Franklin Resources Inc. lowered its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 57.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 102,282 shares of the technology company's stock after selling 139,580 shares during the period. Franklin Resources Inc. owned approximately 0.10% of SBA Communications worth $24,529,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently modified their holdings of SBAC. Victory Capital Management Inc. raised its stake in SBA Communications by 2,821.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company's stock worth $292,714,000 after buying an additional 1,174,469 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of SBA Communications by 377.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company's stock worth $213,353,000 after purchasing an additional 700,791 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of SBA Communications during the 2nd quarter valued at about $134,738,000. Long Pond Capital LP acquired a new position in shares of SBA Communications in the 2nd quarter valued at approximately $83,687,000. Finally, AQR Capital Management LLC grew its position in shares of SBA Communications by 500.0% in the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company's stock valued at $72,375,000 after purchasing an additional 307,530 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Mark R. Ciarfella sold 3,545 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $224.33, for a total value of $795,249.85. Following the completion of the transaction, the executive vice president now directly owns 33,588 shares in the company, valued at approximately $7,534,796.04. This represents a 9.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is owned by insiders.
NASDAQ SBAC opened at $198.24 on Friday. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $256.68. The business has a fifty day moving average price of $226.27 and a two-hundred day moving average price of $220.24. The stock has a market capitalization of $21.32 billion, a PE ratio of 31.27, a PEG ratio of 0.72 and a beta of 0.67.
SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The business had revenue of $667.60 million for the quarter, compared to the consensus estimate of $669.29 million. During the same quarter in the prior year, the company earned $3.34 earnings per share. SBA Communications's quarterly revenue was down 2.2% compared to the same quarter last year. As a group, sell-side analysts expect that SBA Communications Co. will post 12.56 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 14th were given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Thursday, November 14th. SBA Communications's dividend payout ratio is 61.83%.
A number of research analysts have weighed in on SBAC shares. JPMorgan Chase & Co. lifted their price target on shares of SBA Communications from $228.00 to $250.00 and gave the company a "neutral" rating in a research note on Monday, September 23rd. Raymond James boosted their price objective on shares of SBA Communications from $285.00 to $300.00 and gave the company a "strong-buy" rating in a research report on Tuesday, October 29th. Wells Fargo & Company increased their target price on SBA Communications from $220.00 to $240.00 and gave the stock an "equal weight" rating in a report on Thursday, October 10th. The Goldman Sachs Group boosted their price target on SBA Communications from $212.00 to $240.00 and gave the company a "neutral" rating in a report on Thursday, September 26th. Finally, KeyCorp increased their price objective on SBA Communications from $230.00 to $280.00 and gave the stock an "overweight" rating in a report on Monday, October 14th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus price target of $254.92.
View Our Latest Report on 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.
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