Geode Capital Management LLC Grows Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Geode Capital Management LLC increased its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 0.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,815,135 shares of the technology company's stock after purchasing an additional 5,733 shares during the period. Geode Capital Management LLC owned approximately 2.62% of SBA Communications worth $675,511,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Prestige Wealth Management Group LLC increased its holdings in shares of SBA Communications by 4,963.3% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 1,519 shares of the technology company's stock worth $366,000 after buying an additional 1,489 shares during the last quarter. Vestcor Inc grew its position in SBA Communications by 11.5% in the third quarter. Vestcor Inc now owns 36,701 shares of the technology company's stock worth $8,834,000 after acquiring an additional 3,773 shares in the last quarter. M&T Bank Corp increased its stake in SBA Communications by 11.1% in the third quarter. M&T Bank Corp now owns 4,440 shares of the technology company's stock valued at $1,069,000 after acquiring an additional 444 shares during the last quarter. Duff & Phelps Investment Management Co. raised its position in SBA Communications by 11.6% during the third quarter. Duff & Phelps Investment Management Co. now owns 50,202 shares of the technology company's stock valued at $12,084,000 after purchasing an additional 5,212 shares in the last quarter. Finally, Barclays PLC lifted its stake in SBA Communications by 71.0% during the third quarter. Barclays PLC now owns 658,029 shares of the technology company's stock worth $158,386,000 after purchasing an additional 273,237 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Wells Fargo & Company increased their price objective on SBA Communications from $220.00 to $240.00 and gave the company an "equal weight" rating in a research report on Thursday, October 10th. Morgan Stanley lifted their price target on shares of SBA Communications from $232.00 to $252.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 18th. StockNews.com raised shares of SBA Communications from a "hold" rating to a "buy" rating in a research note on Thursday, November 7th. BMO Capital Markets lifted their target price on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Finally, Raymond James upped their price target on shares of SBA Communications from $285.00 to $300.00 and gave the company a "strong-buy" rating in a research report on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, SBA Communications presently has a consensus rating of "Moderate Buy" and a consensus target price of $257.23.

SBA Communications Stock Down 0.1 %

Shares of SBAC traded down $0.16 during mid-day trading on Thursday, hitting $216.05. 730,797 shares of the company's stock traded hands, compared to its average volume of 913,853. The business's 50-day moving average price is $229.66 and its 200-day moving average price is $219.69. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The firm has a market capitalization of $23.23 billion, a P/E ratio of 34.10, a PEG ratio of 0.74 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings data 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 during 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%. The firm's revenue for the quarter 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. Sell-side analysts anticipate that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be issued a dividend of $0.98 per share. The ex-dividend date is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.81%. SBA Communications's dividend payout ratio (DPR) is 61.83%.

Insider Transactions at SBA Communications

In other SBA Communications news, EVP Mark R. Ciarfella sold 3,545 shares of the business's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $224.33, for a total value of $795,249.85. Following the sale, the executive vice president now directly owns 33,588 shares of the company's stock, valued at approximately $7,534,796.04. The trade was a 9.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction dated 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 transaction, the executive vice president now directly owns 4,998 shares of the company's stock, valued at approximately $1,213,814.28. This represents a 23.08 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company's stock.

SBA Communications 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.