Garrison Point Advisors LLC Cuts Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Garrison Point Advisors LLC decreased its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 5.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,065 shares of the technology company’s stock after selling 65 shares during the quarter. Garrison Point Advisors LLC’s holdings in SBA Communications were worth $209,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of SBAC. Ridgewood Investments LLC purchased a new position in shares of SBA Communications during the second quarter worth about $32,000. Family Firm Inc. bought a new stake in SBA Communications in the 2nd quarter worth approximately $36,000. Quarry LP lifted its position in SBA Communications by 400.0% in the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after buying an additional 132 shares during the last quarter. Global X Japan Co. Ltd. bought a new stake in SBA Communications in the 2nd quarter worth approximately $49,000. Finally, Versant Capital Management Inc lifted its position in SBA Communications by 4,500.0% in the 2nd quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock worth $54,000 after buying an additional 270 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insider Activity at SBA Communications

In related news, Director George R. Krouse, Jr. sold 325 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the sale, the director now directly owns 8,084 shares of the company’s stock, valued at $1,775,084.72. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Chairman Jeffrey Stoops sold 49,765 shares of the company’s stock in a transaction 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 sale, the chairman now directly owns 109,583 shares of the company’s stock, valued at $24,328,521.83. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the sale, the director now directly owns 8,084 shares in the company, valued at $1,775,084.72. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. The Goldman Sachs Group assumed coverage on SBA Communications in a research report on Monday, July 1st. They issued a “neutral” rating and a $212.00 target price for the company. Royal Bank of Canada boosted their target price on SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research report on Monday, August 5th. Wells Fargo & Company downgraded SBA Communications from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $230.00 to $220.00 in a research report on Monday, July 15th. StockNews.com downgraded SBA Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. Finally, Barclays dropped their target price on SBA Communications from $240.00 to $236.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $237.92.

SBA Communications Stock Up 1.1 %

Shares of SBA Communications stock opened at $242.53 on Wednesday. The company has a market cap of $26.06 billion, a PE ratio of 47.55, a P/E/G ratio of 0.73 and a beta of 0.67. The business has a 50 day moving average of $217.13 and a 200 day moving average of $207.38. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The business had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. SBA Communications’s revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.24 EPS. On average, research analysts anticipate that SBA Communications Co. will post 12.53 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Investors 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 1.62%. 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.