Clearbridge Investments LLC Acquires 29,244 Shares of SBA Communications Co. (NASDAQ:SBAC)

Clearbridge Investments LLC lifted its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 9.6% in the first quarter, Holdings Channel.com reports. The fund owned 332,871 shares of the technology company’s stock after purchasing an additional 29,244 shares during the period. Clearbridge Investments LLC’s holdings in SBA Communications were worth $72,133,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CVA Family Office LLC bought a new position in shares of SBA Communications during the fourth quarter valued at approximately $37,000. Glassman Wealth Services raised its holdings in shares of SBA Communications by 79.1% during the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after acquiring an additional 68 shares in the last quarter. Pinnacle Bancorp Inc. raised its holdings in shares of SBA Communications by 73.6% during the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after acquiring an additional 67 shares in the last quarter. Allworth Financial LP raised its holdings in shares of SBA Communications by 37.8% during the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after acquiring an additional 45 shares in the last quarter. Finally, Quarry LP raised its holdings in shares of SBA Communications by 400.0% during the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after acquiring an additional 132 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

SBAC has been the topic of several recent research reports. Barclays reduced their price target on SBA Communications from $241.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Wells Fargo & Company cut SBA Communications from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $230.00 to $220.00 in a research note on Monday, July 15th. TD Cowen reduced their price target on SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Citigroup reduced their price target on SBA Communications from $290.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Finally, Royal Bank of Canada reduced their price target on SBA Communications from $250.00 to $235.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Two equities research 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $248.31.

SBA Communications Stock Down 0.9 %

Shares of NASDAQ SBAC traded down $1.88 during trading on Wednesday, reaching $205.45. The company had a trading volume of 678,085 shares, compared to its average volume of 938,666. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76. The stock has a market cap of $22.07 billion, a PE ratio of 40.28, a P/E/G ratio of 0.67 and a beta of 0.65. The business’s 50-day moving average is $197.01 and its 200 day moving average is $207.81.

SBA Communications (NASDAQ:SBAC) last announced its quarterly 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. The firm had revenue of $657.86 million for the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The company’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.13 earnings per share. On average, analysts anticipate that SBA Communications Co. will post 12.51 earnings per share for the current year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd were issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend was Wednesday, May 22nd. SBA Communications’s payout ratio is currently 76.86%.

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.