Canada Pension Plan Investment Board Increases Holdings in SBA Communications Co. (NASDAQ:SBAC)

Canada Pension Plan Investment Board boosted its position in SBA Communications Co. (NASDAQ:SBAC) by 5.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 496,965 shares of the technology company’s stock after buying an additional 25,400 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.46% of SBA Communications worth $97,554,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of SBAC. Principal Financial Group Inc. boosted its stake in shares of SBA Communications by 54.9% in the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock valued at $931,844,000 after purchasing an additional 1,524,302 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of SBA Communications by 111.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 734,795 shares of the technology company’s stock worth $186,410,000 after buying an additional 387,855 shares during the period. Diamond Hill Capital Management Inc. lifted its stake in shares of SBA Communications by 13.4% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after acquiring an additional 233,179 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of SBA Communications by 144.7% in the 1st quarter. BNP Paribas Financial Markets now owns 359,736 shares of the technology company’s stock valued at $77,955,000 after acquiring an additional 212,739 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in SBA Communications during the 4th quarter valued at about $53,679,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Up 0.5 %

Shares of SBAC stock opened at $239.47 on Friday. The business’s fifty day moving average is $224.12 and its 200 day moving average is $209.29. The stock has a market cap of $25.73 billion, a price-to-earnings ratio of 46.95, a PEG ratio of 0.75 and a beta of 0.67. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.07 by ($0.56). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The business had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.21 million. During the same quarter in the previous year, the business earned $3.24 earnings per share. The firm’s revenue was down 2.7% compared to the same quarter last year. Equities research analysts expect that SBA Communications Co. will post 12.53 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were paid a $0.98 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $3.92 annualized dividend and a dividend yield of 1.64%. SBA Communications’s payout ratio is currently 76.86%.

Insider Activity at SBA Communications

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director George R. Krouse, Jr. sold 325 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the transaction, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Donald Day sold 1,500 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. The disclosure for this sale can be found here. Insiders sold a total of 51,590 shares of company stock valued at $11,483,981 in the last 90 days. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several recent research reports. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research report on Friday. Royal Bank of Canada raised their price target 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. TD Cowen dropped their target price on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Wells Fargo & Company cut SBA Communications from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $230.00 to $220.00 in a research note on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and an average price target of $240.00.

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.