SBA Communications Corporation $SBAC Shares Sold by Skylands Capital LLC

Key Points

• Skylands Capital reduced its SBA Communications stake by 5.8% in the third quarter, selling 6,300 shares and retaining 102,580 shares valued at approximately $16.4 million. Institutional investors and hedge funds collectively own 97.35% of SBAC.
• Analyst sentiment is mixed, with eight Buy ratings and ten Hold ratings; the stock has an average rating of Hold and a consensus price target of $226.53, above its reported market price of $173.41.
• SBA Communications exceeded quarterly estimates, reporting $1.87 in earnings per share and $715.27 million in revenue, while declaring a $1.25 quarterly dividend, equivalent to a 2.9% yield.

Skylands Capital LLC reduced its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 5.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 102,580 shares of the technology company's stock after selling 6,300 shares during the quarter. SBA Communications accounts for 2.1% of Skylands Capital LLC's holdings, making the stock its 10th largest position. Skylands Capital LLC owned approximately 0.10% of SBA Communications worth $16,425,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of SBAC. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of SBA Communications during the 2nd quarter worth approximately $228,367,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of SBA Communications by 47.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,615,054 shares of the technology company's stock valued at $277,967,000 after purchasing an additional 522,442 shares during the period. Bank of America Corp DE lifted its stake in shares of SBA Communications by 41.7% in the 1st quarter. Bank of America Corp DE now owns 1,005,366 shares of the technology company's stock valued at $173,033,000 after purchasing an additional 295,727 shares during the period. Walleye Capital LLC acquired a new position in shares of SBA Communications in the 1st quarter valued at $17,995,000. Finally, Empyrean Capital Partners LP purchased a new stake in SBA Communications during the first quarter worth $17,555,000. 97.35% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $182.67, for a total transaction of $54,801.00. Following the completion of the transaction, the director directly owned 8,512 shares in the company, valued at approximately $1,554,887.04. This represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 9.50% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Barclays dropped their price target on shares of SBA Communications from $208.00 to $207.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 30th. Wolfe Research raised shares of SBA Communications from a "hold" rating to an "outperform" rating in a report on Tuesday, August 4th. Truist Financial decreased their price objective on shares of SBA Communications from $248.00 to $238.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Jefferies Financial Group upgraded shares of SBA Communications to a "hold" rating in a research report on Thursday, October 15th. Finally, JPMorgan Chase & Co. lowered their target price on shares of SBA Communications from $230.00 to $220.00 and set a "neutral" rating on the stock in a research note on Tuesday, August 4th. Eight research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $226.53.

SBA Communications Price Performance

SBA Communications stock opened at $173.41 on Thursday. The stock has a market capitalization of $18.40 billion, a PE ratio of 18.69, a price-to-earnings-growth ratio of 1.81 and a beta of 1.00. SBA Communications Corporation has a 12 month low of $156.60 and a 12 month high of $224.46. The business has a 50 day simple moving average of $179.36 and a 200-day simple moving average of $191.39.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its earnings results on Monday, August 3rd. The technology company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.02. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.51%. The business had revenue of $715.27 million during the quarter, compared to the consensus estimate of $706.01 million. During the same period in the prior year, the company posted $3.17 EPS. The business's quarterly revenue was up 2.3% on a year-over-year basis. On average, equities research analysts anticipate that SBA Communications Corporation will post 11.40 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Thursday, August 20th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Thursday, August 20th. SBA Communications's payout ratio is presently 53.88%.

About SBA Communications

SBA Communications Corporation is a real estate investment trust that owns and operates wireless communications infrastructure. The company's portfolio primarily consists of wireless communications towers and related sites that support cellular, wireless broadband, and other communications equipment.

SBA Communications leases antenna space on its towers to wireless service providers, government agencies, and other communications companies. It also provides site development services, including zoning, permitting, construction, and project management, as well as tower construction and acquisition services in selected markets.

Founded in 1989 and headquartered in Boca Raton, Florida, SBA Communications serves customers across the United States and in parts of Central and South America.

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