Millennium Management LLC Has $249.80 Million Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Millennium Management LLC cut its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 9.1% during the second quarter, Holdings Channel reports. The institutional investor owned 1,272,552 shares of the technology company’s stock after selling 127,701 shares during the quarter. Millennium Management LLC’s holdings in SBA Communications were worth $249,802,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in SBA Communications by 54.9% during the first quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock valued at $931,844,000 after purchasing an additional 1,524,302 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in SBA Communications during the 2nd quarter worth approximately $134,738,000. The Manufacturers Life Insurance Company grew its position in SBA Communications by 111.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 734,795 shares of the technology company’s stock worth $186,410,000 after acquiring an additional 387,855 shares during the last quarter. AQR Capital Management LLC grew its position in SBA Communications by 500.0% during the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after acquiring an additional 307,530 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its position 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 worth $387,470,000 after acquiring an additional 233,179 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SBAC shares. Deutsche Bank Aktiengesellschaft increased their price target on SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. increased their price target on SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday. TD Cowen reduced their price objective on SBA Communications from $253.00 to $251.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a report on Friday, September 20th. Finally, Morgan Stanley upped their price objective on SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $244.08.

SBA Communications Stock Down 1.3 %

SBAC stock opened at $236.26 on Friday. The business’s fifty day moving average is $225.81 and its 200-day moving average is $209.68. The company has a market cap of $25.38 billion, a P/E ratio of 46.33, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The company had revenue of $660.50 million during the quarter, compared to analyst estimates of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the company earned $3.24 EPS. Research analysts anticipate that SBA Communications Co. will post 12.53 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.66%. The ex-dividend date was Thursday, August 22nd. SBA Communications’s payout ratio is presently 76.86%.

Insider Buying and Selling

In related news, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $1,775,084.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other SBA Communications 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 transaction, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the transaction, the director now owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,590 shares of company stock valued at $11,483,981. 1.30% of the stock is owned by company 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.