Empowered Funds LLC Purchases 6,117 Shares of SBA Communications Co. (NASDAQ:SBAC)

Empowered Funds LLC boosted its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 346.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,883 shares of the technology company's stock after acquiring an additional 6,117 shares during the quarter. Empowered Funds LLC's holdings in SBA Communications were worth $1,897,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in shares of SBA Communications by 2,821.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company's stock valued at $292,714,000 after buying an additional 1,174,469 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of SBA Communications during the 2nd quarter valued at about $134,738,000. Long Pond Capital LP acquired a new stake in SBA Communications in the 2nd quarter worth approximately $83,687,000. AQR Capital Management LLC boosted its position in SBA Communications by 500.0% during the second quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company's stock worth $72,375,000 after purchasing an additional 307,530 shares during the period. Finally, Diamond Hill Capital Management Inc. boosted its position in SBA Communications by 13.4% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company's stock worth $387,470,000 after purchasing an additional 233,179 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SBAC. The Goldman Sachs Group boosted their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the stock a "neutral" rating in a research note on Thursday, September 26th. Royal Bank of Canada raised their price target on SBA Communications from $235.00 to $245.00 and gave the company an "outperform" rating in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft boosted their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a "buy" rating in a research report on Wednesday, August 14th. Wells Fargo & Company lifted their price target on SBA Communications from $220.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 10th. Finally, Morgan Stanley increased their price objective on SBA Communications from $232.00 to $252.00 and gave the company an "overweight" rating in a research report on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and an average price target of $257.23.

Insider Activity at SBA Communications

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the business's stock in a transaction 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 transaction, the executive vice president now owns 4,998 shares of the company's stock, valued at approximately $1,213,814.28. The trade was a 23.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is owned by insiders.

SBA Communications Trading Up 0.4 %

NASDAQ:SBAC traded up $0.93 during mid-day trading on Thursday, hitting $219.87. The company's stock had a trading volume of 416,577 shares, compared to its average volume of 925,023. The company has a market capitalization of $23.64 billion, a price-to-earnings ratio of 34.68, a P/E/G ratio of 0.74 and a beta of 0.68. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The stock has a fifty day moving average of $234.67 and a 200-day moving average of $216.97.

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

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 1.78%. The ex-dividend date is Thursday, November 14th. SBA Communications's dividend payout ratio is 61.83%.

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.