SBA Communications (NASDAQ:SBAC) Sees Large Volume Increase on Analyst Upgrade

SBA Communications Co. (NASDAQ:SBAC) saw an uptick in trading volume on Tuesday after KeyCorp raised their price target on the stock from $230.00 to $280.00. KeyCorp currently has an overweight rating on the stock. 2,216,499 shares traded hands during trading, an increase of 141% from the previous session’s volume of 919,078 shares.The stock last traded at $246.21 and had previously closed at $239.82.

A number of other brokerages have also recently commented on SBAC. TD Cowen lowered their target price on SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Morgan Stanley raised their target price on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft raised their target price on SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. The Goldman Sachs Group raised their target price on SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Finally, Barclays raised their target price on SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $251.58.

Insider Buying and Selling at SBA Communications

In other news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s 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 sale, the chairman now owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction dated 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 sale, the chairman now directly owns 109,583 shares in the company, valued at $24,328,521.83. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,590 shares of company stock valued at $11,483,981 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SBAC. Ridgewood Investments LLC purchased a new position in SBA Communications during the 2nd quarter worth approximately $32,000. Family Firm Inc. purchased a new position in SBA Communications during the 2nd quarter worth approximately $36,000. Global X Japan Co. Ltd. purchased a new position in SBA Communications during the 2nd quarter worth approximately $49,000. Versant Capital Management Inc grew its stake in SBA Communications by 4,500.0% during the 2nd quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock worth $54,000 after buying an additional 270 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in SBA Communications during the 2nd quarter worth approximately $60,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Trading Up 4.0 %

The business has a 50 day moving average of $232.25 and a 200-day moving average of $211.79. The stock has a market cap of $26.79 billion, a PE ratio of 48.88, a P/E/G ratio of 0.70 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $660.50 million during the quarter, compared to analysts’ expectations of $665.21 million. During the same quarter last year, the business posted $3.24 earnings per share. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. Research analysts expect that SBA Communications Co. will post 12.52 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd were paid a $0.98 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $3.92 annualized dividend and a dividend yield of 1.57%. SBA Communications’s dividend payout ratio (DPR) is currently 76.86%.

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.