Hartford Investment Management Co. Sells 132 Shares of SBA Communications Co. (NASDAQ:SBAC)

Hartford Investment Management Co. lowered its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 1.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,742 shares of the technology company’s stock after selling 132 shares during the period. Hartford Investment Management Co.’s holdings in SBA Communications were worth $1,623,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Greenleaf Trust boosted its position in SBA Communications by 6.1% during the third quarter. Greenleaf Trust now owns 1,359 shares of the technology company’s stock valued at $327,000 after buying an additional 78 shares during the period. Eastern Bank bought a new stake in shares of SBA Communications in the 3rd quarter valued at about $58,000. Sequoia Financial Advisors LLC boosted its holdings in SBA Communications by 15.1% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 3,653 shares of the technology company’s stock valued at $879,000 after acquiring an additional 480 shares during the period. Allspring Global Investments Holdings LLC grew its position in SBA Communications by 16.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 136,054 shares of the technology company’s stock worth $32,748,000 after acquiring an additional 19,013 shares during the last quarter. Finally, New Century Financial Group LLC purchased a new position in SBA Communications in the 3rd quarter worth approximately $243,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insider Activity at SBA Communications

In other news, Director George R. Krouse, Jr. sold 325 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the transaction, the director now owns 8,084 shares in the company, valued at approximately $1,775,084.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the sale, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the sale, the director now directly owns 8,084 shares of the company’s stock, valued at $1,775,084.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,590 shares of company stock valued at $11,483,981. 1.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on SBAC shares. Royal Bank of Canada increased their price objective on SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. StockNews.com upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Friday, September 20th. BMO Capital Markets reduced their price target on SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. Barclays increased their price objective on SBA Communications from $236.00 to $256.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, TD Cowen decreased their target price on SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and a consensus price target of $251.58.

SBA Communications Price Performance

Shares of NASDAQ SBAC opened at $246.07 on Friday. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The firm has a 50-day moving average of $235.74 and a 200 day moving average of $213.13. The stock has a market cap of $26.45 billion, a P/E ratio of 51.91, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.56). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The company had revenue of $660.50 million during the quarter, compared to analysts’ expectations of $665.21 million. During the same quarter in the previous year, the company earned $3.24 EPS. The business’s quarterly revenue was down 2.7% on a year-over-year basis. Research analysts expect that SBA Communications Co. will post 12.52 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Thursday, August 22nd. SBA Communications’s payout ratio is 82.70%.

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.