AGF Management Ltd. Buys 16,291 Shares of SBA Communications Co. (NASDAQ:SBAC)

AGF Management Ltd. raised its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 492.8% during the second quarter, HoldingsChannel reports. The firm owned 19,597 shares of the technology company’s stock after buying an additional 16,291 shares during the quarter. AGF Management Ltd.’s holdings in SBA Communications were worth $3,847,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Ridgewood Investments LLC purchased a new stake in SBA Communications during the 2nd quarter valued at $32,000. Quarry LP increased its position in SBA Communications by 400.0% during the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after acquiring an additional 132 shares during the last quarter. Family Firm Inc. purchased a new stake in shares of SBA Communications in the second quarter valued at $36,000. Global X Japan Co. Ltd. bought a new stake in shares of SBA Communications in the 2nd quarter worth about $49,000. Finally, Versant Capital Management Inc boosted its stake in shares of SBA Communications by 4,500.0% during the 2nd quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock worth $54,000 after purchasing an additional 270 shares during the period. 97.35% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, 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 sale, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the sale, the chairman now owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director George R. Krouse, Jr. sold 325 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the sale, the director now directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $239.85 on Friday. The firm has a 50-day simple moving average of $219.07 and a 200-day simple moving average of $207.85. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76. The firm has a market cap of $25.78 billion, a P/E ratio of 47.03, a P/E/G ratio of 0.73 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The company had revenue of $660.50 million during the quarter, compared to analyst estimates of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.24 earnings per share. On average, research analysts predict that SBA Communications Co. will post 12.53 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be issued a $0.98 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a yield of 1.63%. SBA Communications’s payout ratio is 76.86%.

Analysts Set New Price Targets

SBAC has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on shares of SBA Communications in a research note on Monday, July 1st. They issued a “neutral” rating and a $212.00 price objective for the company. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a report on Thursday. Wells Fargo & Company lowered SBA Communications from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $230.00 to $220.00 in a research note on Monday, July 15th. KeyCorp boosted their target price on shares of SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada raised their price target on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $237.92.

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.