Kentucky Retirement Systems Sells 610 Shares of SBA Communications Co. (NASDAQ:SBAC)

Kentucky Retirement Systems lessened its position in SBA Communications Co. (NASDAQ:SBAC) by 7.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,487 shares of the technology company’s stock after selling 610 shares during the quarter. Kentucky Retirement Systems’ holdings in SBA Communications were worth $1,802,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SBAC. Virtu Financial LLC purchased a new position in shares of SBA Communications in the 1st quarter valued at $1,764,000. Tidal Investments LLC raised its stake 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 buying an additional 2,709 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in SBA Communications by 7.8% in the first quarter. Lazard Asset Management LLC now owns 148,687 shares of the technology company’s stock valued at $32,219,000 after acquiring an additional 10,753 shares during the period. AMF Tjanstepension AB acquired a new position in shares of SBA Communications in the 2nd quarter valued at $8,197,000. Finally, Cetera Investment Advisers boosted its stake in shares of SBA Communications by 228.1% during the 1st quarter. Cetera Investment Advisers now owns 10,394 shares of the technology company’s stock worth $2,252,000 after acquiring an additional 7,226 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on SBAC. Wells Fargo & Company boosted their price target on shares of SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. The Goldman Sachs Group lifted 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. BMO Capital Markets increased their price objective on SBA Communications from $255.00 to $260.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. TD Cowen boosted their price target 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. Finally, Morgan Stanley raised their target price on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $257.23.

Insider Buying and Selling

In related news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares in the company, 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 filing with the Securities & Exchange Commission, which is available through this link. Also, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the transaction, the director now owns 8,084 shares of the company’s stock, valued at $1,775,084.72. This represents a 3.86 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

SBA Communications Stock Performance

Shares of NASDAQ SBAC opened at $221.61 on Tuesday. The stock’s 50-day simple moving average is $235.99 and its 200-day simple moving average is $216.75. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The firm has a market capitalization of $23.83 billion, a PE ratio of 34.95, a price-to-earnings-growth ratio of 0.75 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). The firm had revenue of $667.60 million for the quarter, compared to analysts’ expectations of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.34 EPS. On average, sell-side analysts forecast that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.98 per share. The ex-dividend date is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a yield of 1.77%. SBA Communications’s payout ratio is 61.83%.

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.