Connor Clark & Lunn Investment Management Ltd. Sells 1,648 Shares of SBA Communications Corporation $SBAC

Connor Clark & Lunn Investment Management Ltd. decreased its position in SBA Communications Corporation (NASDAQ:SBAC) by 4.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,857 shares of the technology company’s stock after selling 1,648 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in SBA Communications were worth $7,716,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC increased its position in shares of SBA Communications by 106.3% during the second quarter. CVA Family Office LLC now owns 130 shares of the technology company’s stock valued at $31,000 after acquiring an additional 67 shares during the last quarter. Stone House Investment Management LLC purchased a new position in SBA Communications in the first quarter worth $33,000. Allworth Financial LP grew its stake in SBA Communications by 62.0% in the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company’s stock valued at $36,000 after purchasing an additional 62 shares during the period. Geneos Wealth Management Inc. increased its position in shares of SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after purchasing an additional 84 shares during the last quarter. Finally, Summit Securities Group LLC purchased a new position in SBA Communications in the first quarter valued at about $47,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several research analyst reports. Barclays decreased their price target on shares of SBA Communications from $257.00 to $226.00 and set an “overweight” rating for the company in a research note on Monday, September 15th. Williams Trading set a $237.00 target price on SBA Communications in a research note on Tuesday, November 4th. KeyCorp dropped their price target on SBA Communications from $280.00 to $235.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 17th. Morgan Stanley decreased their price objective on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. Finally, Raymond James Financial set a $265.00 price objective on shares of SBA Communications and gave the company a “strong-buy” rating in a report on Tuesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $238.50.

SBA Communications Stock Down 0.6%

SBAC stock opened at $201.63 on Thursday. The firm has a market capitalization of $21.65 billion, a PE ratio of 25.62, a PEG ratio of 2.01 and a beta of 0.80. SBA Communications Corporation has a twelve month low of $185.45 and a twelve month high of $245.16. The stock has a 50-day simple moving average of $195.03 and a two-hundred day simple moving average of $216.63.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.21 by $0.09. The firm had revenue of $732.33 million for the quarter, compared to the consensus estimate of $715.65 million. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $3.32 earnings per share. SBA Communications has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Thursday, November 13th will be issued a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, November 13th. SBA Communications’s dividend payout ratio (DPR) is presently 57.89%.

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.