SBA Communications (NASDAQ:SBAC) Sets New 1-Year Low Following Analyst Downgrade

Shares of SBA Communications Co. (NASDAQ:SBAC) hit a new 52-week low during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $290.00 to $260.00. Citigroup currently has a buy rating on the stock. SBA Communications traded as low as $183.64 and last traded at $184.75, with a volume of 146958 shares traded. The stock had previously closed at $186.12.

A number of other research firms also recently issued reports on SBAC. Wells Fargo & Company decreased their price target on shares of SBA Communications from $260.00 to $230.00 and set an “overweight” rating on the stock in a research note on Tuesday. Bank of America upgraded 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. KeyCorp decreased their price objective on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a research report on Tuesday. Barclays dropped their target price on SBA Communications from $255.00 to $241.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, TD Cowen cut their target price on SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $258.23.

Insider Transactions at SBA Communications

In related news, Director Mary S. Chan sold 1,977 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the transaction, the director now owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Valeo Financial Advisors LLC purchased a new position in shares of SBA Communications during the third quarter valued at $212,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in shares of SBA Communications by 12.0% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 19,618 shares of the technology company’s stock valued at $3,927,000 after purchasing an additional 2,100 shares in the last quarter. Xponance Inc. raised its holdings in shares of SBA Communications by 4.0% in the 3rd quarter. Xponance Inc. now owns 15,499 shares of the technology company’s stock valued at $3,102,000 after purchasing an additional 600 shares in the last quarter. Raymond James & Associates lifted its position in shares of SBA Communications by 23.3% in the 3rd quarter. Raymond James & Associates now owns 90,188 shares of the technology company’s stock worth $18,053,000 after purchasing an additional 17,048 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in shares of SBA Communications by 18.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 13,027 shares of the technology company’s stock valued at $2,608,000 after purchasing an additional 2,072 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

The company’s fifty day moving average is $209.12 and its 200-day moving average is $222.52. The company has a market capitalization of $20.45 billion, a PE ratio of 37.08, a price-to-earnings-growth ratio of 1.24 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21. The business had revenue of $657.86 million for the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a negative return on equity of 10.79% and a net margin of 20.61%. The business’s revenue was down 2.6% compared to the same quarter last year. During the same period last year, the business posted $3.13 EPS. Equities research analysts forecast that SBA Communications Co. will post 12.61 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd will be given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Wednesday, May 22nd. SBA Communications’s payout ratio is currently 76.86%.

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.