Mirae Asset Global Investments Co. Ltd. Has $2.56 Million Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 26.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,724 shares of the technology company's stock after purchasing an additional 2,232 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in SBA Communications were worth $2,559,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ridgewood Investments LLC acquired a new position in shares of SBA Communications in the 2nd quarter worth approximately $32,000. Family Firm Inc. bought a new stake in shares of SBA Communications in the 2nd quarter worth $36,000. Friedenthal Financial acquired a new stake in SBA Communications during the third quarter valued at approximately $50,000. Eastern Bank acquired a new stake in SBA Communications during the third quarter valued at approximately $58,000. Finally, Global X Japan Co. Ltd. acquired a new stake in SBA Communications during the second quarter valued at approximately $49,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. KeyCorp upped their price target on shares of SBA Communications from $230.00 to $280.00 and gave the company an "overweight" rating in a research report on Monday, October 14th. Royal Bank of Canada upped their price target on shares of SBA Communications from $235.00 to $245.00 and gave the company an "outperform" rating in a research report on Monday, August 5th. Morgan Stanley boosted their price target on shares of SBA Communications from $232.00 to $252.00 and gave the company an "overweight" rating in a report on Wednesday, September 18th. TD Cowen upped their target price on SBA Communications from $251.00 to $261.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Wells Fargo & Company upped their price objective on shares of SBA Communications from $220.00 to $240.00 and gave the stock an "equal weight" rating in a report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $257.23.

SBA Communications Price Performance

Shares of SBAC stock traded down $2.22 during trading hours on Thursday, reaching $229.66. The company had a trading volume of 481,132 shares, compared to its average volume of 915,903. The company has a 50 day moving average of $237.77 and a 200 day moving average of $214.16. The firm has a market cap of $24.68 billion, a price-to-earnings ratio of 36.59, a P/E/G ratio of 0.73 and a beta of 0.67. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $258.76.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings data on Monday, October 28th. The technology company reported $2.40 EPS for the quarter, missing analysts' consensus estimates of $3.17 by ($0.77). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm had revenue of $667.60 million during the quarter, compared to the consensus estimate of $669.29 million. During the same quarter in the prior year, the company earned $3.34 EPS. SBA Communications's quarterly revenue was down 2.2% on a year-over-year basis. As a group, sell-side analysts forecast that SBA Communications Co. will post 12.52 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications's dividend payout ratio is currently 61.83%.

Insider Activity at SBA Communications

In related news, EVP Donald Day sold 1,500 shares of the company's stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the sale, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the transaction, the director now owns 8,084 shares in the company, valued at approximately $1,775,084.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Donald Day sold 1,500 shares of the 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 transaction, the executive vice president now owns 4,998 shares of the company's stock, valued at approximately $1,213,814.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

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.