Mirae Asset Global Investments Co. Ltd. Increases Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in SBA Communications Co. (NASDAQ:SBAC) by 26.3% in the third quarter, Holdings Channel reports. The institutional investor owned 10,724 shares of the technology company’s stock after acquiring an additional 2,232 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in SBA Communications were worth $2,559,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Ridgewood Investments LLC bought a new stake in shares of SBA Communications during the second quarter valued at about $32,000. Family Firm Inc. purchased a new stake in SBA Communications in the 2nd quarter worth approximately $36,000. Global X Japan Co. Ltd. purchased a new stake in SBA Communications in the 2nd quarter worth approximately $49,000. Friedenthal Financial bought a new position in SBA Communications in the 3rd quarter valued at $50,000. Finally, Versant Capital Management Inc increased its holdings in shares of SBA Communications by 4,500.0% in the second quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock worth $54,000 after purchasing an additional 270 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insider Activity

In related news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,213,814.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the transaction, the director now owns 8,084 shares in the company, valued at $1,775,084.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. Royal Bank of Canada raised their target price on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Raymond James boosted their price target on shares of SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Tuesday. The Goldman Sachs Group raised their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Finally, KeyCorp lifted their price objective on shares of SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, SBA Communications has an average rating of “Moderate Buy” and a consensus price target of $257.23.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $231.88 on Thursday. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The business has a 50 day moving average price of $237.77 and a 200-day moving average price of $214.16. The firm has a market cap of $24.92 billion, a PE ratio of 48.92, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data 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 net margin of 19.22% and a negative return on equity of 9.85%. SBA Communications’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.34 EPS. Research analysts predict that SBA Communications Co. will post 12.52 EPS for the current year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be given a $0.98 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.69%. SBA Communications’s dividend payout ratio is currently 82.70%.

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.