New Mexico Educational Retirement Board Decreases Holdings in SBA Communications Co. (NASDAQ:SBAC)

New Mexico Educational Retirement Board lessened its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 2.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,200 shares of the technology company’s stock after selling 200 shares during the period. New Mexico Educational Retirement Board’s holdings in SBA Communications were worth $2,069,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SBAC. Advisory Services Network LLC increased its holdings in SBA Communications by 65.4% during the second quarter. Advisory Services Network LLC now owns 129 shares of the technology company’s stock worth $29,000 after buying an additional 51 shares during the last quarter. Berman Capital Advisors LLC increased its holdings in SBA Communications by 103.9% during the second quarter. Berman Capital Advisors LLC now owns 155 shares of the technology company’s stock worth $34,000 after buying an additional 79 shares during the last quarter. Next Capital Management LLC purchased a new stake in SBA Communications during the second quarter worth about $43,000. CWM LLC increased its holdings in SBA Communications by 31.4% during the first quarter. CWM LLC now owns 243 shares of the technology company’s stock worth $49,000 after buying an additional 58 shares during the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new stake in SBA Communications during the second quarter worth about $52,000. Institutional investors and hedge funds own 93.54% of the company’s stock.

Shares of SBAC traded up $3.20 during trading hours on Friday, hitting $263.73. The company’s stock had a trading volume of 4,729 shares, compared to its average volume of 615,850. The company has a market cap of $29.41 billion, a price-to-earnings ratio of 34.70, a PEG ratio of 3.32 and a beta of 0.69. The business has a 50 day simple moving average of $243.03 and a two-hundred day simple moving average of $212.52. SBA Communications Co. has a 52-week low of $146.13 and a 52-week high of $263.04.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, July 29th. The technology company reported $0.28 earnings per share 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 business had revenue of $500.10 million during the quarter, compared to analysts’ expectations of $489.09 million. During the same quarter in the previous year, the business earned ($0.50) EPS. SBA Communications’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, sell-side analysts anticipate that SBA Communications Co. will post 7.83 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, August 28th will be given a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.56%.

In other news, Director Jack Langer sold 5,301 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $261.91, for a total value of $1,388,384.91. Following the completion of the transaction, the director now directly owns 50 shares in the company, valued at $13,095.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Brian D. Lazarus sold 20,676 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $261.00, for a total transaction of $5,396,436.00. Following the completion of the transaction, the senior vice president now owns 17,829 shares of the company’s stock, valued at $4,653,369. The disclosure for this sale can be found here. Insiders sold 105,825 shares of company stock valued at $25,054,792 over the last 90 days. 2.50% of the stock is owned by company insiders.

SBAC has been the subject of a number of research analyst reports. Cowen raised their price objective on shares of SBA Communications from $203.00 to $250.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. TheStreet upgraded shares of SBA Communications from a “c” rating to a “b-” rating in a research note on Monday, July 29th. SunTrust Banks lifted their target price on shares of SBA Communications to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. BidaskClub upgraded shares of SBA Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 9th. Finally, New Street Research downgraded 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 note on Thursday, June 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $230.85.

About SBA Communications

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.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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