SBA Communications (NASDAQ:SBAC) Hits New 1-Year Low Following Analyst Downgrade

SBA Communications Co. (NASDAQ:SBAC)’s share price hit a new 52-week low during trading on Wednesday after Citigroup lowered their price target on the stock from $290.00 to $260.00. Citigroup currently has a buy rating on the stock. SBA Communications traded as low as $183.64 and last traded at $184.75, with a volume of 146958 shares changing hands. The stock had previously closed at $186.12.

Other research analysts have also issued reports about the company. BMO Capital Markets decreased their target price on SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a report on Tuesday, February 27th. KeyCorp decreased their target price on SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a report on Tuesday. Barclays decreased their target price on SBA Communications from $255.00 to $241.00 and set an “overweight” rating for the company in a report on Tuesday. Wells Fargo & Company decreased their target price on SBA Communications from $260.00 to $230.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a report on Thursday, March 7th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, SBA Communications has a consensus rating of “Buy” and a consensus price target of $258.23.

Insiders Place Their Bets

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,007,549.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SBA Communications

Institutional investors have recently modified their holdings of the company. Nordea Investment Management AB boosted its stake in shares of SBA Communications by 6.3% during the 4th quarter. Nordea Investment Management AB now owns 272,065 shares of the technology company’s stock worth $68,854,000 after acquiring an additional 16,244 shares in the last quarter. Legacy Trust purchased a new stake in SBA Communications in the 4th quarter valued at approximately $3,256,000. Natixis Advisors L.P. lifted its stake in SBA Communications by 18.8% in the 3rd quarter. Natixis Advisors L.P. now owns 36,708 shares of the technology company’s stock valued at $7,348,000 after buying an additional 5,814 shares in the last quarter. Lecap Asset Management Ltd. purchased a new stake in SBA Communications in the 4th quarter valued at approximately $2,122,000. Finally, Wakefield Asset Management LLLP lifted its stake in SBA Communications by 11.0% in the 4th quarter. Wakefield Asset Management LLLP now owns 13,964 shares of the technology company’s stock valued at $3,543,000 after buying an additional 1,389 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Trading Up 0.4 %

The business has a 50 day moving average of $209.49 and a 200-day moving average of $222.75. The stock has a market cap of $20.21 billion, a PE ratio of 36.49, a price-to-earnings-growth ratio of 1.24 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.79% and a net margin of 20.61%. The firm had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same quarter in the prior year, the company earned $3.13 EPS. SBA Communications’s revenue was down 2.6% on a year-over-year basis. On average, equities research analysts anticipate that SBA Communications Co. will post 12.61 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications’s dividend payout ratio is presently 76.86%.

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.