DNB Asset Management AS Boosts Holdings in SBA Communications Co. (NASDAQ:SBAC)

DNB Asset Management AS raised its position in SBA Communications Co. (NASDAQ:SBAC) by 8.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,647 shares of the technology company’s stock after acquiring an additional 1,322 shares during the quarter. DNB Asset Management AS’s holdings in SBA Communications were worth $3,464,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SBAC. Raymond James Financial Services Advisors Inc. boosted its position in SBA Communications by 9.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 14,248 shares of the technology company’s stock valued at $3,615,000 after buying an additional 1,221 shares during the period. Asset Management One Co. Ltd. lifted its position in SBA Communications by 1.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 43,812 shares of the technology company’s stock valued at $11,139,000 after acquiring an additional 528 shares during the last quarter. Allworth Financial LP boosted its stake in 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 in the last quarter. Prime Capital Investment Advisors LLC purchased a new position in shares of SBA Communications during the fourth quarter worth about $560,000. Finally, New York State Teachers Retirement System lifted its holdings in shares of SBA Communications by 0.7% in the 4th quarter. New York State Teachers Retirement System now owns 111,347 shares of the technology company’s stock valued at $28,248,000 after purchasing an additional 804 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

SBAC has been the topic of a number of research reports. BMO Capital Markets dropped their price target on SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Wells Fargo & Company cut shares of SBA Communications from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $230.00 to $220.00 in a report on Monday, July 15th. Citigroup decreased their price target on shares of SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Barclays dropped their price objective on shares of SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group started coverage on shares of SBA Communications in a report on Monday, July 1st. They issued a “neutral” rating and a $212.00 target price for the company. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and a consensus price target of $241.67.

SBA Communications Stock Down 0.4 %

Shares of SBA Communications stock opened at $220.32 on Wednesday. The firm has a market cap of $23.67 billion, a price-to-earnings ratio of 43.20, a price-to-earnings-growth ratio of 0.73 and a beta of 0.65. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $258.76. The company’s 50-day simple moving average is $201.76 and its 200-day simple moving average is $206.36.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The business had revenue of $660.50 million during the quarter, compared to analysts’ expectations of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. SBA Communications’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.24 EPS. Equities research analysts anticipate that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be given a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Thursday, August 22nd. SBA Communications’s payout ratio is 76.86%.

Insider Buying and Selling at SBA Communications

In other news, Chairman Jeffrey Stoops sold 49,765 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the transaction, the chairman now directly owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.30% of the stock is owned by corporate insiders.

SBA Communications 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.