Massachusetts Financial Services Co. MA Has $405.75 Million Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Massachusetts Financial Services Co. MA trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 7.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,685,686 shares of the technology company's stock after selling 139,027 shares during the period. Massachusetts Financial Services Co. MA owned 1.57% of SBA Communications worth $405,745,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in SBAC. Bessemer Group Inc. lifted its position in shares of SBA Communications by 106.5% during the 1st quarter. Bessemer Group Inc. now owns 15,061 shares of the technology company's stock valued at $3,264,000 after acquiring an additional 7,767 shares during the period. Lake Street Advisors Group LLC grew its stake in SBA Communications by 22.3% during the first quarter. Lake Street Advisors Group LLC now owns 1,098 shares of the technology company's stock worth $238,000 after buying an additional 200 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in SBA Communications by 12.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 471,565 shares of the technology company's stock valued at $102,188,000 after buying an additional 53,400 shares during the period. LRI Investments LLC acquired a new position in shares of SBA Communications in the 1st quarter valued at approximately $276,000. Finally, Lazard Asset Management LLC lifted its holdings in shares of SBA Communications by 7.8% during the 1st quarter. Lazard Asset Management LLC now owns 148,687 shares of the technology company's stock worth $32,219,000 after acquiring an additional 10,753 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. StockNews.com upgraded shares of SBA Communications from a "hold" rating to a "buy" rating in a research report on Thursday, November 7th. Wells Fargo & Company boosted their price target on SBA Communications from $220.00 to $240.00 and gave the stock an "equal weight" rating in a report on Thursday, October 10th. KeyCorp upped their price objective on SBA Communications from $230.00 to $280.00 and gave the stock an "overweight" rating in a research report on Monday, October 14th. Royal Bank of Canada lifted their target price on SBA Communications from $235.00 to $245.00 and gave the company an "outperform" rating in a research report on Monday, August 5th. Finally, Raymond James increased their target price on shares of SBA Communications from $285.00 to $300.00 and gave the stock a "strong-buy" rating in a report on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $257.23.

Insider Transactions at SBA Communications

In related news, EVP Donald Day sold 1,500 shares of the company's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the sale, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. This represents a 23.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is currently owned by corporate insiders.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC traded up $1.23 during mid-day trading on Friday, reaching $220.66. 579,284 shares of the company's stock were exchanged, compared to its average volume of 923,501. The firm has a market capitalization of $23.73 billion, a price-to-earnings ratio of 34.80, a PEG ratio of 0.74 and a beta of 0.68. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76. The business's fifty day moving average price is $234.22 and its 200-day moving average price is $217.17.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly 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 company had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The company's quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $3.34 EPS. Analysts predict that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Dividend Announcement

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

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.