Wedge Capital Management L L P NC Reduces Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Wedge Capital Management L L P NC trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC) by 16.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 34,364 shares of the technology company’s stock after selling 6,655 shares during the period. Wedge Capital Management L L P NC’s holdings in SBA Communications were worth $8,718,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SBAC. Invesco Ltd. grew its position in SBA Communications by 140.6% in the third quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock worth $429,140,000 after acquiring an additional 1,252,764 shares during the period. Ameriprise Financial Inc. grew its position in SBA Communications by 115.3% in the third quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock worth $271,838,000 after acquiring an additional 727,163 shares during the period. Bristol John W & Co. Inc. NY acquired a new position in SBA Communications during the third quarter worth $92,725,000. Diamond Hill Capital Management Inc. lifted its stake in SBA Communications by 29.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 992,547 shares of the technology company’s stock worth $198,678,000 after purchasing an additional 226,113 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in SBA Communications by 75.0% during the third quarter. Envestnet Asset Management Inc. now owns 358,026 shares of the technology company’s stock worth $71,666,000 after purchasing an additional 153,476 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SBAC has been the topic of a number of research reports. Barclays decreased their price target on SBA Communications from $260.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 17th. BMO Capital Markets decreased their price target on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 27th. Finally, Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research note on Thursday, March 7th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $268.00.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total transaction of $430,966.23. Following the transaction, the director now owns 4,622 shares of the company’s stock, valued at $1,007,549.78. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.30% of the stock is owned by insiders.

SBA Communications Price Performance

SBA Communications stock opened at $198.30 on Wednesday. SBA Communications Co. has a 1-year low of $185.23 and a 1-year high of $263.08. The stock has a market cap of $21.44 billion, a PE ratio of 43.02, a P/E/G ratio of 1.21 and a beta of 0.56. The stock’s fifty day moving average is $210.70 and its two-hundred day moving average is $222.84.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, February 26th. The technology company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.36). SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The business had revenue of $675.00 million during the quarter, compared to analyst estimates of $682.11 million. During the same quarter in the prior year, the business earned $3.11 earnings per share. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. On average, research analysts expect that SBA Communications Co. will post 12.61 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.98 dividend. The ex-dividend date was Wednesday, March 13th. This is a boost from SBA Communications’s previous quarterly dividend of $0.85. This represents a $3.92 dividend on an annualized basis and a yield of 1.98%. SBA Communications’s dividend payout ratio (DPR) is currently 85.03%.

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.