Otter Creek Advisors LLC Invests $4.68 Million in SBA Communications Co. (NASDAQ:SBAC)

Otter Creek Advisors LLC purchased a new position in shares of SBA Communications Co. (NASDAQ:SBACGet Rating) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 13,600 shares of the technology company’s stock, valued at approximately $4,680,000. SBA Communications comprises approximately 1.9% of Otter Creek Advisors LLC’s holdings, making the stock its 14th biggest holding.

A number of other large investors have also modified their holdings of SBAC. GHP Investment Advisors Inc. bought a new position in shares of SBA Communications during the 1st quarter worth approximately $25,000. Riverview Trust Co bought a new position in SBA Communications in the 1st quarter valued at approximately $26,000. Curi Wealth Management LLC acquired a new stake in SBA Communications during the 4th quarter valued at approximately $30,000. Benjamin F. Edwards & Company Inc. grew its position in shares of SBA Communications by 331.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 95 shares of the technology company’s stock worth $37,000 after buying an additional 73 shares during the period. Finally, Capital Analysts LLC acquired a new stake in SBA Communications in the 4th quarter valued at $40,000. 95.41% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Performance

NASDAQ SBAC traded down $0.88 on Friday, reaching $345.40. 439,373 shares of the stock traded hands, compared to its average volume of 530,025. The company has a fifty day moving average price of $323.52 and a 200-day moving average price of $328.59. The company has a market cap of $37.24 billion, a price-to-earnings ratio of 106.93 and a beta of 0.43. SBA Communications Co. has a 12 month low of $286.41 and a 12 month high of $391.15.

SBA Communications (NASDAQ:SBACGet Rating) last issued its earnings results on Monday, August 1st. The technology company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.26). SBA Communications had a net margin of 14.45% and a negative return on equity of 6.73%. The firm had revenue of $652.01 million for the quarter, compared to the consensus estimate of $626.30 million. During the same period last year, the firm earned $2.64 earnings per share. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, research analysts anticipate that SBA Communications Co. will post 11.2 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 20th. Stockholders of record on Thursday, August 25th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Wednesday, August 24th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.82%. SBA Communications’s dividend payout ratio is presently 87.93%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. The Goldman Sachs Group dropped their price objective on SBA Communications from $424.00 to $381.00 and set a “buy” rating on the stock in a research note on Tuesday, July 12th. Raymond James boosted their price objective on SBA Communications from $385.00 to $410.00 and gave the company a “strong-buy” rating in a research report on Tuesday, April 26th. Morgan Stanley decreased their target price on SBA Communications from $389.00 to $361.00 and set an “overweight” rating for the company in a report on Wednesday, July 20th. Barclays increased their target price on SBA Communications from $378.00 to $385.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 26th. Finally, Moffett Nathanson downgraded SBA Communications from a “buy” rating to a “neutral” rating and lowered their price target for the company from $393.00 to $380.00 in a report on Monday, April 11th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, SBA Communications presently has a consensus rating of “Moderate Buy” and an average target price of $385.88.

Insider Activity

In other news, CEO Jeffrey Stoops sold 30,000 shares of SBA Communications stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $344.07, for a total value of $10,322,100.00. Following the transaction, the chief executive officer now directly owns 83,668 shares in the company, valued at approximately $28,787,648.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Mark R. Ciarfella sold 5,760 shares of the company’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $343.94, for a total value of $1,981,094.40. Following the completion of the transaction, the executive vice president now owns 23,884 shares of the company’s stock, valued at approximately $8,214,662.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeffrey Stoops sold 30,000 shares of the company’s stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $344.07, for a total value of $10,322,100.00. Following the completion of the transaction, the chief executive officer now directly owns 83,668 shares of the company’s stock, valued at approximately $28,787,648.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,912 shares of company stock worth $13,038,108. 1.80% of the stock is currently owned by company insiders.

SBA Communications Company Profile

(Get Rating)

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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