Bessemer Group Inc. Boosts Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Bessemer Group Inc. boosted its stake in SBA Communications Co. (NASDAQ:SBAC) by 106.5% in the first quarter, Holdings Channel.com reports. The firm owned 15,061 shares of the technology company’s stock after acquiring an additional 7,767 shares during the quarter. Bessemer Group Inc.’s holdings in SBA Communications were worth $3,264,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SBAC. CVA Family Office LLC purchased a new position in SBA Communications in the 4th quarter valued at about $37,000. Glassman Wealth Services lifted its holdings in SBA Communications by 79.1% in the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after acquiring an additional 68 shares during the last quarter. Pinnacle Bancorp Inc. boosted its position in SBA Communications by 73.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after purchasing an additional 67 shares during the period. Allworth Financial LP grew its position in shares of SBA Communications by 37.8% during the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after acquiring an additional 45 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of SBA Communications by 400.0% during the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after buying an additional 132 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC traded up $4.32 during trading on Thursday, hitting $209.77. 182,050 shares of the stock were exchanged, compared to its average volume of 933,256. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $258.76. The company has a market capitalization of $22.54 billion, a price-to-earnings ratio of 40.28, a price-to-earnings-growth ratio of 0.66 and a beta of 0.65. The company’s fifty day simple moving average is $197.07 and its 200-day simple moving average is $207.79.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The company had revenue of $657.86 million for the quarter, compared to the consensus estimate of $671.08 million. During the same quarter in the previous year, the company earned $3.13 EPS. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, research analysts forecast that SBA Communications Co. will post 12.51 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd were given a $0.98 dividend. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $3.92 annualized dividend and a dividend yield of 1.87%. SBA Communications’s dividend payout ratio is currently 76.86%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Barclays reduced their price objective on shares of SBA Communications from $241.00 to $240.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. TD Cowen lowered their price objective on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Citigroup reduced their target price on SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. The Goldman Sachs Group assumed coverage on SBA Communications in a report on Monday, July 1st. They issued a “neutral” rating and a $212.00 target price for the company. Finally, KeyCorp decreased their price target on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, SBA Communications has an average rating of “Moderate Buy” and an average target price of $248.31.

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.