SBA Communications Corporation $SBAC Shares Sold by Gateway Investment Advisers LLC

Key Points

• Gateway Investment Advisers cut its SBA Communications stake by 93.1% in the fourth quarter, selling 57,114 shares and leaving it with 4,226 shares valued at about $817,000.
• SBA Communications reported better-than-expected earnings of $3.47 per share, though quarterly revenue of $719.58 million came in slightly below estimates; analysts expect full-year EPS of 11.41.
• The company announced a quarterly dividend of $1.25 per share, payable June 17, implying an annualized dividend of $5.00 and a yield of about 2.3%.

Gateway Investment Advisers LLC lowered its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 93.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,226 shares of the technology company's stock after selling 57,114 shares during the period. Gateway Investment Advisers LLC's holdings in SBA Communications were worth $817,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of SBA Communications by 6.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 226,271 shares of the technology company's stock valued at $43,553,000 after acquiring an additional 13,383 shares during the period. Horizon Investments LLC raised its holdings in SBA Communications by 3.5% in the 4th quarter. Horizon Investments LLC now owns 4,281 shares of the technology company's stock worth $828,000 after purchasing an additional 143 shares during the period. Danske Bank A S raised its holdings in SBA Communications by 5.6% in the 4th quarter. Danske Bank A S now owns 54,708 shares of the technology company's stock worth $10,582,000 after purchasing an additional 2,900 shares during the period. Safe Harbor Family Capital LLC purchased a new position in SBA Communications during the fourth quarter worth approximately $306,000. Finally, Renasant Bank purchased a new position in SBA Communications during the fourth quarter worth approximately $244,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Down 0.2%

SBA Communications stock opened at $218.25 on Friday. The company has a fifty day simple moving average of $199.70 and a 200-day simple moving average of $194.74. The firm has a market capitalization of $23.09 billion, a price-to-earnings ratio of 22.97, a PEG ratio of 2.16 and a beta of 1.03. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, topping the consensus estimate of $3.25 by $0.22. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%. The firm had revenue of $719.58 million for the quarter, compared to the consensus estimate of $725.80 million. During the same period last year, the firm posted $3.47 earnings per share. The company's revenue for the quarter was up 3.7% on a year-over-year basis. On average, research analysts anticipate that SBA Communications Corporation will post 11.41 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, May 22nd. SBA Communications's payout ratio is currently 52.63%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SBAC shares. UBS Group cut their price objective on SBA Communications from $275.00 to $260.00 and set a "buy" rating for the company in a research report on Tuesday, January 20th. Wells Fargo & Company increased their target price on SBA Communications from $195.00 to $220.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 7th. Truist Financial reissued a "buy" rating and issued a $248.00 price target (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Morgan Stanley upped their price objective on shares of SBA Communications from $215.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 9th. Finally, Weiss Ratings raised shares of SBA Communications from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $237.74.

About SBA Communications

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

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