SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Bamco Inc. NY

Bamco Inc. NY trimmed its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 59.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,879 shares of the technology company's stock after selling 84,140 shares during the period. Bamco Inc. NY owned about 0.05% of SBA Communications worth $13,691,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several research firms have weighed in on SBAC. Deutsche Bank Aktiengesellschaft upped their target price on SBA Communications from $230.00 to $240.00 and gave the company a "buy" rating in a report on Wednesday, August 14th. TD Cowen raised their target price on shares of SBA Communications from $251.00 to $261.00 and gave the company a "buy" rating in a report on Tuesday, October 29th. Raymond James increased their price target on shares of SBA Communications from $285.00 to $300.00 and gave the company a "strong-buy" rating in a research report on Tuesday, October 29th. Morgan Stanley lifted their price objective on SBA Communications from $232.00 to $252.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 18th. Finally, StockNews.com upgraded SBA Communications from a "hold" rating to a "buy" rating in a report on Thursday, November 7th. Three investment 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $257.23.

SBA Communications Stock Performance

SBA Communications stock traded up $1.04 during midday trading on Tuesday, reaching $223.98. The stock had a trading volume of 210,434 shares, compared to its average volume of 913,617. The stock has a market capitalization of $24.08 billion, a PE ratio of 35.16, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67. The stock's 50-day simple moving average is $232.78 and its 200 day simple moving average is $218.45. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly 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 for the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The company's quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the firm earned $3.34 earnings per share. Equities analysts predict that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Thursday, November 14th. SBA Communications's dividend payout ratio is presently 61.83%.

Insider Activity

In related news, EVP Donald Day sold 1,500 shares of the stock in a transaction dated Friday, September 13th. The stock was 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 approximately $1,213,814.28. This represents a 23.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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.