Los Angeles Capital Management LLC Sells 3,142 Shares of SBA Communications Co. (NASDAQ:SBAC)

Los Angeles Capital Management LLC cut its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 3.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 90,400 shares of the technology company's stock after selling 3,142 shares during the period. Los Angeles Capital Management LLC owned approximately 0.08% of SBA Communications worth $21,759,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of SBA Communications in the second quarter valued at $134,738,000. Long Pond Capital LP bought a new position in SBA Communications during the 2nd quarter worth $83,687,000. AQR Capital Management LLC lifted its position in SBA Communications by 500.0% in the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company's stock valued at $72,375,000 after purchasing an additional 307,530 shares during the last quarter. Diamond Hill Capital Management Inc. increased its position in SBA Communications by 13.4% in the 2nd 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 period. Finally, Janus Henderson Group PLC raised its stake in shares of SBA Communications by 1,305.8% during the first quarter. Janus Henderson Group PLC now owns 224,985 shares of the technology company's stock valued at $48,732,000 after purchasing an additional 208,981 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

Insiders Place Their Bets

In other news, Director George R. Krouse, Jr. sold 325 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the transaction, the director now owns 8,084 shares in the company, valued at $1,775,084.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other SBA Communications news, 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 transaction of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares of the company's stock, valued at $1,213,814.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the sale, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JPMorgan Chase & Co. raised their target price on shares of SBA Communications from $228.00 to $250.00 and gave the company a "neutral" rating in a research note on Monday, September 23rd. BMO Capital Markets raised their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the company an "outperform" rating in a research report on Tuesday, October 29th. Morgan Stanley increased their price target on SBA Communications from $232.00 to $252.00 and gave the company an "overweight" rating in a research report on Wednesday, September 18th. TD Cowen increased their target price on SBA Communications from $251.00 to $261.00 and gave the company a "buy" rating in a report on Tuesday, October 29th. Finally, Royal Bank of Canada upped their price target on shares of SBA Communications from $235.00 to $245.00 and gave the company an "outperform" rating in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus target price of $257.23.

SBA Communications Price Performance

Shares of SBA Communications stock traded down $3.73 on Monday, hitting $220.19. 1,058,431 shares of the company's stock traded hands, compared to its average volume of 927,857. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76. The firm's 50-day moving average price is $237.64 and its two-hundred day moving average price is $215.67. The stock has a market capitalization of $23.67 billion, a PE ratio of 35.32, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The firm had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. During the same quarter last year, the business posted $3.34 earnings per share. The company's revenue for the quarter was down 2.2% on a year-over-year basis. On average, analysts forecast that SBA Communications Co. will post 12.56 earnings per share for the current fiscal 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 issued a dividend of $0.98 per share. The ex-dividend date is Thursday, November 14th. This represents a $3.92 annualized dividend and a yield of 1.78%. SBA Communications's dividend payout ratio (DPR) is currently 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.