SBA Communications (NASDAQ:SBAC) Sets New 52-Week High at $249.96

Shares of SBA Communications Co. (NASDAQ:SBAC) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $249.96 and last traded at $248.62, with a volume of 708885 shares changing hands. The stock had previously closed at $246.79.

A number of research analysts have weighed in on the stock. UBS Group lowered shares of SBA Communications from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $209.00 to $240.00 in a research report on Friday, June 7th. New Street Research lowered shares of SBA Communications from a “buy” rating to a “neutral” rating and set a $236.00 target price for the company. in a research report on Thursday, June 13th. Morgan Stanley boosted their target price on shares of SBA Communications from $204.00 to $222.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Bank of America lowered shares of SBA Communications from a “buy” rating to a “neutral” rating and set a $245.00 target price for the company. in a research report on Monday, July 15th. They noted that the move was a valuation call. Finally, KeyCorp boosted their target price on shares of SBA Communications from $252.00 to $259.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. SBA Communications presently has an average rating of “Hold” and an average price target of $227.15.

The stock has a market capitalization of $27.95 billion, a PE ratio of 32.71, a price-to-earnings-growth ratio of 3.15 and a beta of 0.69. The stock has a 50-day simple moving average of $232.36.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, July 29th. The technology company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($1.58). SBA Communications had a negative return on equity of 4.12% and a net margin of 6.75%. The company had revenue of $500.10 million for the quarter, compared to the consensus estimate of $489.09 million. During the same quarter in the previous year, the firm posted ($0.50) EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. Analysts forecast that SBA Communications Co. will post 7.83 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, August 28th will be issued a dividend of $0.37 per share. The ex-dividend date is Tuesday, August 27th. This represents a $1.48 annualized dividend and a dividend yield of 0.60%.

In other news, EVP Kurt L. Bagwell sold 14,320 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $225.53, for a total transaction of $3,229,589.60. Following the transaction, the executive vice president now owns 58,375 shares in the company, valued at approximately $13,165,313.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Brian C. Carr sold 700 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $206.50, for a total transaction of $144,550.00. Following the transaction, the director now owns 2,590 shares in the company, valued at approximately $534,835. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,320 shares of company stock worth $13,010,971. Insiders own 2.50% of the company’s stock.

Several large investors have recently bought and sold shares of SBAC. FMR LLC increased its holdings in shares of SBA Communications by 3,456.5% during the 1st quarter. FMR LLC now owns 1,245,173 shares of the technology company’s stock worth $248,612,000 after purchasing an additional 1,210,162 shares during the period. USS Investment Management Ltd bought a new stake in SBA Communications in the second quarter valued at about $92,341,000. Portsea Asset Management LLP bought a new stake in SBA Communications in the first quarter valued at about $81,542,000. Commonwealth Bank of Australia increased its stake in SBA Communications by 24.7% in the first quarter. Commonwealth Bank of Australia now owns 1,280,749 shares of the technology company’s stock valued at $255,703,000 after acquiring an additional 253,552 shares during the period. Finally, CIBC Private Wealth Group LLC increased its stake in SBA Communications by 97.3% in the first quarter. CIBC Private Wealth Group LLC now owns 476,704 shares of the technology company’s stock valued at $95,179,000 after acquiring an additional 235,136 shares during the period. Institutional investors own 94.28% of the company’s stock.

About SBA Communications (NASDAQ:SBAC)

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By “Building Better Wireless,” SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.

Recommended Story: What is a CD ladder?

Receive News & Ratings for SBA Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SBA Communications and related companies with MarketBeat.com's FREE daily email newsletter.