SBA Communications Co. (NASDAQ:SBAC) Shares Acquired by AQR Capital Management LLC

AQR Capital Management LLC lifted its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 500.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 369,037 shares of the technology company’s stock after buying an additional 307,530 shares during the quarter. AQR Capital Management LLC’s holdings in SBA Communications were worth $72,375,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Ridgewood Investments LLC purchased a new stake in SBA Communications in the 2nd quarter valued at about $32,000. Family Firm Inc. purchased a new position in shares of SBA Communications during the 2nd quarter worth about $36,000. Quarry LP boosted its position in shares of SBA Communications by 400.0% in the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after acquiring an additional 132 shares during the last quarter. Global X Japan Co. Ltd. purchased a new stake in SBA Communications in the second quarter valued at approximately $49,000. Finally, Versant Capital Management Inc grew its holdings in SBA Communications by 4,500.0% in the second quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock valued at $54,000 after purchasing an additional 270 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 $238.64 on Friday. The business’s 50-day simple moving average is $226.31 and its 200 day simple moving average is $209.87. The company has a market cap of $25.65 billion, a P/E ratio of 46.79, a PEG ratio of 0.73 and a beta of 0.67. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data 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). The firm had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.24 EPS. Analysts predict that SBA Communications Co. will post 12.53 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Thursday, August 22nd. SBA Communications’s payout ratio is 76.86%.

Insider Buying and Selling

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the sale, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,213,814.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Donald Day sold 1,500 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,213,814.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction that occurred on 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 sale, the chairman now directly owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,590 shares of company stock worth $11,483,981. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. BMO Capital Markets cut their price target on shares of SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Barclays cut their target price on SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. Royal Bank of Canada boosted their price target on SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. The Goldman Sachs Group raised their price objective on SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.08.

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.