Magellan Asset Management Ltd Sells 425 Shares of SBA Communications Corporation $SBAC

Magellan Asset Management Ltd reduced its position in SBA Communications Corporation (NASDAQ:SBAC) by 0.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 81,422 shares of the technology company’s stock after selling 425 shares during the period. Magellan Asset Management Ltd’s holdings in SBA Communications were worth $19,121,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of SBA Communications by 1.5% in the first quarter. Vanguard Group Inc. now owns 17,666,669 shares of the technology company’s stock valued at $3,886,844,000 after purchasing an additional 268,018 shares during the period. Dodge & Cox lifted its stake in shares of SBA Communications by 15.5% in the first quarter. Dodge & Cox now owns 8,485,264 shares of the technology company’s stock worth $1,866,843,000 after buying an additional 1,139,009 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in SBA Communications by 40.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company’s stock valued at $1,314,265,000 after buying an additional 1,715,541 shares in the last quarter. Diamond Hill Capital Management Inc. increased its holdings in shares of SBA Communications by 7.3% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company’s stock worth $439,310,000 after buying an additional 135,682 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in SBA Communications by 11.5% in the 1st quarter. Victory Capital Management Inc. now owns 1,986,133 shares of the technology company’s stock valued at $436,969,000 after buying an additional 204,902 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Up 1.4%

Shares of SBAC opened at $197.40 on Friday. The firm has a market cap of $21.20 billion, a price-to-earnings ratio of 25.08, a PEG ratio of 2.01 and a beta of 0.80. The business’s 50 day moving average is $195.08 and its two-hundred day moving average is $217.18. SBA Communications Corporation has a 52-week low of $185.45 and a 52-week high of $245.16.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share for the quarter, topping analysts’ consensus estimates of $3.21 by $0.09. The business had revenue of $732.33 million during the quarter, compared to the consensus estimate of $715.65 million. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the company earned $3.32 earnings per share. SBA Communications has set its FY 2025 guidance at EPS. On average, equities analysts expect that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Thursday, November 13th will be given a $1.11 dividend. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.2%. SBA Communications’s payout ratio is presently 57.89%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SBAC shares. JMP Securities set a $280.00 target price on shares of SBA Communications and gave the stock a “market outperform” rating in a research note on Tuesday, August 5th. Bank of America cut shares of SBA Communications from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $260.00 to $230.00 in a research note on Wednesday, August 27th. Raymond James Financial set a $265.00 price target on shares of SBA Communications and gave the company a “strong-buy” rating in a research report on Tuesday, August 5th. Morgan Stanley decreased their price target on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 16th. Finally, Cowen reaffirmed a “buy” rating on shares of SBA Communications in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $238.69.

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.