Wellington Management Group LLP Sells 31,952 Shares of SBA Communications Co. (NASDAQ:SBAC)

Wellington Management Group LLP reduced its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 12.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 230,457 shares of the technology company’s stock after selling 31,952 shares during the period. Wellington Management Group LLP owned about 0.21% of SBA Communications worth $46,967,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Exchange Traded Concepts LLC grew its holdings in SBA Communications by 15.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company’s stock worth $78,000 after buying an additional 50 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of SBA Communications by 17.3% in the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock valued at $73,000 after purchasing an additional 53 shares during the last quarter. Auxano Advisors LLC lifted its position in shares of SBA Communications by 2.3% during the fourth quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company’s stock valued at $495,000 after purchasing an additional 54 shares in the last quarter. Lake Street Advisors Group LLC boosted its holdings in SBA Communications by 5.8% during the fourth quarter. Lake Street Advisors Group LLC now owns 1,105 shares of the technology company’s stock worth $225,000 after purchasing an additional 61 shares during the last quarter. Finally, Orion Portfolio Solutions LLC grew its position in SBA Communications by 1.3% in the 4th quarter. Orion Portfolio Solutions LLC now owns 4,962 shares of the technology company’s stock worth $1,011,000 after purchasing an additional 64 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the transaction, the vice president now directly owns 6,079 shares in the company, valued at $1,362,790.22. The trade was a 26.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is currently owned by insiders.

SBA Communications Stock Down 4.7 %

Shares of NASDAQ SBAC opened at $219.91 on Friday. The company has a market cap of $23.67 billion, a P/E ratio of 34.69, a P/E/G 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. The business has a 50-day simple moving average of $213.48 and a two-hundred day simple moving average of $218.63.

SBA Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.44 annualized dividend and a yield of 2.02%. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s payout ratio is currently 63.98%.

Analyst Ratings Changes

SBAC has been the subject of several recent analyst reports. Morgan Stanley initiated coverage on SBA Communications in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $240.00 target price for the company. StockNews.com lowered SBA Communications from a “buy” rating to a “hold” rating in a research report on Wednesday. Barclays increased their price target on shares of SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. BMO Capital Markets reaffirmed a “market perform” rating and issued a $230.00 price objective (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Finally, JMP Securities began coverage on shares of SBA Communications in a research report on Monday, January 27th. They set an “outperform” rating and a $250.00 target price for the company. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $251.92.

SBA Communications Company 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.