Oppenheimer Asset Management Inc. Boosts Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Oppenheimer Asset Management Inc. increased its stake in SBA Communications Co. (NASDAQ:SBAC) by 49.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,864 shares of the technology company’s stock after purchasing an additional 618 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in SBA Communications were worth $366,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Stoneridge Investment Partners LLC bought a new stake in shares of SBA Communications during the second quarter valued at about $1,071,000. Federated Hermes Inc. increased its holdings in SBA Communications by 15.7% during the 2nd quarter. Federated Hermes Inc. now owns 97,620 shares of the technology company’s stock worth $19,163,000 after acquiring an additional 13,230 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in SBA Communications by 13.4% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 26,380 shares of the technology company’s stock worth $5,165,000 after purchasing an additional 3,114 shares in the last quarter. Forsta AP Fonden grew its position in shares of SBA Communications by 34.0% during the 2nd quarter. Forsta AP Fonden now owns 26,800 shares of the technology company’s stock valued at $5,261,000 after purchasing an additional 6,800 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of SBA Communications by 15.5% in the second quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company’s stock worth $233,654,000 after purchasing an additional 159,433 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Insider Transactions at SBA Communications

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction dated 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 directly owns 109,583 shares of the company’s stock, valued at $24,328,521.83. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,590 shares of company stock worth $11,483,981. Company insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Morgan Stanley lifted their price objective on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research note on Wednesday. KeyCorp boosted their price objective on SBA Communications from $227.00 to $230.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. The Goldman Sachs Group assumed coverage on shares of SBA Communications in a research report on Monday, July 1st. They set a “neutral” rating and a $212.00 target price for the company. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Friday. Finally, Royal Bank of Canada raised their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $240.00.

SBA Communications Trading Up 0.5 %

Shares of NASDAQ:SBAC opened at $239.47 on Friday. The stock has a market capitalization of $25.73 billion, a P/E ratio of 46.95, a price-to-earnings-growth ratio of 0.75 and a beta of 0.67. The stock’s 50-day moving average price is $224.12 and its 200-day moving average price is $209.24. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted 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 company had revenue of $660.50 million for 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. SBA Communications’s revenue was down 2.7% compared to the same quarter last year. As a group, research analysts predict that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 1.64%. The ex-dividend date was Thursday, August 22nd. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

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.