Wellington Management Group LLP Lowers Stock Holdings in SBA Communications Corporation $SBAC

Key Points

• Wellington Management cut its SBA Communications stake by 38.8% in the second quarter, selling 53,120 shares and retaining 83,766 shares valued at approximately $14.8 million. Institutional investors collectively own 97.35% of the company.
• SBA Communications reported quarterly EPS of $1.87, exceeding analyst expectations of $1.85, while revenue reached $715.27 million, up 2.3% year over year. Analysts expect full-year EPS of $11.41.
• The company declared a quarterly dividend of $1.25, equivalent to $5.00 annually and a 2.6% yield. Despite several positive ratings, the analyst consensus remains “Hold,” with a $225.53 average price target.

Wellington Management Group LLP reduced its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 38.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,766 shares of the technology company's stock after selling 53,120 shares during the period. Wellington Management Group LLP owned 0.08% of SBA Communications worth $14,781,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. DV Equities LLC purchased a new stake in shares of SBA Communications in the fourth quarter valued at approximately $29,000. Fulcrum Asset Management LLP bought a new position in SBA Communications in the third quarter worth approximately $32,000. Geneos Wealth Management Inc. increased its holdings in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock worth $36,000 after purchasing an additional 84 shares during the period. CX Institutional increased its holdings in SBA Communications by 44.2% during the 2nd quarter. CX Institutional now owns 212 shares of the technology company's stock worth $37,000 after purchasing an additional 65 shares during the period. Finally, Commonwealth Retirement Investments LLC bought a new stake in SBA Communications during the 4th quarter valued at $39,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $189.44 on Tuesday. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $224.46. The business's fifty day simple moving average is $183.39 and its 200-day simple moving average is $194.04. The company has a market capitalization of $20.10 billion, a PE ratio of 20.41, a P/E/G ratio of 1.89 and a beta of 0.99.

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

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, August 20th will be issued a $1.25 dividend. The ex-dividend date is Thursday, August 20th. This represents a $5.00 dividend on an annualized basis and a yield of 2.6%. SBA Communications's payout ratio is currently 53.88%.

Analyst Ratings Changes

SBAC has been the subject of several research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of SBA Communications in a report on Monday, July 20th. TD Cowen restated a "buy" rating on shares of SBA Communications in a report on Tuesday, August 4th. Wells Fargo & Company upgraded SBA Communications from an "equal weight" rating to an "overweight" rating and decreased their price objective for the company from $220.00 to $210.00 in a report on Friday, July 17th. JPMorgan Chase & Co. lowered their price objective on shares of SBA Communications from $230.00 to $220.00 and set a "neutral" rating for the company in a research note on Tuesday, August 4th. Finally, BMO Capital Markets reiterated a "market perform" rating on shares of SBA Communications in a report on Monday, August 24th. Seven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $225.53.

Insider Buying and Selling

In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the stock in a transaction dated 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 sale, the director directly owned 8,512 shares of the company's stock, 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 filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 9.50% of the company's stock.

SBA Communications Company Profile

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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