BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 2,779 Shares of SBA Communications Co. (NASDAQ:SBAC)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 13.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 17,926 shares of the technology company’s stock after selling 2,779 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in SBA Communications were worth $4,315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. raised its holdings in SBA Communications by 10.7% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 527 shares of the technology company’s stock worth $127,000 after purchasing an additional 51 shares during the period. Oregon Public Employees Retirement Fund lifted its position in shares of SBA Communications by 0.6% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 9,265 shares of the technology company’s stock valued at $1,819,000 after buying an additional 53 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of SBA Communications by 32.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock valued at $52,000 after acquiring an additional 53 shares during the period. Checchi Capital Advisers LLC increased its holdings in SBA Communications by 4.1% in the 2nd quarter. Checchi Capital Advisers LLC now owns 1,457 shares of the technology company’s stock worth $286,000 after acquiring an additional 57 shares in the last quarter. Finally, Sugarloaf Wealth Management LLC raised its stake in SBA Communications by 11.6% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 558 shares of the technology company’s stock worth $134,000 after acquiring an additional 58 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

NASDAQ:SBAC opened at $222.94 on Tuesday. The company has a market cap of $23.97 billion, a price-to-earnings ratio of 35.16, a PEG ratio of 0.76 and a beta of 0.67. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The stock’s 50 day simple moving average is $232.78 and its two-hundred day simple moving average is $218.45.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The business had revenue of $667.60 million during the quarter, compared to the consensus estimate of $669.29 million. During the same quarter in the prior year, the firm posted $3.34 EPS. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, analysts anticipate that SBA Communications Co. will post 12.56 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications’s payout ratio is 61.83%.

Insider Buying and Selling

In related news, EVP Donald Day sold 1,500 shares of the stock in a transaction 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 sale, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,213,814.28. This represents a 23.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wells Fargo & Company upped their price target on shares of SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. upped their target price on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. BMO Capital Markets increased their price target on SBA Communications from $255.00 to $260.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Finally, TD Cowen increased their target price on SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, SBA Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.23.

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.