Cullinan Associates Inc. Purchases New Holdings in SBA Communications Co. (NASDAQ:SBAC)

Cullinan Associates Inc. purchased a new stake in SBA Communications Co. (NASDAQ:SBAC) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,000 shares of the technology company’s stock, valued at approximately $217,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mariner LLC grew its holdings in SBA Communications by 3.4% during the third quarter. Mariner LLC now owns 6,845 shares of the technology company’s stock worth $1,370,000 after purchasing an additional 223 shares during the period. O Shaughnessy Asset Management LLC grew its stake in SBA Communications by 133.4% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 5,131 shares of the technology company’s stock valued at $1,027,000 after buying an additional 2,933 shares during the last quarter. Bank of Nova Scotia raised its holdings in SBA Communications by 14.9% in the 3rd quarter. Bank of Nova Scotia now owns 10,312 shares of the technology company’s stock valued at $2,064,000 after acquiring an additional 1,335 shares during the period. AQR Capital Management LLC lifted its position in SBA Communications by 166.4% during the third quarter. AQR Capital Management LLC now owns 63,427 shares of the technology company’s stock worth $12,696,000 after acquiring an additional 39,621 shares during the last quarter. Finally, Glenmede Trust Co. NA grew its position in shares of SBA Communications by 11.3% in the third quarter. Glenmede Trust Co. NA now owns 1,228 shares of the technology company’s stock valued at $246,000 after purchasing an additional 125 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

SBA Communications Trading Down 1.0 %

SBAC traded down $1.88 during trading on Tuesday, reaching $187.90. 340,331 shares of the company’s stock were exchanged, compared to its average volume of 951,849. The stock has a market capitalization of $20.19 billion, a PE ratio of 37.21, a price-to-earnings-growth ratio of 0.62 and a beta of 0.65. The firm has a fifty day moving average price of $194.93 and a two-hundred day moving average price of $213.64. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76.

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

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd were given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date was Wednesday, May 22nd. SBA Communications’s dividend payout ratio is presently 76.86%.

Analyst Upgrades and Downgrades

SBAC has been the topic of a number of analyst reports. TD Cowen decreased their target price on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. KeyCorp lowered their price objective on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 30th. Barclays cut their target price on SBA Communications from $241.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research report on Thursday, March 7th. Finally, Royal Bank of Canada cut their price objective on shares of SBA Communications from $250.00 to $235.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $249.08.

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.