Amalgamated Bank reduced its position in SBA Communications Co. (NASDAQ:SBAC – Free Report) by 2.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 21,110 shares of the technology company’s stock after selling 572 shares during the period. Amalgamated Bank’s holdings in SBA Communications were worth $5,081,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in SBA Communications in the second quarter worth about $134,738,000. Long Pond Capital LP bought a new stake in shares of SBA Communications during the second quarter worth approximately $83,687,000. AQR Capital Management LLC lifted its holdings in SBA Communications by 500.0% in the second quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock valued at $72,375,000 after buying an additional 307,530 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in SBA Communications by 13.4% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after acquiring an additional 233,179 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in SBA Communications by 1,305.8% in the first quarter. Janus Henderson Group PLC now owns 224,985 shares of the technology company’s stock valued at $48,732,000 after acquiring an additional 208,981 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.
Analysts Set New Price Targets
SBAC has been the topic of a number of analyst reports. Raymond James increased their price target on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Morgan Stanley increased their target price on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. boosted their target price on SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, BMO Capital Markets upped their target price on shares of SBA Communications from $255.00 to $260.00 and gave the company an “outperform” 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and a consensus target price of $257.23.
Insiders Place Their Bets
In other news, EVP Donald Day sold 1,500 shares of SBA Communications 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 directly owns 4,998 shares in the company, valued at $1,213,814.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 value of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares in the company, valued at $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 available at the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the company’s 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 sale, the director now owns 8,084 shares in the company, valued at $1,775,084.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
SBA Communications Stock Up 1.3 %
Shares of SBAC stock opened at $221.58 on Friday. The company has a market capitalization of $23.81 billion, a price-to-earnings ratio of 34.95, a P/E/G ratio of 0.68 and a beta of 0.68. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76. The firm has a fifty day moving average of $237.80 and a 200-day moving average of $215.20.
SBA Communications (NASDAQ:SBAC – Get Free Report) last released its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). The firm had revenue of $667.60 million for the quarter, compared to the consensus estimate of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. SBA Communications’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the company posted $3.34 EPS. On average, equities analysts expect that SBA Communications Co. will post 12.56 EPS for the current year.
SBA Communications Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 1.77%. The ex-dividend date is Thursday, November 14th. SBA Communications’s payout ratio is 61.83%.
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.
Further Reading
- Five stocks we like better than SBA Communications
- Breakout Stocks: What They Are and How to Identify Them
- Gilead’s Stock Surge: What’s Fueling the Momentum?
- What does consumer price index measure?
- Breakout Alert: Qualcomm Just Hit The Rally Button
- What is a Low P/E Ratio and What Does it Tell Investors?
- Mercado Libre Shares Go on Sale: Is Now the Time to Buy?
Want to see what other hedge funds are holding SBAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SBA Communications Co. (NASDAQ:SBAC – Free Report).
Receive News & Ratings for SBA Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SBA Communications and related companies with MarketBeat.com's FREE daily email newsletter.