Magellan Asset Management Ltd Reduces Position in SBA Communications Co. (NASDAQ:SBAC)

Magellan Asset Management Ltd lowered its position in SBA Communications Co. (NASDAQ:SBAC) by 14.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 83,378 shares of the technology company’s stock after selling 14,040 shares during the period. Magellan Asset Management Ltd’s holdings in SBA Communications were worth $16,992,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Norges Bank purchased a new stake in SBA Communications in the 4th quarter valued at $268,287,000. Wealthfront Advisers LLC raised its holdings in shares of SBA Communications by 23,553.0% in the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock valued at $229,648,000 after buying an additional 1,122,064 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after buying an additional 605,872 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of SBA Communications by 46.5% during the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company’s stock worth $363,015,000 after buying an additional 565,137 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of SBA Communications by 39.6% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,100,724 shares of the technology company’s stock worth $224,328,000 after buying an additional 312,125 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. BMO Capital Markets reaffirmed a “market perform” rating and set a $230.00 price objective (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Wednesday. JMP Securities started coverage on shares of SBA Communications in a research report on Monday, January 27th. They set an “outperform” rating and a $250.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $255.00 target price on shares of SBA Communications in a report on Monday, February 24th. Finally, Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $251.92.

Insider Activity

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the sale, the vice president now directly owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. The trade was a 26.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.30% of the company’s stock.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $219.34 on Thursday. The business has a 50 day moving average price of $212.38 and a 200 day moving average price of $218.90. The company has a market capitalization of $23.60 billion, a P/E ratio of 34.60, a P/E/G ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Thursday, March 13th. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio (DPR) is currently 63.98%.

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.