BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Holdings in SBA Communications Co. (NASDAQ:SBAC)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 13.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,926 shares of the technology company's stock after selling 2,779 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in SBA Communications were worth $4,315,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of SBA Communications by 10.7% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 527 shares of the technology company's stock valued at $127,000 after buying an additional 51 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of SBA Communications by 0.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 9,265 shares of the technology company's stock valued at $1,819,000 after buying an additional 53 shares during the period. Farther Finance Advisors LLC increased its stake in shares of SBA Communications by 32.5% during the third quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company's stock valued at $52,000 after buying an additional 53 shares during the period. Checchi Capital Advisers LLC grew its stake in SBA Communications by 4.1% in the second quarter. Checchi Capital Advisers LLC now owns 1,457 shares of the technology company's stock valued at $286,000 after purchasing an additional 57 shares during the last quarter. Finally, Sugarloaf Wealth Management LLC grew its stake in SBA Communications by 11.6% in the third quarter. Sugarloaf Wealth Management LLC now owns 558 shares of the technology company's stock valued at $134,000 after purchasing an additional 58 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Up 0.1 %

Shares of SBA Communications stock traded up $0.15 on Tuesday, reaching $223.09. 644,067 shares of the stock were exchanged, compared to its average volume of 915,570. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76. The firm has a market capitalization of $23.99 billion, a price-to-earnings ratio of 35.19, a PEG ratio of 0.75 and a beta of 0.67. The business has a 50 day moving average price of $232.05 and a two-hundred day moving average price of $218.75.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings results 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). SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The company had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. During the same period in the previous year, the firm posted $3.34 earnings per share. The company's revenue was down 2.2% compared to the same quarter last year. Research analysts forecast that SBA Communications Co. will post 12.56 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications's payout ratio is presently 61.83%.

Insider Activity

In other news, EVP Donald Day sold 1,500 shares of the business's stock in a transaction that occurred 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 directly owns 4,998 shares in the company, valued at $1,213,814.28. The trade was a 23.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.30% of the company's stock.

Analysts Set New Price Targets

SBAC has been the topic of several analyst reports. Royal Bank of Canada lifted their target price on SBA Communications from $235.00 to $245.00 and gave the company an "outperform" rating in a research note on Monday, August 5th. The Goldman Sachs Group lifted their target price on SBA Communications from $212.00 to $240.00 and gave the company a "neutral" rating in a research note on Thursday, September 26th. Deutsche Bank Aktiengesellschaft lifted their target price on SBA Communications from $230.00 to $240.00 and gave the company a "buy" rating in a research note on Wednesday, August 14th. Wells Fargo & Company lifted their target price on SBA Communications from $220.00 to $240.00 and gave the company an "equal weight" rating in a research note on Thursday, October 10th. Finally, StockNews.com raised SBA Communications from a "hold" rating to a "buy" rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus target price of $257.23.

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.