Intech Investment Management LLC Sells 2,583 Shares of SBA Communications Co. (NASDAQ:SBAC)

Intech Investment Management LLC trimmed its stake in SBA Communications Co. (NASDAQ:SBAC) by 48.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,718 shares of the technology company’s stock after selling 2,583 shares during the period. Intech Investment Management LLC’s holdings in SBA Communications were worth $654,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Diamond Hill Capital Management Inc. increased its stake in shares of SBA Communications by 13.4% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock worth $387,470,000 after acquiring an additional 233,179 shares in the last quarter. Victory Capital Management Inc. grew its holdings in SBA Communications by 2,821.5% in the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock worth $292,714,000 after purchasing an additional 1,174,469 shares during the period. American Century Companies Inc. increased its stake in shares of SBA Communications by 15.5% during the second quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company’s stock valued at $233,654,000 after purchasing an additional 159,433 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of SBA Communications by 9.0% during the third quarter. Thrivent Financial for Lutherans now owns 874,945 shares of the technology company’s stock valued at $210,600,000 after purchasing an additional 72,255 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its position in shares of SBA Communications by 34.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 792,147 shares of the technology company’s stock worth $155,498,000 after purchasing an additional 203,938 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

Insider Activity

In other SBA Communications news, EVP Donald Day sold 1,500 shares of SBA Communications 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 transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The trade was a 23.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SBAC shares. BMO Capital Markets raised their price target on SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. TD Cowen increased their price target on shares of SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Wells Fargo & Company boosted their price objective on shares of SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Finally, Barclays increased their target price on SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $257.23.

SBA Communications Stock Performance

SBA Communications stock opened at $226.25 on Friday. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76. The stock has a market cap of $24.33 billion, a PE ratio of 35.69, a price-to-earnings-growth ratio of 0.77 and a beta of 0.68. The stock has a 50-day moving average of $232.78 and a two-hundred day moving average of $218.33.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The firm had revenue of $667.60 million for the quarter, compared to analysts’ expectations of $669.29 million. During the same quarter in the previous year, the firm posted $3.34 EPS. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, sell-side analysts predict that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a yield of 1.73%. SBA Communications’s dividend payout ratio is currently 61.83%.

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.