SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board lessened its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 94.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,338 shares of the technology company's stock after selling 40,836 shares during the period. Ontario Teachers Pension Plan Board's holdings in SBA Communications were worth $563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new stake in shares of SBA Communications in the third quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new position in shares of SBA Communications during the 2nd quarter worth about $32,000. Capital Performance Advisors LLP acquired a new stake in SBA Communications during the 3rd quarter worth $35,000. Family Firm Inc. purchased a new position in shares of SBA Communications during the second quarter worth approximately $36,000. Finally, Global X Japan Co. Ltd. acquired a new stake in shares of SBA Communications during the second quarter worth about $49,000. Hedge funds and other institutional investors own 97.35% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SBAC. Deutsche Bank Aktiengesellschaft raised their price objective on SBA Communications from $230.00 to $240.00 and gave the company a "buy" rating in a research note on Wednesday, August 14th. Morgan Stanley upped their price target on shares of SBA Communications from $232.00 to $252.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 18th. KeyCorp increased their target price on shares of SBA Communications from $230.00 to $280.00 and gave the stock an "overweight" rating in a research report on Monday, October 14th. BMO Capital Markets upped their target price on SBA Communications from $255.00 to $260.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Finally, TD Cowen raised their price objective on SBA Communications from $251.00 to $261.00 and gave the company a "buy" rating in a research note on Tuesday, October 29th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $257.23.

SBA Communications Stock Up 0.6 %

Shares of NASDAQ SBAC traded up $1.23 during trading on Friday, reaching $220.66. The company had a trading volume of 579,284 shares, compared to its average volume of 923,501. The stock has a market cap of $23.73 billion, a P/E ratio of 34.68, a PEG ratio of 0.74 and a beta of 0.68. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $258.76. The company's fifty day moving average price is $234.67 and its 200-day moving average price is $216.97.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 EPS for the quarter, missing analysts' consensus estimates of $3.17 by ($0.77). SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The business had revenue of $667.60 million for the quarter, compared to analysts' expectations of $669.29 million. During the same period in the previous year, the business posted $3.34 earnings per share. The business's revenue was down 2.2% compared to the same quarter last year. As a group, equities analysts predict that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications's payout ratio is currently 61.83%.

Insider Activity

In other news, EVP Donald Day sold 1,500 shares of the company'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 in the company, valued at approximately $1,213,814.28. This represents a 23.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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.