Mackenzie Financial Corp Sells 409 Shares of SBA Communications Co. (NASDAQ:SBAC)

Mackenzie Financial Corp trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC) by 4.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 9,590 shares of the technology company’s stock after selling 409 shares during the quarter. Mackenzie Financial Corp’s holdings in SBA Communications were worth $2,433,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Invesco Ltd. boosted its position in SBA Communications by 140.6% during the third quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock valued at $429,140,000 after buying an additional 1,252,764 shares during the period. Ameriprise Financial Inc. grew its position in SBA Communications by 115.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock worth $271,838,000 after acquiring an additional 727,163 shares during the last quarter. Bristol John W & Co. Inc. NY purchased a new position in SBA Communications in the 3rd quarter worth approximately $92,725,000. Diamond Hill Capital Management Inc. lifted its position in SBA Communications by 29.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 992,547 shares of the technology company’s stock valued at $198,678,000 after purchasing an additional 226,113 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of SBA Communications by 75.0% during the third quarter. Envestnet Asset Management Inc. now owns 358,026 shares of the technology company’s stock valued at $71,666,000 after purchasing an additional 153,476 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SBAC shares. BMO Capital Markets lowered their price target on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a report on Tuesday, February 27th. Barclays dropped their target price on shares of SBA Communications from $260.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, April 17th. Finally, Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a report on Thursday, March 7th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $268.00.

Insider Buying and Selling

In related news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total transaction of $430,966.23. Following the sale, the director now owns 4,622 shares of the company’s stock, valued at $1,007,549.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is owned by company insiders.

SBA Communications Price Performance

Shares of SBAC opened at $196.80 on Tuesday. The company has a 50-day simple moving average of $210.91 and a two-hundred day simple moving average of $222.79. The firm has a market capitalization of $21.28 billion, a PE ratio of 42.69, a price-to-earnings-growth ratio of 1.20 and a beta of 0.56. SBA Communications Co. has a one year low of $185.23 and a one year high of $263.08.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, February 26th. The technology company reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.36). The firm had revenue of $675.00 million during the quarter, compared to analysts’ expectations of $682.11 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.11 EPS. Analysts expect that SBA Communications Co. will post 12.61 EPS for the current fiscal year.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a $0.98 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This is an increase from SBA Communications’s previous quarterly dividend of $0.85. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.99%. SBA Communications’s dividend payout ratio is currently 85.03%.

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.