State of New Jersey Common Pension Fund D Trims Position in SBA Communications Co. (NASDAQ:SBAC)

State of New Jersey Common Pension Fund D lowered its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 20.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 41,738 shares of the technology company's stock after selling 11,000 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in SBA Communications were worth $10,046,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Ridgewood Investments LLC purchased a new position in SBA Communications in the second quarter valued at about $32,000. Capital Performance Advisors LLP bought a new position in shares of SBA Communications during the 3rd quarter worth approximately $35,000. Family Firm Inc. purchased a new stake in SBA Communications during the second quarter valued at approximately $36,000. Global X Japan Co. Ltd. acquired a new stake in SBA Communications in the second quarter valued at approximately $49,000. Finally, Friedenthal Financial purchased a new position in SBA Communications in the third quarter worth $50,000. Hedge funds and other institutional investors own 97.35% of the company's stock.

Insider Activity

In other news, EVP Donald Day sold 1,500 shares of the 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 transaction, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director George R. Krouse, Jr. sold 325 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the transaction, the director now owns 8,084 shares in the company, valued at $1,775,084.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Donald Day sold 1,500 shares of the stock in a transaction 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 directly owns 4,998 shares of the company's stock, valued at approximately $1,213,814.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company's stock.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on SBA Communications from $228.00 to $250.00 and gave the company a "neutral" rating in a report on Monday, September 23rd. Royal Bank of Canada raised their price target on SBA Communications from $235.00 to $245.00 and gave the stock an "outperform" rating in a report on Monday, August 5th. KeyCorp upped their price objective on shares of SBA Communications from $230.00 to $280.00 and gave the company an "overweight" rating in a report on Monday, October 14th. Raymond James lifted their target price on shares of 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, StockNews.com upgraded shares of SBA Communications from a "hold" rating to a "buy" rating in a research note on Thursday. Three 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $257.23.

SBA Communications Price Performance

NASDAQ:SBAC traded down $3.73 during mid-day trading on Monday, hitting $220.19. The company's stock had a trading volume of 1,058,431 shares, compared to its average volume of 927,857. The business's fifty day moving average is $237.64 and its two-hundred day moving average is $215.67. The stock has a market cap of $23.67 billion, a price-to-earnings ratio of 35.32, a PEG ratio of 0.76 and a beta of 0.68. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued 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). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The company had revenue of $667.60 million during the quarter, compared to analysts' expectations of $669.29 million. During the same quarter in the previous year, the company earned $3.34 EPS. The firm's quarterly revenue was down 2.2% compared to the same quarter last year. Analysts anticipate that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Dividend Announcement

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

SBA Communications 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.