Diamond Hill Capital Management Inc. Boosts Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Diamond Hill Capital Management Inc. lifted its position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 8.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,861,091 shares of the technology company's stock after purchasing an additional 142,054 shares during the quarter. SBA Communications comprises 1.7% of Diamond Hill Capital Management Inc.'s investment portfolio, making the stock its 21st biggest holding. Diamond Hill Capital Management Inc. owned approximately 1.73% of SBA Communications worth $379,290,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Oak Thistle LLC lifted its holdings in shares of SBA Communications by 76.1% during the fourth quarter. Oak Thistle LLC now owns 6,623 shares of the technology company's stock valued at $1,350,000 after purchasing an additional 2,863 shares in the last quarter. Czech National Bank boosted its stake in shares of SBA Communications by 6.5% in the fourth quarter. Czech National Bank now owns 23,314 shares of the technology company's stock worth $4,751,000 after acquiring an additional 1,421 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of SBA Communications by 14,529.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 251,328 shares of the technology company's stock worth $60,495,000 after acquiring an additional 249,610 shares during the period. First Hawaiian Bank boosted its stake in SBA Communications by 91.0% during the fourth quarter. First Hawaiian Bank now owns 12,377 shares of the technology company's stock valued at $2,522,000 after buying an additional 5,897 shares during the last quarter. Finally, Bank of Montreal Can boosted its stake in SBA Communications by 135.5% during the third quarter. Bank of Montreal Can now owns 420,514 shares of the technology company's stock valued at $100,351,000 after buying an additional 241,916 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

Remove Ads

SBA Communications Stock Performance

Shares of SBA Communications stock traded up $2.25 on Tuesday, hitting $223.15. The company's stock had a trading volume of 750,938 shares, compared to its average volume of 847,670. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64. The firm has a fifty day moving average price of $207.64 and a 200-day moving average price of $220.23. The company has a market capitalization of $24.01 billion, a price-to-earnings ratio of 35.20, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a dividend of $1.11 per share. This is a positive change from SBA Communications's previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Thursday, March 13th. SBA Communications's payout ratio is 63.98%.

Insiders Place Their Bets

In other news, EVP Donald Day sold 2,321 shares of the business's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $203.43, for a total transaction of $472,161.03. Following the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at $1,016,743.14. The trade was a 31.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Joshua Koenig sold 2,209 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the transaction, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SBAC shares. StockNews.com lowered SBA Communications from a "buy" rating to a "hold" rating in a research note on Thursday, February 20th. Royal Bank of Canada restated an "outperform" rating and set a $255.00 price objective on shares of SBA Communications in a report on Monday, February 24th. JMP Securities started coverage on SBA Communications in a report on Monday, January 27th. They set an "outperform" rating and a $250.00 price objective on the stock. BMO Capital Markets reiterated a "market perform" rating and issued a $230.00 price target (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Finally, Barclays lowered their price objective on SBA Communications from $254.00 to $240.00 and set an "overweight" rating for the company in a research report on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $252.54.

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.