Wellington Management Group LLP trimmed its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 11.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 262,409 shares of the technology company's stock after selling 33,974 shares during the period. Wellington Management Group LLP owned 0.24% of SBA Communications worth $63,162,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp boosted its position in SBA Communications by 1.8% during the 3rd quarter. State Street Corp now owns 4,643,527 shares of the technology company's stock worth $1,117,697,000 after purchasing an additional 81,566 shares during the period. Diamond Hill Capital Management Inc. boosted its position in SBA Communications by 13.4% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company's stock worth $387,470,000 after purchasing an additional 233,179 shares during the period. Charles Schwab Investment Management Inc. boosted its position in SBA Communications by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company's stock worth $305,637,000 after purchasing an additional 62,555 shares during the period. Victory Capital Management Inc. boosted its position in SBA Communications by 2,821.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company's stock worth $292,714,000 after purchasing an additional 1,174,469 shares during the period. Finally, American Century Companies Inc. boosted its position in SBA Communications by 15.5% in the 2nd quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company's stock valued at $233,654,000 after buying an additional 159,433 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.
In other SBA Communications news, EVP Donald Day sold 1,500 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,213,814.28. This trade represents a 23.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is owned by company insiders.
SBAC has been the subject of a number of analyst reports. The Goldman Sachs Group upped their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the company a "neutral" rating in a research report on Thursday, September 26th. Morgan Stanley upped their price objective on shares of SBA Communications from $232.00 to $252.00 and gave the company an "overweight" rating in a research report on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "buy" rating in a research report on Wednesday, August 14th. TD Cowen upped their price objective on shares of SBA Communications from $251.00 to $261.00 and gave the company a "buy" rating in a research report on Tuesday, October 29th. Finally, StockNews.com raised shares of SBA Communications from a "hold" rating to a "buy" rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $257.23.
View Our Latest Report on SBA Communications
SBAC opened at $217.38 on Wednesday. The firm has a market cap of $23.37 billion, a price-to-earnings ratio of 34.29, a price-to-earnings-growth ratio of 0.74 and a beta of 0.67. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The company's 50-day moving average price is $230.68 and its 200 day moving average price is $219.51.
SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings data on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). The business had revenue of $667.60 million for the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. SBA Communications's revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.34 EPS. Research analysts anticipate that SBA Communications Co. will post 12.56 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be paid a $0.98 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.92 annualized dividend and a dividend yield of 1.80%. SBA Communications's payout ratio is currently 61.83%.
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.
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