BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 7,853 Shares of SBA Communications Co. (NASDAQ:SBAC)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 61.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,705 shares of the technology company’s stock after purchasing an additional 7,853 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in SBA Communications were worth $4,064,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. SG Americas Securities LLC lifted its holdings in SBA Communications by 191.3% during the 1st quarter. SG Americas Securities LLC now owns 25,828 shares of the technology company’s stock valued at $5,597,000 after buying an additional 16,962 shares in the last quarter. Nomura Holdings Inc. purchased a new position in shares of SBA Communications during the fourth quarter worth approximately $7,422,000. Wellington Management Group LLP raised its stake in shares of SBA Communications by 596.2% during the fourth quarter. Wellington Management Group LLP now owns 225,128 shares of the technology company’s stock valued at $57,113,000 after acquiring an additional 192,791 shares in the last quarter. Clear Rock Advisors LLC purchased a new stake in shares of SBA Communications in the fourth quarter valued at approximately $1,900,000. Finally, GSA Capital Partners LLP bought a new position in SBA Communications in the fourth quarter worth approximately $3,779,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at SBA Communications

In related news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the transaction, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director George R. Krouse, Jr. sold 325 shares of the company’s 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 directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,590 shares of company stock worth $11,483,981. Company insiders own 1.30% of the company’s stock.

SBA Communications Price Performance

SBA Communications stock opened at $238.64 on Friday. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $258.76. The business has a fifty day moving average price of $226.31 and a 200-day moving average price of $209.87. The stock has a market capitalization of $25.65 billion, a price-to-earnings ratio of 46.79, a PEG ratio of 0.73 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. SBA Communications’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.24 EPS. On average, equities research analysts anticipate that SBA Communications Co. will post 12.53 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd were issued a $0.98 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.64%. SBA Communications’s dividend payout ratio is currently 76.86%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SBAC shares. Barclays decreased their target price on SBA Communications from $240.00 to $236.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. JPMorgan Chase & Co. increased their target price on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a 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 report on Monday, August 5th. Finally, BMO Capital Markets lowered their price target on shares of SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $244.08.

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.