Jennison Associates LLC Lowers Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

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Jennison Associates LLC cut its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 8.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 536,779 shares of the technology company’s stock after selling 51,766 shares during the period. Jennison Associates LLC owned 0.47% of SBA Communications worth $120,689,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FDx Advisors Inc. grew its stake in shares of SBA Communications by 24.6% during the 2nd quarter. FDx Advisors Inc. now owns 4,969 shares of the technology company’s stock valued at $1,117,000 after buying an additional 982 shares during the period. Allstate Corp grew its stake in shares of SBA Communications by 4.1% during the 1st quarter. Allstate Corp now owns 3,393 shares of the technology company’s stock valued at $677,000 after buying an additional 135 shares during the period. TCW Group Inc. grew its stake in shares of SBA Communications by 6.0% during the 1st quarter. TCW Group Inc. now owns 19,745 shares of the technology company’s stock valued at $3,943,000 after buying an additional 1,113 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of SBA Communications by 6.6% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 46,762 shares of the technology company’s stock valued at $10,514,000 after buying an additional 2,900 shares during the period. Finally, Swiss National Bank grew its stake in shares of SBA Communications by 1.3% during the 1st quarter. Swiss National Bank now owns 378,551 shares of the technology company’s stock valued at $75,581,000 after buying an additional 5,000 shares during the period. 93.54% of the stock is owned by institutional investors.

In other SBA Communications news, SVP Brian D. Lazarus sold 20,676 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $261.00, for a total value of $5,396,436.00. Following the transaction, the senior vice president now owns 17,829 shares in the company, valued at approximately $4,653,369. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kurt L. Bagwell sold 14,320 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $225.53, for a total transaction of $3,229,589.60. Following the completion of the transaction, the executive vice president now owns 58,375 shares in the company, valued at approximately $13,165,313.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,825 shares of company stock valued at $25,054,792. 2.50% of the stock is owned by corporate insiders.

SBA Communications stock traded up $0.27 during trading on Friday, reaching $260.80. 598,779 shares of the company’s stock were exchanged, compared to its average volume of 608,683. The company’s 50-day moving average is $243.58 and its two-hundred day moving average is $212.92. SBA Communications Co. has a 52-week low of $146.13 and a 52-week high of $263.91. The firm has a market cap of $29.47 billion, a price-to-earnings ratio of 34.32, a PEG ratio of 3.33 and a beta of 0.69.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.86 by ($1.58). SBA Communications had a negative return on equity of 4.12% and a net margin of 6.75%. The business had revenue of $500.10 million for the quarter, compared to analysts’ expectations of $489.09 million. During the same period last year, the company posted ($0.50) earnings per share. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, research analysts anticipate that SBA Communications Co. will post 7.83 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, August 28th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $1.48 dividend on an annualized basis and a yield of 0.57%.

Several analysts have recently issued reports on the stock. KeyCorp boosted their price objective on shares of SBA Communications from $259.00 to $292.00 and gave the company an “overweight” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. cut shares of SBA Communications from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $220.00 to $270.00 in a research note on Thursday, August 1st. ValuEngine raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. BidaskClub raised shares of SBA Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 9th. Finally, Cowen boosted their price objective on shares of SBA Communications from $203.00 to $250.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. SBA Communications has a consensus rating of “Hold” and an average target price of $230.85.

SBA Communications Profile

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By ?Building Better Wireless,? SBA generates revenue from two primary businesses ? site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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