SBA Communications Co. (NASDAQ:SBAC) Short Interest Update

SBA Communications Co. (NASDAQ:SBAC) saw a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 1,380,000 shares, an increase of 25.5% from the October 31st total of 1,100,000 shares. Based on an average daily trading volume, of 875,800 shares, the short-interest ratio is presently 1.6 days. Currently, 1.3% of the shares of the company are sold short.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC traded down $2.26 during mid-day trading on Friday, hitting $226.25. The stock had a trading volume of 351,601 shares, compared to its average volume of 905,552. The company’s 50 day moving average is $232.78 and its 200-day moving average is $218.45. SBA Communications has a 12-month low of $183.64 and a 12-month high of $258.76. The company has a market cap of $24.33 billion, a PE ratio of 35.69, a P/E/G ratio of 0.76 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The business had revenue of $667.60 million during the quarter, compared to analysts’ expectations of $669.29 million. During the same quarter in the previous year, the company earned $3.34 EPS. SBA Communications’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, equities research analysts predict that SBA Communications will post 12.56 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 annualized dividend and a yield of 1.73%. SBA Communications’s dividend payout ratio (DPR) is presently 61.83%.

Insider Activity

In related news, EVP Donald Day sold 1,500 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. This represents a 23.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of SBA Communications

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of SBA Communications by 1.8% in the third quarter. State Street Corp now owns 4,643,527 shares of the technology company’s stock worth $1,117,697,000 after acquiring an additional 81,566 shares during the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of SBA Communications by 13.4% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after buying an additional 233,179 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in SBA Communications by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company’s stock worth $305,637,000 after buying an additional 62,555 shares during the last quarter. Victory Capital Management Inc. raised its position in SBA Communications by 2,821.5% during the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after acquiring an additional 1,174,469 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in SBA Communications by 15.5% in the second quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company’s stock valued at $233,654,000 after acquiring an additional 159,433 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SBAC has been the topic of several recent analyst reports. Wells Fargo & Company boosted 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. Morgan Stanley upped their price objective on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. The Goldman Sachs Group lifted their target price on SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. BMO Capital Markets upped their price target on shares of SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Royal Bank of Canada raised their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $257.23.

SBA Communications Company Profile

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.