Engineers Gate Manager LP Sells 370,922 Shares of SBA Communications Corporation $SBAC

Key Points

• Engineers Gate Manager LP cut its SBA Communications position by 98.6%, selling 370,922 shares and retaining 5,419 shares valued at approximately $956,000. Institutional investors collectively own 97.35% of the company.
• SBA Communications reported quarterly EPS of $1.87, slightly above estimates, while revenue rose 2.3% year over year to $715.27 million. The company paid a quarterly dividend of $1.25, equivalent to a 2.8% annualized yield.
• Shares opened at $178.59, near the lower end of their 52-week range. Analysts have a consensus “Hold” rating and an average price target of $225.53, despite some recent upgrades to “Overweight” or “Outperform.”

Engineers Gate Manager LP lowered its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 98.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,419 shares of the technology company's stock after selling 370,922 shares during the period. Engineers Gate Manager LP's holdings in SBA Communications were worth $956,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Norges Bank purchased a new position in SBA Communications in the 4th quarter worth about $302,774,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in SBA Communications in the second quarter worth about $228,367,000. Arrowstreet Capital Limited Partnership lifted its stake in SBA Communications by 256.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company's stock worth $211,344,000 after acquiring an additional 785,850 shares during the period. SG Americas Securities LLC grew its holdings in SBA Communications by 170.6% during the 1st quarter. SG Americas Securities LLC now owns 469,911 shares of the technology company's stock worth $80,876,000 after acquiring an additional 296,231 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in SBA Communications by 41.7% during the 1st quarter. Bank of America Corp DE now owns 1,005,366 shares of the technology company's stock worth $173,033,000 after acquiring an additional 295,727 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

SBA Communications Trading Down 1.4%

SBA Communications stock opened at $178.59 on Friday. The firm has a market cap of $18.95 billion, a PE ratio of 19.24, a P/E/G ratio of 1.78 and a beta of 0.99. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $224.46. The stock's 50 day simple moving average is $183.47 and its two-hundred day simple moving average is $193.11.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its earnings results on Monday, August 3rd. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.02. The firm had revenue of $715.27 million during the quarter, compared to analysts' expectations of $706.01 million. SBA Communications had a net margin of 34.51% and a negative return on equity of 20.67%. The business's revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $3.17 EPS. On average, equities research analysts forecast that SBA Communications Corporation will post 11.41 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Shareholders of record on Thursday, August 20th were issued a $1.25 dividend. The ex-dividend date was Thursday, August 20th. This represents a $5.00 dividend on an annualized basis and a yield of 2.8%. SBA Communications's dividend payout ratio (DPR) is presently 53.88%.

Insider Activity at SBA Communications

In other news, Director George R. Krouse, Jr. sold 300 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $182.67, for a total value of $54,801.00. Following the transaction, the director directly owned 8,512 shares of the company's stock, valued at approximately $1,554,887.04. This trade represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 9.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Barclays reduced their price target on SBA Communications from $245.00 to $208.00 and set an "overweight" rating for the company in a research report on Thursday, August 20th. Wolfe Research upgraded shares of SBA Communications from a "hold" rating to an "outperform" rating in a research note on Tuesday, August 4th. Citigroup reaffirmed a "market perform" rating on shares of SBA Communications in a report on Tuesday, August 4th. The Goldman Sachs Group began coverage on SBA Communications in a research report on Friday, June 26th. They set a "neutral" rating and a $205.00 price target on the stock. Finally, Wells Fargo & Company upgraded shares of SBA Communications from an "equal weight" rating to an "overweight" rating and cut their price target for the company from $220.00 to $210.00 in a research note on Friday, July 17th. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $225.53.

About SBA Communications

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns and operates wireless communications infrastructure. The company provides the sites and facilities that wireless service providers use to support cellular networks, including traditional macro towers, small cells and distributed antenna systems.

SBA's primary business is leasing space on its communications infrastructure to wireless carriers and other communications companies. It also develops, acquires and manages wireless sites, helping customers expand network coverage and capacity.

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