Massachusetts Financial Services Co. MA Sells 139,027 Shares of SBA Communications Co. (NASDAQ:SBAC)

Massachusetts Financial Services Co. MA lessened its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 7.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,685,686 shares of the technology company’s stock after selling 139,027 shares during the period. Massachusetts Financial Services Co. MA’s holdings in SBA Communications were worth $405,745,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new stake in shares of SBA Communications in the 3rd quarter worth $26,000. Capital Performance Advisors LLP purchased a new stake in shares of SBA Communications during the 3rd quarter valued at about $35,000. Ridgewood Investments LLC purchased a new position in shares of SBA Communications during the second quarter valued at approximately $32,000. Family Firm Inc. bought a new position in SBA Communications during the second quarter valued at approximately $36,000. Finally, Friedenthal Financial purchased a new stake in SBA Communications in the third quarter worth approximately $50,000. 97.35% of the stock is owned by institutional investors.

SBA Communications Trading Up 0.4 %

NASDAQ:SBAC opened at $219.87 on Friday. The company has a market capitalization of $23.64 billion, a P/E ratio of 34.68, a P/E/G ratio of 0.74 and a beta of 0.68. The business’s 50-day moving average is $234.67 and its 200 day moving average is $216.97. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $258.76.

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

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Thursday, November 14th. SBA Communications’s payout ratio is 61.83%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several research analyst reports. BMO Capital Markets lifted their price objective on SBA Communications from $255.00 to $260.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. TD Cowen upped their price target on shares of SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. KeyCorp upped their target price on shares of SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Finally, Royal Bank of Canada raised their price objective on SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $257.23.

Insider Transactions at SBA Communications

In related news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This trade represents a 23.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.