Picton Mahoney Asset Management trimmed its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 11.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,500 shares of the technology company’s stock after selling 3,000 shares during the period. Picton Mahoney Asset Management’s holdings in SBA Communications were worth $5,057,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in SBA Communications by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 1,498,094 shares of the technology company’s stock valued at $242,108,000 after acquiring an additional 80,550 shares during the last quarter. Commonwealth Bank of Australia increased its holdings in SBA Communications by 24.7% in the 1st quarter. Commonwealth Bank of Australia now owns 1,280,749 shares of the technology company’s stock valued at $255,703,000 after acquiring an additional 253,552 shares during the last quarter. FMR LLC increased its holdings in SBA Communications by 3,456.5% in the 1st quarter. FMR LLC now owns 1,245,173 shares of the technology company’s stock valued at $248,612,000 after acquiring an additional 1,210,162 shares during the last quarter. Northern Trust Corp increased its holdings in SBA Communications by 0.9% in the 1st quarter. Northern Trust Corp now owns 1,238,980 shares of the technology company’s stock valued at $247,376,000 after acquiring an additional 11,230 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in SBA Communications by 5.8% in the 1st quarter. Wells Fargo & Company MN now owns 982,571 shares of the technology company’s stock valued at $196,180,000 after acquiring an additional 53,809 shares during the last quarter. Hedge funds and other institutional investors own 93.54% of the company’s stock.
In related news, Director Jack Langer sold 5,301 shares of SBA Communications stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $261.91, for a total transaction of $1,388,384.91. Following the completion of the transaction, the director now directly owns 50 shares of the company’s stock, valued at approximately $13,095.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Brian D. Lazarus sold 1,466 shares of SBA Communications stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $261.00, for a total transaction of $382,626.00. Following the transaction, the chief accounting officer now directly owns 17,829 shares of the company’s stock, valued at $4,653,369. The disclosure for this sale can be found here. Insiders sold a total of 105,825 shares of company stock valued at $25,054,792 over the last three months. Corporate insiders own 2.50% of the company’s stock.
SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, July 29th. The technology company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $1.86 by ($1.58). SBA Communications had a negative return on equity of 4.12% and a net margin of 6.75%. The business had revenue of $500.10 million during the quarter, compared to analysts’ expectations of $489.09 million. During the same period in the previous year, the business earned ($0.50) earnings per share. The business’s quarterly revenue was up 9.6% on a year-over-year basis. Equities research analysts predict that SBA Communications Co. will post 7.83 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, August 28th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.57%.
SBAC has been the topic of a number of research reports. JPMorgan Chase & Co. downgraded shares of SBA Communications from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $220.00 to $270.00 in a report on Thursday, August 1st. New Street Research downgraded shares of SBA Communications from a “buy” rating to a “neutral” rating and set a $236.00 price target on the stock. in a report on Thursday, June 13th. TheStreet upgraded shares of SBA Communications from a “c” rating to a “b-” rating in a report on Monday, July 29th. Raymond James downgraded shares of SBA Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. They noted that the move was a valuation call. Finally, SunTrust Banks lifted their price target on shares of SBA Communications to $255.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $230.85.
SBA Communications Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By Building Better Wireless, SBA generates revenue from two primary businesses site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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