SBA Communications (NASDAQ:SBAC) Downgraded by Morgan Stanley to Equal

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Morgan Stanley cut shares of SBA Communications (NASDAQ:SBAC) from an overweight rating to an equal rating in a research report report published on Thursday morning, BenzingaRatingsTable reports. The firm currently has $249.00 target price on the technology company’s stock, up from their prior target price of $222.00.

A number of other equities research analysts have also issued reports on the company. BidaskClub lowered SBA Communications from a buy rating to a hold rating in a research note on Tuesday, September 10th. KeyCorp increased their target price on 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. lowered SBA Communications from an overweight rating to a neutral rating and increased their target price for the company from $220.00 to $270.00 in a research note on Thursday, August 1st. TheStreet upgraded SBA Communications from a c rating to a b- rating in a research note on Monday, July 29th. Finally, UBS Group lowered SBA Communications from a buy rating to a neutral rating and increased their target price for the company from $209.00 to $240.00 in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $238.92.

NASDAQ:SBAC traded up $0.06 on Thursday, hitting $251.27. 2,004 shares of the stock were exchanged, compared to its average volume of 605,102. The stock has a market cap of $28.40 billion, a PE ratio of 33.04, a PEG ratio of 3.25 and a beta of 0.67. The stock has a fifty day moving average of $255.58 and a 200-day moving average of $222.49. SBA Communications has a fifty-two week low of $146.13 and a fifty-two week high of $270.42.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 firm had revenue of $500.10 million for the quarter, compared to analyst estimates of $489.09 million. During the same quarter in the prior year, the company earned ($0.50) earnings per share. The business’s revenue was up 9.6% compared to the same quarter last year. Research analysts expect that SBA Communications will post 7.78 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, August 28th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date is Tuesday, August 27th. SBA Communications’s dividend payout ratio is presently 19.47%.

In related news, Director Jack Langer sold 5,301 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $261.91, for a total value of $1,388,384.91. Following the sale, the director now owns 50 shares of the company’s stock, valued at approximately $13,095.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brendan Thomas Cavanagh sold 54,411 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $268.07, for a total value of $14,585,956.77. Following the completion of the sale, the chief financial officer now directly owns 98,751 shares in the company, valued at approximately $26,472,180.57. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,616 shares of company stock worth $26,774,328. 2.50% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisory Services Network LLC lifted its holdings in shares of SBA Communications by 65.4% in the 2nd quarter. Advisory Services Network LLC now owns 129 shares of the technology company’s stock worth $29,000 after purchasing an additional 51 shares during the last quarter. Redhawk Wealth Advisors Inc. bought a new stake in shares of SBA Communications in the 2nd quarter worth approximately $29,000. Certified Advisory Corp acquired a new stake in SBA Communications in the 2nd quarter valued at approximately $31,000. Berman Capital Advisors LLC increased its position in SBA Communications by 103.9% in the 2nd quarter. Berman Capital Advisors LLC now owns 155 shares of the technology company’s stock valued at $34,000 after acquiring an additional 79 shares during the period. Finally, Next Capital Management LLC acquired a new stake in SBA Communications in the 2nd quarter valued at approximately $43,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Company 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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