SBA Communications Co. (NASDAQ:SBAC) Short Interest Update

SBA Communications Co. (NASDAQ:SBAC) was the target of a large drop in short interest in April. As of April 30th, there was short interest totalling 2,120,000 shares, a drop of 16.5% from the April 15th total of 2,540,000 shares. Currently, 2.0% of the shares of the stock are short sold. Based on an average trading volume of 1,070,000 shares, the short-interest ratio is currently 2.0 days.

SBA Communications Stock Down 0.4 %

Shares of SBAC traded down $0.81 during trading hours on Monday, hitting $196.70. The company had a trading volume of 140,653 shares, compared to its average volume of 990,803. SBA Communications has a 52-week low of $183.64 and a 52-week high of $258.76. The stock’s 50 day moving average price is $207.41 and its 200 day moving average price is $222.51. The firm has a market cap of $21.27 billion, a P/E ratio of 38.74, a P/E/G ratio of 0.59 and a beta of 0.59.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The firm had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. During the same quarter in the previous year, the company posted $3.13 earnings per share. The business’s revenue was down 2.6% on a year-over-year basis. On average, research analysts expect that SBA Communications will post 12.53 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Wednesday, May 22nd. SBA Communications’s payout ratio is 76.86%.

Insider Buying and Selling

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the transaction, the director now owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SBA Communications

Several hedge funds have recently made changes to their positions in SBAC. CVA Family Office LLC purchased a new position in SBA Communications during the 4th quarter valued at $37,000. Glassman Wealth Services grew its holdings in shares of SBA Communications by 79.1% during the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after acquiring an additional 68 shares during the period. Pinnacle Bancorp Inc. raised its position in shares of SBA Communications by 73.6% in the 4th 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. Allworth Financial LP lifted its stake in shares of SBA Communications by 37.8% in the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after purchasing an additional 45 shares during the period. Finally, Quarry LP raised its holdings 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 purchasing an additional 132 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SBAC has been the topic of several recent analyst reports. Citigroup dropped their price target on SBA Communications from $290.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Wells Fargo & Company cut their target price on SBA Communications from $260.00 to $230.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 30th. Royal Bank of Canada reduced their price target on shares of SBA Communications from $250.00 to $235.00 and set an “outperform” rating for the company in a research report on Thursday. TD Cowen decreased their target price on SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Finally, Barclays lowered their price target on shares of SBA Communications from $255.00 to $241.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 30th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, SBA Communications presently has an average rating of “Buy” and a consensus price target of $252.25.

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.