SBA Communications (NASDAQ:SBAC) Reaches New 52-Week Low at $227.61

SBA Communications Co. (NASDAQ:SBAC – Get Rating) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $227.61 and last traded at $228.80, with a volume of 25263 shares trading hands. The stock had previously closed at $230.43.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Cowen reduced their price target on shares of SBA Communications from $341.00 to $328.00 and set an “outperform” rating for the company in a research report on Wednesday, February 22nd. Barclays lowered their target price on shares of SBA Communications from $330.00 to $306.00 in a report on Wednesday, May 17th. KeyCorp cut their price target on SBA Communications from $319.00 to $297.00 and set an “overweight” rating for the company in a research note on Wednesday, February 22nd. Moffett Nathanson raised SBA Communications from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $330.00 to $312.00 in a research note on Thursday, March 30th. Finally, StockNews.com began coverage on SBA Communications in a report on Thursday, May 18th. They set a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, SBA Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $322.93.

SBA Communications Trading Down 0.8 %

The business’s fifty day moving average is $249.17 and its 200 day moving average is $271.92. The company has a market cap of $24.02 billion, a P/E ratio of 64.82 and a beta of 0.50.

SBA Communications (NASDAQ:SBAC – Get Rating) last released its earnings results on Monday, May 1st. The technology company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.28). The firm had revenue of $675.52 million during the quarter, compared to analysts’ expectations of $672.47 million. SBA Communications had a negative return on equity of 7.01% and a net margin of 13.91%. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.96 earnings per share. As a group, research analysts expect that SBA Communications Co. will post 11.74 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 21st. Shareholders of record on Friday, May 26th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, May 25th. This represents a $3.40 dividend on an annualized basis and a yield of 1.53%. SBA Communications’s dividend payout ratio is presently 99.42%.

Institutional Trading of SBA Communications

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in SBA Communications in the 4th quarter valued at approximately $310,556,000. JPMorgan Chase & Co. grew its position in shares of SBA Communications by 66.6% in the fourth quarter. JPMorgan Chase & Co. now owns 2,189,323 shares of the technology company’s stock valued at $613,689,000 after purchasing an additional 874,947 shares in the last quarter. Millennium Management LLC raised its stake in shares of SBA Communications by 294.4% during the 4th quarter. Millennium Management LLC now owns 797,089 shares of the technology company’s stock valued at $223,432,000 after purchasing an additional 594,994 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in SBA Communications by 13.6% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 3,396,193 shares of the technology company’s stock worth $966,729,000 after purchasing an additional 407,347 shares in the last quarter. Finally, Proficio Capital Partners LLC boosted its stake in SBA Communications by 16,429.2% in the 1st quarter. Proficio Capital Partners LLC now owns 392,404 shares of the technology company’s stock worth $392,000 after purchasing an additional 390,030 shares during the period. Institutional investors own 93.54% of the company’s stock.

About SBA Communications

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SBA Communications Corp. is a real estate investment trust, which engages in the provision of wireless communications infrastructures. It operates through the following business segments: Domestic Site Leasing, International Site Leasing, and Site Development. The Domestic Site Leasing segment includes AT&T, Sprint, T-Mobile, and Verizon Wireless.