SBA Communications Co. (NASDAQ:SBAC) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 18.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,211 shares of the technology company's stock after selling 15,878 shares during the period. New York State Common Retirement Fund owned 0.06% of SBA Communications worth $16,418,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Ridgewood Investments LLC purchased a new position in shares of SBA Communications during the 2nd quarter worth $32,000. Family Firm Inc. acquired a new position in SBA Communications in the 2nd quarter valued at about $36,000. Global X Japan Co. Ltd. purchased a new stake in shares of SBA Communications in the 2nd quarter valued at approximately $49,000. Friedenthal Financial acquired a new stake in shares of SBA Communications during the 3rd quarter worth approximately $50,000. Finally, Versant Capital Management Inc increased its holdings in shares of SBA Communications by 4,500.0% during the 2nd quarter. Versant Capital Management Inc now owns 276 shares of the technology company's stock worth $54,000 after buying an additional 270 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Raymond James increased their price objective on SBA Communications from $285.00 to $300.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. upped their target price on shares of SBA Communications from $228.00 to $250.00 and gave the company a "neutral" rating in a research report on Monday, September 23rd. Wells Fargo & Company increased their price objective on shares of SBA Communications from $220.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft upped their price target on SBA Communications from $230.00 to $240.00 and gave the stock a "buy" rating in a research note on Wednesday, August 14th. 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 note on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $257.23.

SBA Communications Price Performance

Shares of NASDAQ:SBAC traded down $9.61 during trading on Wednesday, hitting $218.75. 2,237,304 shares of the company were exchanged, compared to its average volume of 920,943. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76. The stock has a market capitalization of $23.51 billion, a P/E ratio of 36.02, a PEG ratio of 0.68 and a beta of 0.68. The firm's 50 day moving average price is $237.98 and its 200-day moving average price is $215.17.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its 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). The firm had revenue of $667.60 million for 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 firm's revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $3.34 EPS. As a group, equities research analysts anticipate that SBA Communications Co. will post 12.56 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be issued a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications's payout ratio is currently 61.83%.

Insider Activity

In related news, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the sale, the director now owns 8,084 shares in the company, valued at $1,775,084.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Donald Day sold 1,500 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the transaction, the director now owns 8,084 shares in the company, valued at approximately $1,775,084.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.