Two Sigma Advisers LP increased its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 24.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 436,933 shares of the technology company’s stock after buying an additional 86,900 shares during the quarter. Two Sigma Advisers LP owned 0.39% of SBA Communications worth $130,171,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Sei Investments Co. grew its holdings in shares of SBA Communications by 6.6% during the second quarter. Sei Investments Co. now owns 162,877 shares of the technology company’s stock worth $48,469,000 after buying an additional 10,119 shares in the last quarter. Arizona State Retirement System raised its stake in shares of SBA Communications by 29.9% in the 2nd quarter. Arizona State Retirement System now owns 26,293 shares of the technology company’s stock valued at $7,833,000 after acquiring an additional 6,047 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of SBA Communications by 19.2% in the first quarter. The Manufacturers Life Insurance Company now owns 197,940 shares of the technology company’s stock valued at $53,438,000 after purchasing an additional 31,928 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of SBA Communications by 12.0% in the second quarter. State of Alaska Department of Revenue now owns 57,588 shares of the technology company’s stock valued at $17,154,000 after purchasing an additional 6,177 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of SBA Communications by 338.4% in the second quarter. Bessemer Group Inc. now owns 3,814 shares of the technology company’s stock valued at $1,136,000 after purchasing an additional 2,944 shares in the last quarter. Institutional investors and hedge funds own 93.48% of the company’s stock.
A number of brokerages recently weighed in on SBAC. Wells Fargo & Company lifted their price objective on shares of SBA Communications from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Wednesday. Morgan Stanley lifted their price objective on shares of SBA Communications from $298.00 to $309.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. KeyCorp cut shares of SBA Communications from an “overweight” rating to a “sector weight” rating in a report on Monday, July 13th. Credit Suisse Group restated a “buy” rating and issued a $361.00 price objective on shares of SBA Communications in a report on Tuesday, August 4th. Finally, Deutsche Bank initiated coverage on shares of SBA Communications in a report on Friday, June 5th. They set a “buy” rating and a $345.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. SBA Communications has a consensus rating of “Buy” and an average price target of $317.38.
In other news, Director George R. Krouse, Jr. sold 223 shares of the company’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $314.52, for a total transaction of $70,137.96. Following the transaction, the director now directly owns 10,500 shares of the company’s stock, valued at approximately $3,302,460. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.20% of the company’s stock.
SBAC stock traded down $1.21 on Wednesday, hitting $322.14. The company’s stock had a trading volume of 577,371 shares, compared to its average volume of 775,150. The stock has a market cap of $36.06 billion, a price-to-earnings ratio of -2,013.25 and a beta of 0.37. SBA Communications Co. has a 1 year low of $205.20 and a 1 year high of $328.37. The firm has a 50 day moving average of $306.44 and a two-hundred day moving average of $294.26.
SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, August 3rd. The technology company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.05 by ($1.85). SBA Communications had a negative return on equity of 4.24% and a negative net margin of 0.74%. The company had revenue of $507.23 million for the quarter, compared to analyst estimates of $500.60 million. During the same period last year, the company earned $2.09 earnings per share. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. Analysts predict that SBA Communications Co. will post 8.75 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, August 25th will be paid a dividend of $0.465 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.86 dividend on an annualized basis and a dividend yield of 0.58%. SBA Communications’s dividend payout ratio (DPR) is presently 21.91%.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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