SBA Communications (NASDAQ:SBAC) Reaches New 12-Month Low – Here’s What Happened

SBA Communications Corporation (NASDAQ:SBAC)’s share price reached a new 52-week low during trading on Wednesday . The company traded as low as $185.13 and last traded at $185.8020, with a volume of 118716 shares. The stock had previously closed at $186.97.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SBAC. BMO Capital Markets decreased their target price on shares of SBA Communications from $215.00 to $210.00 and set a “market perform” rating for the company in a research report on Tuesday, November 4th. Weiss Ratings restated a “hold (c-)” rating on shares of SBA Communications in a report on Tuesday, October 14th. Citigroup decreased their price target on SBA Communications from $265.00 to $235.00 and set a “buy” rating for the company in a report on Thursday, October 16th. Morgan Stanley dropped their price objective on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 16th. Finally, The Goldman Sachs Group decreased their target price on SBA Communications from $250.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $237.63.

SBA Communications Stock Performance

The company has a market capitalization of $20.20 billion, a PE ratio of 24.72, a PEG ratio of 1.62 and a beta of 0.87. The stock’s 50 day moving average is $193.91 and its 200 day moving average is $212.10.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, November 3rd. The technology company reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.21 by $0.09. SBA Communications had a net margin of 29.69% and a negative return on equity of 16.60%. The firm had revenue of $732.33 million during the quarter, compared to analyst estimates of $715.65 million. During the same period in the previous year, the business earned $3.32 EPS. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities research analysts forecast that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Thursday, November 13th will be given a $1.11 dividend. The ex-dividend date is Thursday, November 13th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.3%. SBA Communications’s payout ratio is presently 57.89%.

Hedge Funds Weigh In On SBA Communications

A number of institutional investors have recently added to or reduced their stakes in SBAC. NorthCrest Asset Manangement LLC increased its holdings in shares of SBA Communications by 3.0% during the second quarter. NorthCrest Asset Manangement LLC now owns 1,535 shares of the technology company’s stock valued at $359,000 after acquiring an additional 44 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of SBA Communications by 0.8% in the second quarter. Janney Montgomery Scott LLC now owns 6,130 shares of the technology company’s stock worth $1,440,000 after buying an additional 46 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of SBA Communications by 5.6% in the 1st quarter. Advisors Asset Management Inc. now owns 880 shares of the technology company’s stock worth $194,000 after purchasing an additional 47 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of SBA Communications by 20.0% in the second quarter. Farther Finance Advisors LLC now owns 300 shares of the technology company’s stock worth $70,000 after buying an additional 50 shares during the period. Finally, MAI Capital Management lifted its holdings in SBA Communications by 7.9% during the second quarter. MAI Capital Management now owns 680 shares of the technology company’s stock valued at $160,000 after purchasing an additional 50 shares in the last quarter. 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.