Cumberland Partners Ltd Acquires Shares of 3,000 SBA Communications Co. (NASDAQ:SBAC)

Cumberland Partners Ltd bought a new position in SBA Communications Co. (NASDAQ:SBAC - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,000 shares of the technology company's stock, valued at approximately $722,000.

Other hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC acquired a new stake in shares of SBA Communications in the third quarter worth $26,000. Capital Performance Advisors LLP acquired a new stake in shares of SBA Communications in the third quarter worth $35,000. Ridgewood Investments LLC acquired a new stake in shares of SBA Communications in the second quarter worth $32,000. Family Firm Inc. acquired a new stake in shares of SBA Communications in the second quarter worth $36,000. Finally, Friedenthal Financial acquired a new stake in shares of SBA Communications in the third quarter worth $50,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Trading Down 0.5 %

NASDAQ SBAC traded down $1.09 during trading on Wednesday, hitting $218.51. 731,907 shares of the company traded hands, compared to its average volume of 928,010. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $258.76. The business has a fifty day simple moving average of $237.29 and a 200 day simple moving average of $215.99. The company has a market capitalization of $23.49 billion, a P/E ratio of 34.79, a PEG ratio of 0.74 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The technology company reported $2.40 EPS for the quarter, missing analysts' consensus estimates of $3.17 by ($0.77). The business had revenue of $667.60 million during 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%. The company's revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.34 earnings per share. Equities research analysts predict that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be paid a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.79%. SBA Communications's payout ratio is presently 61.83%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Morgan Stanley raised their target price on SBA Communications from $232.00 to $252.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 18th. KeyCorp raised their target price on SBA Communications from $230.00 to $280.00 and gave the stock an "overweight" rating in a research report on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on SBA Communications from $228.00 to $250.00 and gave the company a "neutral" rating in a research report on Monday, September 23rd. 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 report on Wednesday, August 14th. Finally, Royal Bank of Canada lifted their price objective on SBA Communications from $235.00 to $245.00 and gave the company an "outperform" rating in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $257.23.

Insider Transactions at SBA Communications

In related news, EVP Donald Day sold 1,500 shares of the business'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 transaction, the executive vice president now directly owns 4,998 shares in the company, valued at $1,213,814.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director George R. Krouse, Jr. sold 325 shares of the business's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the transaction, the director now directly owns 8,084 shares in the company, valued at $1,775,084.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Donald Day sold 1,500 shares of the business's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the transaction, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

About SBA Communications

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.