California State Teachers Retirement System Grows Stake in SBA Communications Co. (NASDAQ:SBAC)

California State Teachers Retirement System boosted its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 1.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 176,380 shares of the technology company’s stock after buying an additional 2,043 shares during the period. California State Teachers Retirement System owned approximately 0.16% of SBA Communications worth $38,222,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legacy Trust purchased a new position in SBA Communications during the 4th quarter worth $3,256,000. SG Americas Securities LLC boosted its position in shares of SBA Communications by 191.3% in the 1st quarter. SG Americas Securities LLC now owns 25,828 shares of the technology company’s stock worth $5,597,000 after purchasing an additional 16,962 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of SBA Communications by 2.8% in the 4th quarter. Franklin Resources Inc. now owns 707,743 shares of the technology company’s stock worth $179,547,000 after purchasing an additional 19,462 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of SBA Communications in the 4th quarter worth $7,422,000. Finally, Wellington Management Group LLP boosted its position in shares of SBA Communications by 596.2% in the 4th quarter. Wellington Management Group LLP now owns 225,128 shares of the technology company’s stock worth $57,113,000 after purchasing an additional 192,791 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

SBA Communications Stock Up 0.7 %

Shares of SBA Communications stock traded up $1.60 during trading on Wednesday, hitting $219.54. 1,185,045 shares of the company were exchanged, compared to its average volume of 957,071. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The stock has a market capitalization of $23.59 billion, a price-to-earnings ratio of 43.15, a P/E/G ratio of 0.70 and a beta of 0.65. The firm has a 50 day moving average price of $198.32 and a 200 day moving average price of $206.76.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.92%. The company had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.21 million. During the same period in the prior year, the firm earned $3.24 earnings per share. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. Analysts predict that SBA Communications Co. will post 12.51 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, August 22nd. This represents a $3.92 annualized dividend and a yield of 1.79%. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of a number of research reports. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research report on Friday, July 26th. KeyCorp boosted their price objective on SBA Communications from $227.00 to $230.00 and gave the stock an “overweight” rating in a research note on Tuesday. Wells Fargo & Company lowered SBA Communications from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $230.00 to $220.00 in a research note on Monday, July 15th. The Goldman Sachs Group began coverage on SBA Communications in a research note on Monday, July 1st. They set a “neutral” rating and a $212.00 price objective for the company. Finally, BMO Capital Markets decreased their price objective on SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $246.54.

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.