Forsta AP Fonden Boosts Position in SBA Communications Co. (NASDAQ:SBAC)

Forsta AP Fonden increased its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 34.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,800 shares of the technology company’s stock after purchasing an additional 6,800 shares during the quarter. Forsta AP Fonden’s holdings in SBA Communications were worth $5,261,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SBAC. Ridgewood Investments LLC acquired a new position in SBA Communications during the second quarter worth approximately $32,000. Family Firm Inc. acquired a new position in SBA Communications during the second quarter worth approximately $36,000. Quarry LP increased its position in SBA Communications by 400.0% during the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after buying an additional 132 shares during the period. Global X Japan Co. Ltd. acquired a new position in SBA Communications during the second quarter worth approximately $49,000. Finally, Versant Capital Management Inc increased its position in SBA Communications by 4,500.0% during the second quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock worth $54,000 after buying an additional 270 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insider Activity

In other news, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction on 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 transaction, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction on 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 owns 109,583 shares of the company’s stock, valued at $24,328,521.83. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the transaction, the director now owns 8,084 shares in the company, valued at $1,775,084.72. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on SBAC. Wells Fargo & Company lowered SBA Communications from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $230.00 to $220.00 in a research report on Monday, July 15th. KeyCorp boosted their target price on SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. BMO Capital Markets dropped their target price on SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. Royal Bank of Canada boosted their target price on SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Finally, TD Cowen dropped their target price on SBA Communications from $253.00 to $251.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and an average target price of $237.92.

SBA Communications Stock Performance

SBAC stock opened at $242.95 on Friday. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The firm has a market cap of $26.11 billion, a P/E ratio of 47.64, a price-to-earnings-growth ratio of 0.74 and a beta of 0.67. The stock has a 50-day simple moving average of $220.11 and a 200-day simple moving average of $208.15.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, July 29th. The technology company reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The firm had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The company’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $3.24 EPS. On average, equities research analysts predict that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd will be given a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, August 22nd. SBA Communications’s dividend payout ratio is currently 76.86%.

SBA Communications 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.