SBA Communications Co. (NASDAQ:SBAC – Get Free Report)’s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $217.82, but opened at $211.64. SBA Communications shares last traded at $216.15, with a volume of 216,037 shares traded.
The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The company had revenue of $660.50 million during the quarter, compared to analyst estimates of $665.21 million. During the same period in the prior year, the business earned $3.24 EPS. The business’s revenue for the quarter was down 2.7% on a year-over-year basis.
SBA Communications Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd will be given a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 1.81%. SBA Communications’s dividend payout ratio is currently 76.86%.
Analyst Upgrades and Downgrades
Read Our Latest Research Report on SBAC
Institutional Trading of SBA Communications
Several hedge funds and other institutional investors have recently modified their holdings of SBAC. Ridgewood Investments LLC acquired a new position in shares of SBA Communications in the second quarter valued at approximately $32,000. Family Firm Inc. acquired a new position in SBA Communications in the 2nd quarter valued at $36,000. Glassman Wealth Services increased its position in SBA Communications by 79.1% during the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after buying an additional 68 shares during the period. Pinnacle Bancorp Inc. lifted its holdings in shares of SBA Communications by 73.6% during the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after buying an additional 67 shares in the last quarter. Finally, Allworth Financial LP boosted its position in shares of SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after acquiring an additional 45 shares during the period. Institutional investors own 97.35% of the company’s stock.
SBA Communications Price Performance
The company has a market cap of $23.22 billion, a P/E ratio of 42.71, a PEG ratio of 0.69 and a beta of 0.65. The stock’s 50-day moving average price is $197.93 and its 200-day moving average price is $206.91.
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.
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