Van ECK Associates Corp Sells 350 Shares of SBA Communications Co. (NASDAQ:SBAC)

Van ECK Associates Corp trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC) by 1.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,927 shares of the technology company’s stock after selling 350 shares during the quarter. Van ECK Associates Corp’s holdings in SBA Communications were worth $4,535,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in SBAC. CVA Family Office LLC bought a new position in shares of SBA Communications in the fourth quarter valued at about $37,000. Glassman Wealth Services raised its holdings in shares of SBA Communications by 79.1% in the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after buying an additional 68 shares during the last quarter. Pinnacle Bancorp Inc. raised its holdings in shares of SBA Communications by 73.6% in the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after buying an additional 67 shares during the last quarter. Allworth Financial LP raised its holdings in shares of SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after buying an additional 45 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of SBA Communications by 400.0% in the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after buying an additional 132 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SBAC. StockNews.com lowered SBA Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 28th. Royal Bank of Canada lowered their price objective on SBA Communications from $250.00 to $235.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Citigroup lowered their price objective on SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Barclays lowered their price objective 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. Finally, Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price objective for the company in a research report on Thursday, March 7th. Two equities research 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $249.08.

SBA Communications Stock Down 0.8 %

Shares of SBAC traded down $1.50 on Friday, hitting $190.68. The company’s stock had a trading volume of 349,694 shares, compared to its average volume of 950,587. The firm’s fifty day moving average price is $194.35 and its 200-day moving average price is $212.50. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The firm has a market capitalization of $20.49 billion, a price-to-earnings ratio of 37.55, a P/E/G ratio of 0.61 and a beta of 0.65.

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

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd were given a $0.98 dividend. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $3.92 annualized dividend and a dividend yield of 2.06%. SBA Communications’s dividend payout ratio is presently 76.86%.

SBA Communications 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.