Korea Investment CORP Sells 13,400 Shares of SBA Communications Corporation $SBAC

Key Points

• Korea Investment CORP has decreased its stake in SBA Communications Corporation by 13.8%, now owning 83,391 shares worth approximately $18.35 million.
• SBA Communications reported a quarterly EPS of $3.17 which exceeds analysts' expectations, alongside a revenue of $698.98 million, reflecting a year-over-year increase of 5.8%.
• The company announced a quarterly dividend of $1.11 per share, equating to an annualized yield of 2.0%, with the dividend set to be paid on September 18th.

Korea Investment CORP cut its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 13.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,391 shares of the technology company's stock after selling 13,400 shares during the period. Korea Investment CORP owned about 0.08% of SBA Communications worth $18,347,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. NewEdge Advisors LLC boosted its position in shares of SBA Communications by 23.9% in the 4th quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company's stock worth $260,000 after purchasing an additional 246 shares during the last quarter. CWA Asset Management Group LLC acquired a new stake in shares of SBA Communications in the 1st quarter valued at about $302,000. GAMMA Investing LLC raised its stake in shares of SBA Communications by 38.6% in the 1st quarter. GAMMA Investing LLC now owns 1,684 shares of the technology company's stock valued at $370,000 after purchasing an additional 469 shares during the period. Praxis Investment Management Inc. acquired a new stake in shares of SBA Communications in the 1st quarter valued at about $290,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of SBA Communications by 14.1% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,300 shares of the technology company's stock valued at $3,146,000 after purchasing an additional 1,769 shares during the period. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Up 0.9%

Shares of NASDAQ:SBAC traded up $1.98 during midday trading on Friday, reaching $222.87. The company had a trading volume of 513,463 shares, compared to its average volume of 859,604. The business's 50 day moving average price is $228.85 and its 200 day moving average price is $224.85. The stock has a market cap of $23.93 billion, a PE ratio of 28.32, a P/E/G ratio of 2.05 and a beta of 0.77. SBA Communications Corporation has a 1-year low of $192.55 and a 1-year high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $698.98 million during the quarter, compared to analysts' expectations of $670.73 million. During the same quarter last year, the company posted $3.29 earnings per share. SBA Communications's quarterly revenue was up 5.8% on a year-over-year basis. SBA Communications has set its FY 2025 guidance at EPS. On average, research analysts expect that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 21st will be issued a dividend of $1.11 per share. The ex-dividend date is Thursday, August 21st. This represents a $4.44 dividend on an annualized basis and a yield of 2.0%. SBA Communications's dividend payout ratio (DPR) is presently 56.42%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SBAC. Barclays lifted their price target on SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Wells Fargo & Company lifted their price target on SBA Communications from $225.00 to $235.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 5th. Raymond James Financial set a $265.00 price target on SBA Communications and gave the company a "strong-buy" rating in a research note on Tuesday, August 5th. BMO Capital Markets lifted their target price on SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research report on Tuesday, April 29th. Finally, JMP Securities set a $280.00 target price on SBA Communications and gave the company a "market outperform" rating in a research report on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $258.25.

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.