Empowered Funds LLC Buys 6,117 Shares of SBA Communications Co. (NASDAQ:SBAC)

Empowered Funds LLC boosted its position in SBA Communications Co. (NASDAQ:SBAC) by 346.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,883 shares of the technology company’s stock after buying an additional 6,117 shares during the quarter. Empowered Funds LLC’s holdings in SBA Communications were worth $1,897,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. CIBC Asset Management Inc grew its stake in shares of SBA Communications by 8.3% in the third quarter. CIBC Asset Management Inc now owns 15,673 shares of the technology company’s stock worth $3,772,000 after acquiring an additional 1,202 shares during the last quarter. Metis Global Partners LLC raised its holdings in SBA Communications by 1.2% in the 3rd quarter. Metis Global Partners LLC now owns 5,527 shares of the technology company’s stock valued at $1,330,000 after acquiring an additional 66 shares in the last quarter. KBC Group NV lifted its position in shares of SBA Communications by 570.7% in the 3rd quarter. KBC Group NV now owns 131,286 shares of the technology company’s stock worth $31,601,000 after acquiring an additional 111,711 shares during the period. Victory Capital Management Inc. grew its holdings in shares of SBA Communications by 2,821.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock worth $292,714,000 after purchasing an additional 1,174,469 shares in the last quarter. Finally, Cumberland Partners Ltd acquired a new stake in SBA Communications during the third quarter worth $722,000. 97.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at $1,213,814.28. This represents a 23.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is owned by insiders.

SBA Communications Stock Performance

NASDAQ SBAC opened at $218.94 on Thursday. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The firm’s fifty day moving average price is $235.07 and its two-hundred day moving average price is $216.95. The stock has a market cap of $23.54 billion, a PE ratio of 34.53, a PEG ratio of 0.75 and a beta of 0.68.

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

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be paid a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 annualized dividend and a yield of 1.79%. SBA Communications’s dividend payout ratio (DPR) is 61.83%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SBAC. Wells Fargo & Company increased their target price 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. Deutsche Bank Aktiengesellschaft boosted their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. KeyCorp increased their price objective on shares of SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. StockNews.com upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Finally, TD Cowen upped their price objective on SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and an average price target of $257.23.

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.