QRG Capital Management Inc. Buys 1,360 Shares of SBA Communications Co. (NASDAQ:SBAC)

QRG Capital Management Inc. raised its stake in SBA Communications Co. (NASDAQ:SBAC) by 25.7% in the third quarter, Holdings Channel.com reports. The firm owned 6,655 shares of the technology company’s stock after acquiring an additional 1,360 shares during the period. QRG Capital Management Inc.’s holdings in SBA Communications were worth $1,602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Ridgewood Investments LLC acquired a new stake in SBA Communications during the second quarter worth about $32,000. Family Firm Inc. bought a new position in SBA Communications in the second quarter worth $36,000. Global X Japan Co. Ltd. acquired a new position in shares of SBA Communications in the 2nd quarter valued at $49,000. Friedenthal Financial bought a new position in shares of SBA Communications during the 3rd quarter worth about $50,000. Finally, Farther Finance Advisors LLC boosted its position in shares of SBA Communications by 32.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock valued at $52,000 after acquiring an additional 53 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SBAC shares. BMO Capital Markets lifted their price objective on SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Morgan Stanley upped their price objective on shares of SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Royal Bank of Canada boosted their target price on SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. JPMorgan Chase & Co. raised their price target on SBA Communications from $228.00 to $250.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Finally, Raymond James raised their target price on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $257.23.

Insider Buying and Selling

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the company’s stock in a transaction that occurred on 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 owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the sale, the director now directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,213,814.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

SBA Communications Stock Performance

SBAC opened at $221.58 on Friday. The company has a fifty day moving average price of $237.80 and a two-hundred day moving average price of $215.20. The firm has a market capitalization of $23.81 billion, a PE ratio of 34.95, a P/E/G ratio of 0.68 and a beta of 0.68. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, October 28th. The technology company reported $2.40 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The company had revenue of $667.60 million for the quarter, compared to analyst estimates of $669.29 million. During the same period last year, the firm earned $3.34 earnings per share. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. Equities analysts forecast that SBA Communications Co. will post 12.56 EPS for the current year.

SBA Communications Dividend Announcement

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

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.