SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Magellan Asset Management Ltd

Magellan Asset Management Ltd lowered its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 14.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 83,378 shares of the technology company's stock after selling 14,040 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.08% of SBA Communications worth $16,992,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SBAC. State Street Corp boosted its position in shares of SBA Communications by 1.8% in the 3rd quarter. State Street Corp now owns 4,643,527 shares of the technology company's stock valued at $1,117,697,000 after purchasing an additional 81,566 shares during the period. JPMorgan Chase & Co. lifted its stake in SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock valued at $1,024,049,000 after buying an additional 605,872 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of SBA Communications by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock valued at $586,827,000 after acquiring an additional 71,023 shares during the period. Diamond Hill Capital Management Inc. grew its position in shares of SBA Communications by 8.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company's stock worth $379,290,000 after acquiring an additional 142,054 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of SBA Communications by 46.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company's stock valued at $363,015,000 after acquiring an additional 565,137 shares during the period. Institutional investors and hedge funds own 97.35% of the company's stock.

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SBA Communications Price Performance

SBAC traded up $1.51 during trading on Tuesday, reaching $215.94. 624,376 shares of the stock were exchanged, compared to its average volume of 880,524. The company has a market capitalization of $23.24 billion, a price-to-earnings ratio of 34.06, a P/E/G ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64. The business's 50 day moving average price is $213.61 and its two-hundred day moving average price is $218.31.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were given a $1.11 dividend. The ex-dividend date was Thursday, March 13th. This is a positive change from SBA Communications's previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a dividend yield of 2.06%. SBA Communications's payout ratio is currently 63.98%.

Analyst Ratings Changes

SBAC has been the subject of several recent research reports. BMO Capital Markets reiterated a "market perform" rating and set a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Wells Fargo & Company increased their price target on SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Morgan Stanley began coverage on shares of SBA Communications in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 price objective for the company. JMP Securities began coverage on shares of SBA Communications in a report on Monday, January 27th. They issued an "outperform" rating and a $250.00 target price on the stock. Finally, Barclays increased their price target on shares of SBA Communications from $240.00 to $244.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $251.92.

Insider Buying and Selling at SBA Communications

In other news, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the transaction, the vice president now directly owns 6,079 shares of the company's stock, valued at $1,362,790.22. This trade represents a 26.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by insiders.

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.