Fmr LLC Acquires 59,368 Shares of SBA Communications Co. (NASDAQ:SBAC)

FMR LLC grew its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 18.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 387,967 shares of the technology company's stock after purchasing an additional 59,368 shares during the quarter. FMR LLC owned approximately 0.36% of SBA Communications worth $93,384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in SBA Communications in the 3rd quarter worth approximately $26,000. Ridgewood Investments LLC bought a new position in shares of SBA Communications during the second quarter worth $32,000. Capital Performance Advisors LLP purchased a new position in SBA Communications during the third quarter valued at $35,000. Family Firm Inc. bought a new stake in SBA Communications in the 2nd quarter valued at $36,000. Finally, Global X Japan Co. Ltd. purchased a new stake in SBA Communications in the 2nd quarter worth $49,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Price Performance

Shares of SBAC traded down $1.20 during mid-day trading on Friday, reaching $220.38. 1,072,271 shares of the company's stock traded hands, compared to its average volume of 914,809. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $258.76. The stock has a market cap of $23.70 billion, a P/E ratio of 34.76, a P/E/G ratio of 0.75 and a beta of 0.67. The stock's 50-day moving average is $231.39 and its two-hundred day moving average is $218.79.

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 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 analysts' expectations of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The business's revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.34 EPS. Research analysts predict that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Dividend Announcement

The business 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. The ex-dividend date is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a yield of 1.78%. SBA Communications's dividend payout ratio is currently 61.83%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. StockNews.com upgraded SBA Communications from a "hold" rating to a "buy" rating in a research report on Thursday, November 7th. BMO Capital Markets raised their price target on SBA Communications from $255.00 to $260.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. KeyCorp lifted their price objective on SBA Communications from $230.00 to $280.00 and gave the stock an "overweight" rating in a research note on Monday, October 14th. Barclays increased their target price on SBA Communications from $236.00 to $256.00 and gave the company an "overweight" rating in a research report on Thursday, October 10th. Finally, TD Cowen boosted their price target on shares of SBA Communications from $251.00 to $261.00 and gave the stock a "buy" rating in a research report on Tuesday, October 29th. Three research 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. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $257.23.

Insiders Place Their Bets

In other news, EVP Donald Day sold 1,500 shares of the stock in a transaction on 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 owns 4,998 shares of the company's stock, valued at approximately $1,213,814.28. This represents a 23.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.30% of the company's stock.

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.