Massachusetts Financial Services Co. MA Sells 153,500 Shares of SBA Communications Co. (NASDAQ:SBAC)

Massachusetts Financial Services Co. MA reduced its stake in SBA Communications Co. (NASDAQ:SBAC) by 7.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,824,713 shares of the technology company’s stock after selling 153,500 shares during the period. Massachusetts Financial Services Co. MA’s holdings in SBA Communications were worth $358,191,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ridgewood Investments LLC bought a new stake in SBA Communications in the second quarter valued at $32,000. Quarry LP increased its stake in SBA Communications by 400.0% in the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after purchasing an additional 132 shares in the last quarter. Family Firm Inc. bought a new stake in SBA Communications in the second quarter valued at $36,000. Global X Japan Co. Ltd. bought a new stake in SBA Communications in the second quarter valued at $49,000. Finally, Versant Capital Management Inc increased its stake in SBA Communications by 4,500.0% in the second quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock valued at $54,000 after purchasing an additional 270 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SBAC has been the subject of several recent research reports. The Goldman Sachs Group initiated coverage on shares of SBA Communications in a research report on Monday, July 1st. They set a “neutral” rating and a $212.00 target price for the company. StockNews.com downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Wells Fargo & Company downgraded shares of SBA Communications from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $230.00 to $220.00 in a research report on Monday, July 15th. KeyCorp boosted their target price on shares of SBA Communications from $227.00 to $230.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Royal Bank of Canada boosted their target price on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $237.92.

SBA Communications Stock Performance

Shares of SBAC stock opened at $245.09 on Tuesday. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $258.76. The company has a 50-day simple moving average of $221.14 and a two-hundred day simple moving average of $208.42. The company has a market capitalization of $26.33 billion, a price-to-earnings ratio of 48.06, a PEG ratio of 0.74 and a beta of 0.67.

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

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend is Thursday, August 22nd. SBA Communications’s payout ratio is 76.86%.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of the business’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 directly owns 109,583 shares in the company, valued at $24,328,521.83. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director George R. Krouse, Jr. sold 325 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the sale, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Jeffrey Stoops sold 49,765 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the sale, the chairman now owns 109,583 shares in the company, valued at $24,328,521.83. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

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.