Dodge & Cox Buys 5,722,740 Shares of SBA Communications Co. (NASDAQ:SBAC)

Dodge & Cox lifted its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 352.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,346,255 shares of the technology company's stock after purchasing an additional 5,722,740 shares during the quarter. Dodge & Cox owned 6.83% of SBA Communications worth $1,497,167,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of SBA Communications in the fourth quarter worth approximately $268,287,000. Wealthfront Advisers LLC grew its position in SBA Communications by 23,553.0% during the 4th quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company's stock worth $229,648,000 after purchasing an additional 1,122,064 shares in the last quarter. JPMorgan Chase & Co. raised its stake in SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock valued at $1,024,049,000 after purchasing an additional 605,872 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of SBA Communications by 46.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company's stock valued at $363,015,000 after purchasing an additional 565,137 shares in the last quarter. Finally, Cohen & Steers Inc. boosted its position in shares of SBA Communications by 29.8% in the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after buying an additional 432,644 shares during the period. Institutional investors and hedge funds own 97.35% of the company's stock.

SBA Communications Stock Up 1.5 %

NASDAQ:SBAC traded up $3.39 during trading hours on Friday, reaching $229.06. The company had a trading volume of 1,308,133 shares, compared to its average volume of 898,037. The firm has a market capitalization of $24.65 billion, a PE ratio of 36.13, a PEG ratio of 0.74 and a beta of 0.83. The stock has a 50-day moving average of $216.91 and a two-hundred day moving average of $217.24. SBA Communications Co. has a one year low of $183.64 and a one year high of $252.64.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were issued a dividend of $1.11 per share. This is an increase from SBA Communications's previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a yield of 1.94%. The ex-dividend date was Thursday, March 13th. SBA Communications's dividend payout ratio (DPR) is currently 63.98%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a report on Monday, January 27th. Royal Bank of Canada reiterated an "outperform" rating and set a $255.00 price target on shares of SBA Communications in a report on Monday, February 24th. JMP Securities assumed coverage on shares of SBA Communications in a research note on Monday, January 27th. They issued an "outperform" rating and a $250.00 price objective on the stock. Finally, StockNews.com cut shares of SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday. 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 company. According to data from MarketBeat.com, the company presently has an average 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 SBA Communications stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the transaction, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.30% of the company's stock.

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.