Advisors Asset Management Inc. Sells 62 Shares of SBA Communications Co. (NASDAQ:SBAC)

Advisors Asset Management Inc. lowered its stake in SBA Communications Co. (NASDAQ:SBAC) by 6.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 949 shares of the technology company’s stock after selling 62 shares during the quarter. Advisors Asset Management Inc.’s holdings in SBA Communications were worth $228,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of SBAC. Tidal Investments LLC increased its stake in SBA Communications by 105.4% in the first quarter. Tidal Investments LLC now owns 5,279 shares of the technology company’s stock valued at $1,144,000 after purchasing an additional 2,709 shares in the last quarter. AMF Tjanstepension AB bought a new stake in SBA Communications in the 2nd quarter valued at about $8,197,000. Cetera Investment Advisers raised its stake in SBA Communications by 228.1% during the 1st quarter. Cetera Investment Advisers now owns 10,394 shares of the technology company’s stock worth $2,252,000 after buying an additional 7,226 shares during the period. Manning & Napier Advisors LLC bought a new position in SBA Communications in the second quarter worth approximately $12,918,000. Finally, Public Sector Pension Investment Board grew its stake in SBA Communications by 17.2% in the second quarter. Public Sector Pension Investment Board now owns 14,912 shares of the technology company’s stock valued at $2,927,000 after acquiring an additional 2,186 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $228.51 on Friday. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The company’s 50-day moving average is $233.05 and its 200 day moving average is $218.00. The company has a market capitalization of $24.57 billion, a P/E ratio of 36.04, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68.

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

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be given a dividend of $0.98 per share. The ex-dividend date is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.72%. SBA Communications’s dividend payout ratio is presently 61.83%.

Insider Transactions at SBA Communications

In other news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were 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 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SBAC. JPMorgan Chase & Co. increased their target price on SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft raised their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Wells Fargo & Company lifted their price target on SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Finally, Raymond James increased their price objective on SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $257.23.

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.