Caisse DE Depot ET Placement DU Quebec Grows Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Caisse DE Depot ET Placement DU Quebec grew its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 14,529.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 251,328 shares of the technology company's stock after purchasing an additional 249,610 shares during the period. Caisse DE Depot ET Placement DU Quebec owned approximately 0.23% of SBA Communications worth $60,495,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SBAC. Ashton Thomas Securities LLC acquired a new stake in SBA Communications during the third quarter worth approximately $26,000. Ridgewood Investments LLC bought a new position in shares of SBA Communications during the 2nd quarter worth approximately $32,000. Capital Performance Advisors LLP bought a new stake in shares of SBA Communications in the third quarter worth about $35,000. Family Firm Inc. acquired a new stake in shares of SBA Communications in the second quarter valued at approximately $36,000. Finally, Global X Japan Co. Ltd. bought a new position in SBA Communications during the 2nd quarter worth $49,000. Institutional investors own 97.35% of the company's stock.

SBA Communications Price Performance

SBAC traded down $2.26 during trading on Friday, reaching $226.25. 351,601 shares of the company's stock were exchanged, compared to its average volume of 905,552. The company's fifty day simple moving average is $232.78 and its 200-day simple moving average is $218.45. The stock has a market capitalization of $24.33 billion, a P/E ratio of 35.69, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). The business had revenue of $667.60 million for the quarter, compared to analysts' expectations of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The business's quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $3.34 earnings per share. Equities analysts forecast that SBA Communications Co. will post 12.56 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently announced 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. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications's dividend payout ratio is currently 61.83%.

Analyst Ratings Changes

SBAC has been the topic of a number of recent analyst reports. TD Cowen increased their price objective on SBA Communications from $251.00 to $261.00 and gave the stock a "buy" rating in a research report on Tuesday, October 29th. KeyCorp boosted their price target 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. Raymond James increased their price target on SBA Communications from $285.00 to $300.00 and gave the stock a "strong-buy" rating in a report on Tuesday, October 29th. BMO Capital Markets lifted their price objective on SBA Communications from $255.00 to $260.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. upped 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. Three 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.com, SBA Communications presently has an average rating of "Moderate Buy" and a consensus price target of $257.23.

Insider Activity

In other news, EVP Donald Day sold 1,500 shares of the business's stock in a transaction 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 $1,213,814.28. The trade was a 23.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is owned by company insiders.

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.