Kentucky Retirement Systems Insurance Trust Fund Sells 283 Shares of SBA Communications Co. (NASDAQ:SBAC)

Kentucky Retirement Systems Insurance Trust Fund reduced its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 8.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,182 shares of the technology company’s stock after selling 283 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in SBA Communications were worth $766,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of SBAC. Virtu Financial LLC bought a new stake in shares of SBA Communications during the first quarter worth $1,764,000. Tidal Investments LLC boosted its holdings in shares of SBA Communications by 105.4% during the 1st quarter. Tidal Investments LLC now owns 5,279 shares of the technology company’s stock valued at $1,144,000 after acquiring an additional 2,709 shares in the last quarter. Lazard Asset Management LLC grew its position in SBA Communications by 7.8% during the 1st quarter. Lazard Asset Management LLC now owns 148,687 shares of the technology company’s stock worth $32,219,000 after acquiring an additional 10,753 shares during the last quarter. AMF Tjanstepension AB acquired a new position in SBA Communications in the 2nd quarter worth about $8,197,000. Finally, Cetera Investment Advisers raised its position in SBA Communications by 228.1% in the first quarter. Cetera Investment Advisers now owns 10,394 shares of the technology company’s stock valued at $2,252,000 after purchasing an additional 7,226 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Price Performance

NASDAQ SBAC opened at $221.61 on Tuesday. The stock has a market capitalization of $23.83 billion, a P/E ratio of 34.95, a P/E/G ratio of 0.75 and a beta of 0.68. The business has a 50 day simple moving average of $235.99 and a 200 day simple moving average of $216.75. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, October 28th. The technology company reported $2.40 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 company had revenue of $667.60 million for the quarter, compared to analyst estimates of $669.29 million. During the same period last year, the business earned $3.34 EPS. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. Equities analysts expect that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications’s dividend payout ratio (DPR) is currently 61.83%.

Insider Activity

In related news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction on Friday, September 13th. The shares were 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 of the company’s stock, valued at approximately $1,213,814.28. This trade represents a 23.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the transaction, the director now owns 8,084 shares in the company, valued at approximately $1,775,084.72. The trade was a 3.86 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. The Goldman Sachs Group boosted their price target on SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Morgan Stanley upped their price target on shares of SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research report on Wednesday, September 18th. StockNews.com upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. KeyCorp increased their price objective on SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Finally, Barclays lifted their target price on SBA Communications from $236.00 to $256.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and a consensus target price 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.