King Luther Capital Management Corp Reduces Holdings in SBA Communications Co. (NASDAQ:SBAC)

King Luther Capital Management Corp reduced its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 9.3% during the fourth quarter, HoldingsChannel reports. The firm owned 26,335 shares of the technology company’s stock after selling 2,705 shares during the quarter. King Luther Capital Management Corp’s holdings in SBA Communications were worth $5,367,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new stake in SBA Communications during the 3rd quarter worth $26,000. Evermay Wealth Management LLC acquired a new stake in shares of SBA Communications during the fourth quarter valued at about $27,000. Oakworth Capital Inc. increased its position in shares of SBA Communications by 161.8% during the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after acquiring an additional 144 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of SBA Communications by 32.5% in the third quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock worth $52,000 after acquiring an additional 53 shares in the last quarter. Finally, CKW Financial Group purchased a new position in SBA Communications in the fourth quarter valued at about $56,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SBAC shares. Wells Fargo & Company lifted their price objective on SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. JMP Securities started coverage on shares of SBA Communications in a report on Monday, January 27th. They set an “outperform” rating and a $250.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $255.00 target price on shares of SBA Communications in a research report on Monday, February 24th. Finally, StockNews.com cut shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $252.54.

Insiders Place Their Bets

In other SBA Communications news, EVP Donald Day sold 2,321 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $203.43, for a total value of $472,161.03. Following the sale, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,016,743.14. This trade represents a 31.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the transaction, the vice president now owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

SBA Communications Trading Down 1.8 %

NASDAQ:SBAC opened at $216.48 on Thursday. The stock has a 50 day moving average of $206.59 and a 200-day moving average of $220.49. The firm has a market capitalization of $23.30 billion, a PE ratio of 34.15, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $252.64.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be paid 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 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Thursday, March 13th. SBA Communications’s dividend payout ratio is presently 63.98%.

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.