Plato Investment Management Ltd Raises Holdings in SBA Communications Co. (NASDAQ:SBAC)

Plato Investment Management Ltd increased its holdings in SBA Communications Co. (NASDAQ:SBAC) by 2,242.1% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 6,792 shares of the technology company’s stock after acquiring an additional 6,502 shares during the period. Plato Investment Management Ltd’s holdings in SBA Communications were worth $1,472,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SBAC. Glassman Wealth Services grew its position in SBA Communications by 79.1% in the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after acquiring an additional 68 shares during the period. Pinnacle Bancorp Inc. boosted its position in shares of SBA Communications by 73.6% during the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after buying an additional 67 shares during the period. Allworth Financial LP boosted its position in shares of SBA Communications by 37.8% during the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after buying an additional 45 shares during the period. Quarry LP boosted its position in shares of SBA Communications by 400.0% during the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after buying an additional 132 shares during the period. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in shares of SBA Communications during the fourth quarter worth $43,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Up 3.5 %

SBA Communications stock traded up $7.62 during midday trading on Thursday, reaching $227.16. The company’s stock had a trading volume of 1,170,793 shares, compared to its average volume of 958,524. The business has a 50-day simple moving average of $198.84 and a 200-day simple moving average of $206.84. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The company has a market cap of $24.41 billion, a P/E ratio of 44.54, a P/E/G ratio of 0.70 and a beta of 0.65.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, July 29th. The technology company reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The firm had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.21 million. During the same quarter last year, the firm posted $3.24 EPS. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. As a group, equities analysts forecast that SBA Communications Co. will post 12.51 earnings per share for the current year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Thursday, August 22nd. SBA Communications’s dividend payout ratio (DPR) is currently 76.86%.

Analysts Set New Price Targets

SBAC has been the subject of several research analyst reports. TD Cowen lowered their price target on SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research report on Tuesday. Royal Bank of Canada lowered their price target on SBA Communications from $250.00 to $235.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. The Goldman Sachs Group began coverage on SBA Communications in a research report on Monday, July 1st. They set a “neutral” rating and a $212.00 price target for the company. Wells Fargo & Company cut SBA Communications from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $230.00 to $220.00 in a research note on Monday, July 15th. Finally, KeyCorp increased their price objective on SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a research note on Tuesday. Two research 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $246.54.

About SBA Communications

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.