SBA Communications (NASDAQ:SBAC) Price Target Cut to $245.00

SBA Communications (NASDAQ:SBAC) had its price target cut by BMO Capital Markets from $250.00 to $245.00 in a research note published on Tuesday, Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Other equities analysts have also recently issued reports about the company. Royal Bank of Canada lowered their price target on SBA Communications from $250.00 to $235.00 and set an outperform rating for the company in a report on Thursday, May 9th. TD Cowen lowered their price target on SBA Communications from $266.00 to $253.00 and set a buy rating for the company in a report on Tuesday, April 30th. Citigroup lowered their price target on SBA Communications from $290.00 to $260.00 and set a buy rating for the company in a report on Tuesday, April 30th. The Goldman Sachs Group began coverage on SBA Communications in a report on Monday, July 1st. They set a neutral rating and a $212.00 price target for the company. Finally, StockNews.com upgraded SBA Communications from a hold rating to a buy rating in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $240.83.

SBA Communications Stock Performance

NASDAQ SBAC opened at $229.73 on Tuesday. The stock’s fifty day moving average is $200.44 and its two-hundred day moving average is $206.91. The firm has a market capitalization of $24.68 billion, a P/E ratio of 45.05, a price-to-earnings-growth ratio of 0.70 and a beta of 0.65. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The company had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The business’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period last year, the firm posted $3.24 EPS. As a group, sell-side analysts forecast that SBA Communications will post 12.53 EPS for the current year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, August 22nd. SBA Communications’s dividend payout ratio is currently 76.86%.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the sale, the chairman now owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. TD Asset Management Inc increased its holdings in shares of SBA Communications by 1.8% in the 2nd quarter. TD Asset Management Inc now owns 47,143 shares of the technology company’s stock valued at $9,254,000 after acquiring an additional 838 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of SBA Communications by 0.6% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 9,265 shares of the technology company’s stock valued at $1,819,000 after acquiring an additional 53 shares during the last quarter. Legacy Capital Wealth Partners LLC purchased a new position in shares of SBA Communications in the 2nd quarter valued at about $342,000. United Asset Strategies Inc. increased its holdings in shares of SBA Communications by 12.9% in the 2nd quarter. United Asset Strategies Inc. now owns 2,383 shares of the technology company’s stock valued at $468,000 after acquiring an additional 273 shares during the last quarter. Finally, Natixis Advisors LLC increased its holdings in shares of SBA Communications by 8.4% in the 2nd quarter. Natixis Advisors LLC now owns 51,120 shares of the technology company’s stock valued at $10,035,000 after acquiring an additional 3,946 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

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.