SBA Communications Co. (NASDAQ:SBAC) Shares Purchased by OFI Invest Asset Management

OFI Invest Asset Management boosted its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 1,957.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,543 shares of the technology company’s stock after acquiring an additional 1,468 shares during the quarter. OFI Invest Asset Management’s holdings in SBA Communications were worth $283,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Cerity Partners LLC increased its stake in SBA Communications by 64.7% in the 4th quarter. Cerity Partners LLC now owns 3,609 shares of the technology company’s stock valued at $916,000 after buying an additional 1,418 shares during the period. NewEdge Wealth LLC acquired a new position in shares of SBA Communications during the fourth quarter worth about $320,000. Louisiana State Employees Retirement System purchased a new position in SBA Communications during the fourth quarter worth about $1,649,000. Strs Ohio raised its holdings in SBA Communications by 15.8% during the fourth quarter. Strs Ohio now owns 27,100 shares of the technology company’s stock worth $6,874,000 after purchasing an additional 3,700 shares in the last quarter. Finally, SVB Wealth LLC acquired a new stake in SBA Communications in the fourth quarter valued at about $224,000. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Stock Up 1.6 %

Shares of SBAC stock traded up $3.40 during mid-day trading on Friday, hitting $218.17. 656,390 shares of the company’s stock were exchanged, compared to its average volume of 1,030,728. The stock has a market cap of $23.45 billion, a price-to-earnings ratio of 42.78, a PEG ratio of 0.68 and a beta of 0.65. The stock has a 50-day simple moving average of $205.22 and a two-hundred day simple moving average of $205.79. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 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 9.85%. The business had revenue of $660.50 million during the quarter, compared to analysts’ expectations of $665.21 million. During the same quarter last year, the firm earned $3.24 EPS. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. As a group, analysts anticipate that SBA Communications Co. will post 12.53 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd will be issued a dividend of $0.98 per share. The ex-dividend date is Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.80%. SBA Communications’s payout ratio is 76.86%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SBAC. Deutsche Bank Aktiengesellschaft increased their target price on SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday. Royal Bank of Canada boosted their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. KeyCorp increased their target price on shares of SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. 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 target on the stock. Finally, StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday. 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $241.54.

Insider Buying and Selling

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the sale, the chairman now directly owns 109,583 shares in the company, valued at $24,328,521.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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.