Cynosure Group LLC Cuts Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Cynosure Group LLC cut its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 22.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,523 shares of the technology company’s stock after selling 435 shares during the quarter. Cynosure Group LLC’s holdings in SBA Communications were worth $367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in SBAC. Victory Capital Management Inc. increased its holdings in SBA Communications by 2,821.5% during the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock worth $292,714,000 after buying an additional 1,174,469 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of SBA Communications during the 2nd quarter valued at approximately $134,738,000. Long Pond Capital LP bought a new position in shares of SBA Communications during the 2nd quarter valued at approximately $83,687,000. AQR Capital Management LLC increased its stake in shares of SBA Communications by 500.0% during the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after purchasing an additional 307,530 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of SBA Communications by 135.5% in the 3rd quarter. Bank of Montreal Can now owns 420,514 shares of the technology company’s stock worth $100,351,000 after purchasing an additional 241,916 shares during the period. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $228.51 on Friday. The firm has a market capitalization of $24.57 billion, a price-to-earnings ratio of 36.04, a P/E/G ratio of 0.77 and a beta of 0.68. The stock has a fifty day moving average of $233.05 and a 200 day moving average of $218.00. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $667.60 million for the quarter, compared to analysts’ expectations of $669.29 million. During the same quarter in the prior year, the company earned $3.34 earnings per share. The company’s revenue was down 2.2% compared to the same quarter last year. Equities analysts forecast that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, November 14th. This represents a $3.92 annualized dividend and a dividend yield of 1.72%. SBA Communications’s dividend payout ratio (DPR) is presently 61.83%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several research reports. Raymond James increased their price objective on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. KeyCorp lifted their price objective on SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. BMO Capital Markets upped their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, The Goldman Sachs Group raised their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.23.

Insider Activity at SBA Communications

In other news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The trade was a 23.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.30% of the stock is owned by corporate insiders.

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.