Otter Creek Advisors LLC Has $1.55 Million Stock Position in SBA Communications Corporation $SBAC

Key Points

• Otter Creek Advisors LLC reduced its stake in SBA Communications Corporation by 69.8%, holding 6,604 shares valued at $1.55 million at the end of the most recent reporting period.
• SBA Communications reported a quarterly earnings of $3.17 per share, exceeding expectations and achieving a revenue of $698.98 million, up 5.8% compared to the previous year.
• The company declared a quarterly dividend of $1.11 per share, representing a 2.3% yield and a payout ratio of 56.42%.

Otter Creek Advisors LLC decreased its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 69.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,604 shares of the technology company's stock after selling 15,250 shares during the period. Otter Creek Advisors LLC's holdings in SBA Communications were worth $1,551,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake 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 worth $3,886,844,000 after acquiring an additional 268,018 shares during the last quarter. Dodge & Cox grew 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 acquiring an additional 1,139,009 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of SBA Communications by 40.3% in the first quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock worth $1,314,265,000 after acquiring an additional 1,715,541 shares during the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of SBA Communications by 7.3% in the first quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock worth $439,310,000 after acquiring an additional 135,682 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of SBA Communications by 11.5% in the first quarter. Victory Capital Management Inc. now owns 1,986,133 shares of the technology company's stock worth $436,969,000 after acquiring an additional 204,902 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

SBA Communications Price Performance

Shares of NASDAQ:SBAC opened at $196.26 on Friday. The business's fifty day moving average price is $201.61 and its two-hundred day moving average price is $219.73. SBA Communications Corporation has a fifty-two week low of $185.45 and a fifty-two week high of $248.89. The stock has a market capitalization of $21.07 billion, a price-to-earnings ratio of 24.94, a price-to-earnings-growth ratio of 2.08 and a beta of 0.82.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.10 by $0.07. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The firm had revenue of $698.98 million during the quarter, compared to analyst estimates of $670.73 million. During the same period in the prior year, the company posted $3.29 earnings per share. The business's revenue for the quarter was up 5.8% compared to the same quarter last year. SBA Communications has set its FY 2025 guidance at EPS. Research analysts expect that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st were paid a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.3%. The ex-dividend date was Thursday, August 21st. SBA Communications's dividend payout ratio is currently 56.42%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SBAC shares. Morgan Stanley lowered their price objective on shares of SBA Communications from $260.00 to $220.00 and set an "equal weight" rating on the stock in a research note on Thursday. Weiss Ratings restated a "hold (c-)" rating on shares of SBA Communications in a research report on Tuesday. Bank of America cut SBA Communications from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $260.00 to $230.00 in a research report on Wednesday, August 27th. Royal Bank Of Canada lowered their price objective on SBA Communications from $255.00 to $235.00 and set an "outperform" rating on the stock in a research report on Thursday, October 2nd. Finally, Barclays lowered their price objective on SBA Communications from $257.00 to $226.00 and set an "overweight" rating on the stock in a research report on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $243.73.

SBA Communications Profile

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.

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