Cornerstone Advisors LLC Sells 2,100 Shares of SBA Communications Co. (NASDAQ:SBAC)

Cornerstone Advisors LLC lowered its position in SBA Communications Co. (NASDAQ:SBAC) by 44.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,600 shares of the technology company’s stock after selling 2,100 shares during the period. Cornerstone Advisors LLC’s holdings in SBA Communications were worth $510,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SBAC. Oregon Public Employees Retirement Fund lifted its position in SBA Communications by 0.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 9,265 shares of the technology company’s stock valued at $1,819,000 after buying an additional 53 shares during the period. Ballentine Partners LLC lifted its position in SBA Communications by 2.7% during the 1st quarter. Ballentine Partners LLC now owns 2,068 shares of the technology company’s stock valued at $448,000 after acquiring an additional 55 shares during the period. Checchi Capital Advisers LLC grew its holdings in SBA Communications by 4.1% in the second quarter. Checchi Capital Advisers LLC now owns 1,457 shares of the technology company’s stock worth $286,000 after purchasing an additional 57 shares during the period. Industrial Alliance Investment Management Inc. grew its holdings in SBA Communications by 3.9% in the first quarter. Industrial Alliance Investment Management Inc. now owns 1,560 shares of the technology company’s stock worth $338,000 after purchasing an additional 58 shares during the period. Finally, Warwick Investment Management Inc. increased its stake in shares of SBA Communications by 6.1% during the fourth quarter. Warwick Investment Management Inc. now owns 1,061 shares of the technology company’s stock valued at $269,000 after purchasing an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on SBAC. Barclays cut their price target on SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. BMO Capital Markets lowered their price target on SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. StockNews.com downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Deutsche Bank Aktiengesellschaft upped their target price 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. Finally, Royal Bank of Canada raised their price target on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and a consensus target price of $237.92.

SBA Communications Price Performance

SBAC stock opened at $245.00 on Wednesday. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The company has a market cap of $26.32 billion, a P/E ratio of 48.04, a price-to-earnings-growth ratio of 0.74 and a beta of 0.67. The stock’s fifty day moving average price is $222.13 and its 200-day moving average price is $208.68.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results 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 net margin of 19.22% and a negative return on equity of 9.85%. The firm had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.21 million. During the same quarter in the prior year, the firm earned $3.24 earnings per share. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, analysts expect that SBA Communications Co. will post 12.53 earnings per share for the current year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be given a $0.98 dividend. The ex-dividend date is Thursday, August 22nd. This represents a $3.92 annualized dividend and a yield of 1.60%. SBA Communications’s payout ratio is presently 76.86%.

Insider Transactions at SBA Communications

In related news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the transaction, the chairman now directly owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction that occurred 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 completion of the sale, 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 this hyperlink. Also, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the sale, the director now owns 8,084 shares in the company, valued at approximately $1,775,084.72. The disclosure for this sale can be found here. Insiders have sold 51,590 shares of company stock worth $11,483,981 in the last 90 days. 1.30% of the stock is currently owned by insiders.

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.