Plato Investment Management Ltd Buys New Holdings in SBA Communications Corporation $SBAC

Plato Investment Management Ltd acquired a new position in SBA Communications Corporation (NASDAQ:SBAC) during the second quarter, HoldingsChannel reports. The firm acquired 5,764 shares of the technology company’s stock, valued at approximately $1,011,000.

Other large investors also recently modified their holdings of the company. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in SBA Communications during the 2nd quarter worth approximately $228,367,000. Tema ETFs LLC lifted its position in SBA Communications by 17.0% during the second quarter. Tema ETFs LLC now owns 2,268 shares of the technology company’s stock valued at $400,000 after buying an additional 329 shares in the last quarter. Handelsbanken Fonder AB lifted its position in SBA Communications by 11.1% during the second quarter. Handelsbanken Fonder AB now owns 65,341 shares of the technology company’s stock valued at $11,530,000 after buying an additional 6,524 shares in the last quarter. Contravisory Investment Management Inc. acquired a new position in SBA Communications during the second quarter valued at approximately $68,000. Finally, Everhart Financial Group Inc. grew its stake in SBA Communications by 5.6% during the second quarter. Everhart Financial Group Inc. now owns 1,525 shares of the technology company’s stock worth $269,000 after buying an additional 81 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Down 0.4%

Shares of NASDAQ:SBAC opened at $181.40 on Wednesday. The company has a market capitalization of $19.24 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 1.85 and a beta of 0.99. The company has a 50 day moving average of $184.63 and a two-hundred day moving average of $194.25. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $225.33.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, August 3rd. The technology company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.02. The business had revenue of $715.27 million for the quarter, compared to analysts’ expectations of $706.01 million. SBA Communications had a net margin of 34.51% and a negative return on equity of 20.67%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company posted $3.17 earnings per share. On average, equities analysts anticipate that SBA Communications Corporation will post 11.41 earnings per share for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, August 20th will be issued a $1.25 dividend. The ex-dividend date is Thursday, August 20th. This represents a $5.00 dividend on an annualized basis and a yield of 2.8%. SBA Communications’s payout ratio is currently 53.88%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SBAC. KeyCorp increased their price objective on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Barclays upped their price target on shares of SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. TD Cowen reiterated a “buy” rating on shares of SBA Communications in a report on Tuesday, August 4th. Weiss Ratings reissued a “hold (c)” rating on shares of SBA Communications in a research report on Monday, July 20th. Finally, Wolfe Research raised SBA Communications from a “hold” rating to an “outperform” rating in a research report on Tuesday, August 4th. Eight investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, SBA Communications presently has a consensus rating of “Hold” and a consensus target price of $228.12.

SBA Communications Company Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.