Quarry LP Makes New $136,000 Investment in SBA Communications Co. (NASDAQ:SBAC)

Quarry LP acquired a new position in SBA Communications Co. (NASDAQ:SBAC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 566 shares of the technology company’s stock, valued at approximately $136,000.

A number of other hedge funds have also made changes to their positions in the business. Ashton Thomas Securities LLC acquired a new stake in SBA Communications in the 3rd quarter valued at $26,000. Capital Performance Advisors LLP purchased a new stake in shares of SBA Communications in the third quarter worth about $35,000. Ridgewood Investments LLC purchased a new stake in shares of SBA Communications in the second quarter worth about $32,000. Family Firm Inc. acquired a new stake in shares of SBA Communications in the second quarter valued at about $36,000. Finally, Friedenthal Financial purchased a new stake in shares of SBA Communications during the 3rd quarter valued at about $50,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insider Buying and Selling at SBA Communications

In related 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 transaction of $364,290.00. Following the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The trade was a 23.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is currently owned by company insiders.

SBA Communications Stock Down 0.5 %

NASDAQ:SBAC opened at $220.38 on Friday. The company has a market cap of $23.70 billion, a PE ratio of 34.76, a P/E/G ratio of 0.75 and a beta of 0.67. The business’s 50 day moving average is $231.39 and its two-hundred day moving average is $218.79. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data 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). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The firm had revenue of $667.60 million for the quarter, compared to the consensus estimate of $669.29 million. During the same quarter last year, the business earned $3.34 earnings per share. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, sell-side analysts expect that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be given 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 1.78%. SBA Communications’s dividend payout ratio is presently 61.83%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Barclays upped their price target on SBA Communications from $236.00 to $256.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. TD Cowen upped their target price 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. Raymond James lifted their price target on shares of SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. upped their price objective on shares of SBA Communications from $228.00 to $250.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. Finally, KeyCorp lifted their target price on SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Three 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’s stock. According to MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and an average price target of $257.23.

SBA Communications Company 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.