SBA Communications (NASDAQ:SBAC) Price Target Lowered to $251.00 at TD Cowen

SBA Communications (NASDAQ:SBAC) had its target price reduced by TD Cowen from $253.00 to $251.00 in a report issued on Tuesday morning, Benzinga reports. TD Cowen currently has a buy rating on the technology company’s stock.

Several other research analysts also recently commented on the stock. Royal Bank of Canada decreased their target price on shares of SBA Communications from $250.00 to $235.00 and set an outperform rating on the stock in a research note on Thursday, May 9th. KeyCorp decreased their target price on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating on the stock in a research note on Tuesday, April 30th. StockNews.com upgraded shares of SBA Communications from a hold rating to a buy rating in a report on Friday, July 26th. BMO Capital Markets cut their price target on shares of SBA Communications from $250.00 to $245.00 and set an outperform rating on the stock in a report on Tuesday. Finally, The Goldman Sachs Group initiated coverage on shares of SBA Communications in a report on Monday, July 1st. They issued a neutral rating and a $212.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $240.83.

SBA Communications Stock Performance

SBAC stock opened at $229.73 on Tuesday. The company has a market capitalization of $24.68 billion, a PE ratio of 45.05, a price-to-earnings-growth ratio of 0.70 and a beta of 0.65. SBA Communications has a one year low of $183.64 and a one year high of $258.76. The company’s 50 day moving average price is $200.44 and its two-hundred day moving average price is $206.91.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, July 29th. The technology company reported $1.51 EPS for the quarter, missing the consensus estimate of $2.07 by ($0.56). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The firm had revenue of $660.50 million during the quarter, compared to analysts’ expectations of $665.21 million. During the same period in the previous year, the firm earned $3.24 earnings per share. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, research analysts predict that SBA Communications will post 12.53 EPS for the current year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd will be issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Thursday, August 22nd. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

Insider Activity

In related news, Chairman Jeffrey Stoops sold 49,765 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the transaction, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On SBA Communications

Hedge funds have recently bought and sold shares of the company. Legacy Trust bought a new position in SBA Communications in the 4th quarter worth about $3,256,000. SG Americas Securities LLC raised its position in SBA Communications by 191.3% in the 1st quarter. SG Americas Securities LLC now owns 25,828 shares of the technology company’s stock worth $5,597,000 after buying an additional 16,962 shares during the last quarter. Franklin Resources Inc. raised its position in SBA Communications by 2.8% in the 4th quarter. Franklin Resources Inc. now owns 707,743 shares of the technology company’s stock worth $179,547,000 after buying an additional 19,462 shares during the last quarter. Nomura Holdings Inc. purchased a new position in SBA Communications in the 4th quarter worth about $7,422,000. Finally, Wellington Management Group LLP raised its position in SBA Communications by 596.2% in the 4th quarter. Wellington Management Group LLP now owns 225,128 shares of the technology company’s stock worth $57,113,000 after buying an additional 192,791 shares during the last quarter. Institutional investors own 97.35% 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.