Bamco Inc. NY Trims Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Bamco Inc. NY trimmed its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 59.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,879 shares of the technology company’s stock after selling 84,140 shares during the quarter. Bamco Inc. NY’s holdings in SBA Communications were worth $13,691,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new stake in shares of SBA Communications during the third quarter worth $26,000. Ridgewood Investments LLC purchased a new position in SBA Communications during the 2nd quarter worth $32,000. Capital Performance Advisors LLP purchased a new stake in shares of SBA Communications in the third quarter valued at about $35,000. Family Firm Inc. purchased a new stake in shares of SBA Communications in the second quarter valued at about $36,000. Finally, Global X Japan Co. Ltd. acquired a new position in shares of SBA Communications during the second quarter worth about $49,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Price Performance

Shares of SBAC opened at $222.94 on Tuesday. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $258.76. The firm has a 50 day simple moving average of $232.78 and a 200-day simple moving average of $218.45. The stock has a market cap of $23.97 billion, a price-to-earnings ratio of 35.16, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67.

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 the consensus estimate of $3.17 by ($0.77). The firm had revenue of $667.60 million for the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. SBA Communications’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the prior year, the business earned $3.34 earnings per share. On average, equities analysts expect that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be issued a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 annualized dividend and a yield of 1.76%. SBA Communications’s dividend payout ratio (DPR) is presently 61.83%.

Insiders Place Their Bets

In other SBA Communications news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the sale, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. The trade was a 23.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SBAC shares. The Goldman Sachs Group raised their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Wells Fargo & Company increased their price objective on SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. Barclays upped their price target on shares of SBA Communications from $236.00 to $256.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, TD Cowen raised their price objective on shares of SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.23.

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.