Blueshift Asset Management LLC Takes $243,000 Position in SBA Communications Co. (NASDAQ:SBAC)

Blueshift Asset Management LLC acquired a new position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,192 shares of the technology company's stock, valued at approximately $243,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of SBA Communications by 1.8% in the 3rd quarter. State Street Corp now owns 4,643,527 shares of the technology company's stock valued at $1,117,697,000 after purchasing an additional 81,566 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock valued at $1,024,049,000 after buying an additional 605,872 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of SBA Communications by 8.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company's stock worth $379,290,000 after acquiring an additional 142,054 shares during the last quarter. Victory Capital Management Inc. raised its position in SBA Communications by 46.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company's stock valued at $363,015,000 after purchasing an additional 565,137 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in SBA Communications by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company's stock worth $266,675,000 after purchasing an additional 38,725 shares during the period. Institutional investors and hedge funds own 97.35% of the company's stock.

Remove Ads

SBA Communications Price Performance

NASDAQ:SBAC traded up $0.39 on Wednesday, reaching $214.70. The stock had a trading volume of 394,483 shares, compared to its average volume of 846,089. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64. The company has a market cap of $23.10 billion, a price-to-earnings ratio of 33.86, a P/E/G ratio of 0.74 and a beta of 0.74. The firm's fifty day moving average is $210.45 and its two-hundred day moving average is $219.73.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be issued a $1.11 dividend. The ex-dividend date is Thursday, March 13th. This is an increase from SBA Communications's previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a yield of 2.07%. SBA Communications's payout ratio is 63.98%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. JMP Securities began coverage on SBA Communications in a research report on Monday, January 27th. They issued an "outperform" rating and a $250.00 price target on the stock. Citizens Jmp raised SBA Communications to a "strong-buy" rating in a report on Monday, January 27th. Barclays raised their target price on SBA Communications from $240.00 to $244.00 and gave the company an "overweight" rating in a report on Friday, March 21st. Wells Fargo & Company upped their price target on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 26th. Finally, BMO Capital Markets reiterated a "market perform" rating and issued a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, SBA Communications has an average rating of "Moderate Buy" and a consensus price target of $252.85.

Insider Transactions at SBA Communications

In other news, VP Joshua Koenig sold 2,209 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the transaction, the vice president now owns 6,079 shares of the company's stock, valued at $1,362,790.22. This represents a 26.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.30% of the company's stock.

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.