Walleye Capital LLC Reduces Position in SBA Communications Co. (NASDAQ:SBAC)

Walleye Capital LLC trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC) by 10.1% during the third quarter, HoldingsChannel reports. The firm owned 60,882 shares of the technology company’s stock after selling 6,843 shares during the period. Walleye Capital LLC’s holdings in SBA Communications were worth $14,654,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SBAC. Ashton Thomas Securities LLC purchased a new position in shares of SBA Communications during the 3rd quarter worth $26,000. Ridgewood Investments LLC acquired a new stake in SBA Communications during the second quarter worth about $32,000. Capital Performance Advisors LLP purchased a new position in SBA Communications during the third quarter worth about $35,000. Family Firm Inc. acquired a new position in SBA Communications in the 2nd quarter valued at about $36,000. Finally, Global X Japan Co. Ltd. purchased a new stake in shares of SBA Communications in the 2nd quarter valued at approximately $49,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Price Performance

SBAC opened at $226.25 on Friday. The business has a fifty day moving average price of $232.78 and a 200 day moving average price of $218.20. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $258.76. The stock has a market capitalization of $24.33 billion, a price-to-earnings ratio of 35.69, a PEG ratio of 0.77 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, October 28th. The technology company reported $2.40 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The company had revenue of $667.60 million for the quarter, compared to analyst estimates of $669.29 million. During the same period in the prior year, the firm posted $3.34 earnings per share. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, research analysts anticipate that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be issued a $0.98 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.73%. SBA Communications’s payout ratio is currently 61.83%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SBAC shares. Royal Bank of Canada upped their price objective on SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Raymond James increased their price target on SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. BMO Capital Markets boosted their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company boosted their price target on shares of SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and a consensus price target of $257.23.

Insider Transactions at SBA Communications

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,213,814.28. This represents a 23.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.30% 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.