Westfield Capital Management Co. LP Reduces Holdings in SBA Communications Co. (NASDAQ:SBAC)

Westfield Capital Management Co. LP decreased its position in SBA Communications Co. (NASDAQ:SBAC) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 207,489 shares of the technology company’s stock after selling 4,105 shares during the period. Westfield Capital Management Co. LP owned 0.19% of SBA Communications worth $44,963,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SBAC. CVA Family Office LLC purchased a new position in shares of SBA Communications during the 4th quarter worth approximately $37,000. Glassman Wealth Services boosted its position in shares of SBA Communications by 79.1% during the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after purchasing an additional 68 shares during the period. Pinnacle Bancorp Inc. boosted its position in shares of SBA Communications by 73.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after purchasing an additional 67 shares during the period. Allworth Financial LP boosted its position in shares of SBA Communications by 37.8% during the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after purchasing an additional 45 shares during the period. Finally, Quarry LP boosted its position in shares of SBA Communications by 400.0% during the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after purchasing an additional 132 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC traded down $2.25 during trading hours on Friday, hitting $209.00. 768,504 shares of the company’s stock traded hands, compared to its average volume of 839,571. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76. The company’s fifty day simple moving average is $196.63 and its two-hundred day simple moving average is $208.65. The company has a market cap of $22.45 billion, a price-to-earnings ratio of 40.98, a price-to-earnings-growth ratio of 0.67 and a beta of 0.65.

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

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd were given a dividend of $0.98 per share. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $3.92 annualized dividend and a dividend yield of 1.88%. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

Analyst Ratings Changes

A number of research firms recently weighed in on SBAC. Wells Fargo & Company cut shares of SBA Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $230.00 to $220.00 in a research report on Monday, July 15th. StockNews.com upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Wednesday. TD Cowen reduced their target price on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. Barclays reduced their target price on shares of SBA Communications from $241.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, The Goldman Sachs Group began coverage on shares of SBA Communications in a report on Monday, July 1st. They issued a “neutral” rating and a $212.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $248.31.

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.