Cornercap Investment Counsel Inc. Sells 1,510 Shares of SBA Communications Co. (NASDAQ:SBAC)

Cornercap Investment Counsel Inc. trimmed its stake in SBA Communications Co. (NASDAQ:SBAC) by 35.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,698 shares of the technology company’s stock after selling 1,510 shares during the period. Cornercap Investment Counsel Inc.’s holdings in SBA Communications were worth $649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its holdings in shares of SBA Communications by 2,821.5% in 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 purchasing an additional 1,174,469 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of SBA Communications in the 2nd quarter worth $134,738,000. Long Pond Capital LP bought a new position in shares of SBA Communications during the 2nd quarter worth $83,687,000. AQR Capital Management LLC increased its stake in shares of SBA Communications by 500.0% during the second quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock valued at $72,375,000 after buying an additional 307,530 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its holdings in shares of SBA Communications by 13.4% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after acquiring an additional 233,179 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction 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 sale, the director now owns 8,084 shares in the company, valued at $1,775,084.72. This represents a 3.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,213,814.28. This represents a 23.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SBAC shares. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Barclays boosted their price objective on shares of SBA Communications from $236.00 to $256.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft increased their target price on SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Raymond James upped their price objective on SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, Morgan Stanley lifted their target price on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. Three 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’s stock. According to data from MarketBeat, SBA Communications presently has an average rating of “Moderate Buy” and a consensus price target of $257.23.

SBA Communications Trading Up 1.2 %

NASDAQ SBAC opened at $221.09 on Friday. The stock has a market cap of $23.77 billion, a P/E ratio of 34.87, a P/E/G ratio of 0.74 and a beta of 0.68. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76. The company has a fifty day simple moving average of $236.70 and a two-hundred day simple moving average of $216.02.

SBA Communications (NASDAQ:SBAC) last issued 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). The firm had revenue of $667.60 million during the quarter, compared to analysts’ expectations of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The business’s revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the business earned $3.34 EPS. As a group, sell-side analysts forecast that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be issued a $0.98 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.92 annualized dividend and a yield of 1.77%. SBA Communications’s dividend payout ratio (DPR) is presently 61.83%.

About SBA Communications

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.