New York State Teachers Retirement System Reduces Position in SBA Communications Co. (NASDAQ:SBAC)

New York State Teachers Retirement System decreased its holdings in SBA Communications Co. (NASDAQ:SBAC) by 2.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 108,497 shares of the technology company’s stock after selling 2,500 shares during the period. New York State Teachers Retirement System’s holdings in SBA Communications were worth $21,298,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SBAC. Principal Financial Group Inc. lifted its position in shares of SBA Communications by 54.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after purchasing an additional 1,524,302 shares during the last quarter. Norges Bank purchased a new stake in shares of SBA Communications in the fourth quarter valued at about $286,079,000. The Manufacturers Life Insurance Company lifted its position in SBA Communications by 111.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 734,795 shares of the technology company’s stock worth $186,410,000 after acquiring an additional 387,855 shares during the period. BNP Paribas Financial Markets grew its stake in shares of SBA Communications by 144.7% in the 1st quarter. BNP Paribas Financial Markets now owns 359,736 shares of the technology company’s stock valued at $77,955,000 after purchasing an additional 212,739 shares during the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in shares of SBA Communications in the fourth quarter valued at approximately $53,679,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Performance

Shares of NASDAQ SBAC traded up $8.67 during trading on Friday, hitting $227.04. The company had a trading volume of 585,348 shares, compared to its average volume of 941,414. The business’s 50-day moving average is $207.15 and its 200 day moving average is $205.72. The company has a market cap of $24.40 billion, a P/E ratio of 42.82, a PEG ratio of 0.67 and a beta of 0.65. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued 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). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The firm had revenue of $660.50 million during the quarter, compared to analyst estimates of $665.21 million. During the same quarter in the previous year, the firm posted $3.24 earnings per share. SBA Communications’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, research analysts expect that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be issued a dividend of $0.98 per share. The ex-dividend date is Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.73%. SBA Communications’s payout ratio is presently 76.86%.

Insider Buying and Selling

In other news, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction that occurred on 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 transaction, the chairman now directly owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. The Goldman Sachs Group started coverage on SBA Communications in a report on Monday, July 1st. They set a “neutral” rating and a $212.00 price objective for the company. Barclays dropped their target price on shares of SBA Communications from $240.00 to $236.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. BMO Capital Markets dropped their price objective on shares of SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $237.92.

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.