Legal & General Group Plc Reduces Holdings in SBA Communications Co. (NASDAQ:SBAC)

Legal & General Group Plc reduced its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 0.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,476,949 shares of the technology company’s stock after selling 4,560 shares during the period. Legal & General Group Plc owned about 1.37% of SBA Communications worth $289,925,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Ridgewood Investments LLC purchased a new stake in shares of SBA Communications in the 2nd quarter worth $32,000. Family Firm Inc. bought a new stake in SBA Communications during the second quarter valued at about $36,000. Quarry LP increased its position in SBA Communications by 400.0% in the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after buying an additional 132 shares in the last quarter. Global X Japan Co. Ltd. bought a new position in shares of SBA Communications in the second quarter worth about $49,000. Finally, Versant Capital Management Inc lifted its position in shares of SBA Communications by 4,500.0% during the 2nd quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock valued at $54,000 after buying an additional 270 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Up 1.0 %

SBAC opened at $238.64 on Friday. The company has a market capitalization of $25.65 billion, a PE ratio of 46.79, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67. The firm has a 50-day simple moving average of $226.90 and a two-hundred day simple moving average of $209.90. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

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

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were given a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 1.64%. The ex-dividend date was Thursday, August 22nd. SBA Communications’s dividend payout ratio is presently 76.86%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several analyst reports. JPMorgan Chase & Co. increased their target price on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. The Goldman Sachs Group increased their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lifted their target price on shares of SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Morgan Stanley upped their target price on shares of SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. Finally, Royal Bank of Canada raised their price target on SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $244.08.

Insider Buying and Selling

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction on Thursday, August 1st. The stock was 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 approximately $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,590 shares of company stock worth $11,483,981. Insiders own 1.30% of the company’s stock.

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.