s stock, valued at $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Donald Day sold 1,500 shares of the company’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 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. Insiders have sold a total of 51,590 shares of company stock valued at $11,483,981 over the last ninety days. 1.30% of the stock is currently owned by company insiders.

SBA Communications Stock Up 0.8 %

Shares of SBAC opened at $242.64 on Wednesday. The business has a 50-day simple moving average of $228.25 and a two-hundred day simple moving average of $210.19. The stock has a market cap of $26.08 billion, a price-to-earnings ratio of 47.58, a PEG ratio of 0.72 and a beta of 0.67. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.56). The firm 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.24 EPS. On average, equities analysts anticipate that SBA Communications Co. will post 12.52 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

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. The ex-dividend date was Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a yield of 1.62%. SBA Communications’s payout ratio is presently 76.86%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SBAC shares. KeyCorp raised their price target on shares of SBA Communications from $227.00 to $230.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. The Goldman Sachs Group boosted their price target on SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Wells Fargo & Company lowered SBA Communications from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $230.00 to $220.00 in a research report on Monday, July 15th. TD Cowen cut their price objective 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. Finally, BMO Capital Markets reduced their target price on SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $244.08.

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.