Quest Partners LLC Has $826,000 Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Quest Partners LLC reduced its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 53.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,432 shares of the technology company's stock after selling 3,963 shares during the period. Quest Partners LLC's holdings in SBA Communications were worth $826,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SBAC. Victory Capital Management Inc. boosted its holdings in SBA Communications by 2,821.5% in the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company's stock valued at $292,714,000 after acquiring an additional 1,174,469 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in SBA Communications in the second quarter valued at about $134,738,000. Long Pond Capital LP purchased a new position in SBA Communications in the second quarter valued at about $83,687,000. AQR Capital Management LLC raised its position in SBA Communications by 500.0% in the second 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 period. Finally, Diamond Hill Capital Management Inc. raised its position in SBA Communications by 13.4% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company's stock valued at $387,470,000 after purchasing an additional 233,179 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Up 0.6 %

SBAC stock traded up $1.23 during midday trading on Friday, reaching $220.66. The company's stock had a trading volume of 579,284 shares, compared to its average volume of 923,501. The business's 50-day simple moving average is $234.67 and its 200-day simple moving average is $216.97. The stock has a market cap of $23.73 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 0.74 and a beta of 0.68. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

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). The firm had revenue of $667.60 million during the quarter, compared to analyst estimates 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 last year, the business posted $3.34 earnings per share. As a group, equities analysts forecast that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

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

Insider Buying and Selling

In related news, EVP Donald Day sold 1,500 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares of the company's stock, valued at $1,213,814.28. This represents a 23.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SBAC. Royal Bank of Canada lifted their target price on SBA Communications from $235.00 to $245.00 and gave the stock an "outperform" rating in a research report on Monday, August 5th. StockNews.com raised SBA Communications from a "hold" rating to a "buy" rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their target price on SBA Communications from $212.00 to $240.00 and gave the stock a "neutral" rating in a research report on Thursday, September 26th. Raymond James lifted their price target on SBA Communications from $285.00 to $300.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. lifted their price target on SBA Communications from $228.00 to $250.00 and gave the stock a "neutral" rating in a research note on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, SBA Communications presently has an average rating of "Moderate Buy" and a consensus target price of $257.23.

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.