Boothbay Fund Management LLC Sells 2,757 Shares of SBA Communications Corporation $SBAC

Boothbay Fund Management LLC reduced its stake in SBA Communications Corporation (NASDAQ:SBAC) by 2.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,768 shares of the technology company’s stock after selling 2,757 shares during the period. SBA Communications makes up about 0.5% of Boothbay Fund Management LLC’s holdings, making the stock its 11th largest holding. Boothbay Fund Management LLC owned 0.10% of SBA Communications worth $24,839,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brevan Howard Capital Management LP bought a new position in SBA Communications in the 2nd quarter worth about $414,000. Bank of America Corp DE grew its stake in SBA Communications by 11.0% during the second quarter. Bank of America Corp DE now owns 1,024,692 shares of the technology company’s stock valued at $240,639,000 after acquiring an additional 101,756 shares in the last quarter. Lighthouse Investment Partners LLC bought a new stake in SBA Communications during the 2nd quarter worth approximately $7,257,000. California State Teachers Retirement System lifted its stake in SBA Communications by 0.7% in the 2nd quarter. California State Teachers Retirement System now owns 176,776 shares of the technology company’s stock worth $41,514,000 after purchasing an additional 1,183 shares in the last quarter. Finally, Financial Advisors Network Inc. boosted its holdings in SBA Communications by 3.9% in the 2nd quarter. Financial Advisors Network Inc. now owns 12,095 shares of the technology company’s stock valued at $2,840,000 after purchasing an additional 453 shares during the period. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Trading Down 0.6%

Shares of NASDAQ SBAC opened at $191.66 on Friday. The stock’s 50-day moving average is $193.60 and its 200 day moving average is $210.40. The stock has a market cap of $20.42 billion, a price-to-earnings ratio of 24.99, a P/E/G ratio of 1.67 and a beta of 0.87. SBA Communications Corporation has a 1-year low of $185.13 and a 1-year high of $245.16.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.21 by $0.09. The business had revenue of $732.33 million during the quarter, compared to analyst estimates of $715.65 million. SBA Communications had a negative return on equity of 16.60% and a net margin of 29.69%.SBA Communications’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.32 earnings per share. On average, analysts forecast that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Investors of record on Thursday, November 13th were given a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Thursday, November 13th. SBA Communications’s dividend payout ratio (DPR) is presently 57.89%.

Analyst Ratings Changes

SBAC has been the topic of several research analyst reports. Citigroup decreased their price target on shares of SBA Communications from $265.00 to $235.00 and set a “buy” rating on the stock in a report on Thursday, October 16th. Wells Fargo & Company decreased their target price on SBA Communications from $235.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Monday, October 20th. Morgan Stanley lowered their price target on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating on the stock in a report on Thursday, October 16th. BMO Capital Markets cut their price objective on SBA Communications from $215.00 to $210.00 and set a “market perform” rating for the company in a report on Tuesday, November 4th. Finally, Williams Trading set a $237.00 price objective on shares of SBA Communications in a research report on Tuesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and a consensus target price of $237.63.

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.