SBA Communications (NASDAQ:SBAC) Price Target Cut to $253.00 by Analysts at TD Cowen

SBA Communications (NASDAQ:SBAC) had its price objective reduced by TD Cowen from $266.00 to $253.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other brokerages have also recently weighed in on SBAC. BMO Capital Markets reduced their price target on shares of SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a research report on Tuesday, February 27th. Barclays reduced their price target on shares of SBA Communications from $255.00 to $241.00 and set an overweight rating for the company in a research report on Tuesday. Bank of America raised shares of SBA Communications from a neutral rating to a buy rating and set a $260.00 price target for the company in a research report on Thursday, March 7th. Finally, KeyCorp dropped their price objective 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. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus target price of $258.23.

SBA Communications Trading Down 7.8 %

SBA Communications stock opened at $186.12 on Tuesday. The stock has a market cap of $20.12 billion, a P/E ratio of 40.37, a price-to-earnings-growth ratio of 1.21 and a beta of 0.56. The company has a fifty day simple moving average of $209.49 and a 200-day simple moving average of $222.75. SBA Communications has a 12-month low of $185.23 and a 12-month high of $263.08.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.21. The business had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the previous year, the company earned $3.13 EPS. As a group, sell-side analysts forecast that SBA Communications will post 12.61 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 2.11%. SBA Communications’s payout ratio is 85.03%.

Insider Buying and Selling

In related news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total transaction of $430,966.23. Following the completion of the transaction, the director now owns 4,622 shares of the company’s stock, valued at $1,007,549.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SBA Communications

Several institutional investors and hedge funds have recently bought and sold shares of SBAC. Emerald Advisers LLC acquired a new position in SBA Communications during the third quarter worth approximately $31,000. CVA Family Office LLC acquired a new position in SBA Communications during the fourth quarter worth approximately $37,000. Glassman Wealth Services increased its position in shares of SBA Communications by 79.1% in the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after acquiring an additional 68 shares in the last quarter. Pinnacle Bancorp Inc. increased its position in shares of SBA Communications by 73.6% in the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after acquiring an additional 67 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after acquiring an additional 45 shares in the last quarter. Institutional investors and hedge funds own 97.35% 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.