SBA Communications (NASDAQ:SBAC) Cut to Hold at StockNews.com

StockNews.com cut shares of SBA Communications (NASDAQ:SBAC) from a buy rating to a hold rating in a report issued on Tuesday.

Other analysts have also recently issued reports about the company. TD Cowen reduced their price target on SBA Communications from $266.00 to $253.00 and set a buy rating on the stock in a report on Tuesday, April 30th. Citigroup reduced their price objective on shares of SBA Communications from $290.00 to $260.00 and set a buy rating for the company in a research report on Tuesday, April 30th. The Goldman Sachs Group initiated coverage on shares of SBA Communications in a research note on Monday, July 1st. They issued a neutral rating and a $212.00 price target for the company. Barclays decreased their price objective on SBA Communications from $241.00 to $240.00 and set an overweight rating for the company in a report on Thursday, May 30th. Finally, KeyCorp reduced their price target on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a research report on Tuesday, April 30th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $249.08.

SBA Communications Stock Up 7.5 %

Shares of SBA Communications stock opened at $209.86 on Tuesday. The firm’s 50-day moving average price is $194.71 and its two-hundred day moving average price is $210.70. The company has a market capitalization of $22.55 billion, a price-to-earnings ratio of 41.15, a PEG ratio of 0.62 and a beta of 0.65. SBA Communications has a 12-month low of $183.64 and a 12-month high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. The company had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. SBA Communications’s revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.13 EPS. On average, sell-side analysts expect that SBA Communications will post 12.51 earnings per share for the current year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd were issued a $0.98 dividend. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.87%. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

Hedge Funds Weigh In On SBA Communications

Several institutional investors and hedge funds have recently bought and sold shares of SBAC. Nordea Investment Management AB grew its stake in shares of SBA Communications by 6.3% during the 4th quarter. Nordea Investment Management AB now owns 272,065 shares of the technology company’s stock worth $68,854,000 after acquiring an additional 16,244 shares during the period. Legacy Trust purchased a new stake in SBA Communications during the fourth quarter valued at about $3,256,000. Franklin Resources Inc. boosted its position in SBA Communications by 2.8% during the fourth quarter. Franklin Resources Inc. now owns 707,743 shares of the technology company’s stock worth $179,547,000 after purchasing an additional 19,462 shares during the period. Nomura Holdings Inc. purchased a new position in shares of SBA Communications in the fourth quarter worth about $7,422,000. Finally, Wellington Management Group LLP raised its position in shares of SBA Communications by 596.2% in the fourth quarter. Wellington Management Group LLP now owns 225,128 shares of the technology company’s stock valued at $57,113,000 after purchasing an additional 192,791 shares during the period. 97.35% of the stock is owned by institutional investors.

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.