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

Magellan Asset Management Ltd lessened its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 14.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 83,378 shares of the technology company’s stock after selling 14,040 shares during the quarter. Magellan Asset Management Ltd owned about 0.08% of SBA Communications worth $16,992,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Oak Thistle LLC lifted its stake in shares of SBA Communications by 76.1% in the 4th quarter. Oak Thistle LLC now owns 6,623 shares of the technology company’s stock valued at $1,350,000 after purchasing an additional 2,863 shares during the last quarter. Czech National Bank raised its holdings in SBA Communications by 6.5% in the 4th quarter. Czech National Bank now owns 23,314 shares of the technology company’s stock valued at $4,751,000 after buying an additional 1,421 shares during the period. First Hawaiian Bank lifted its position in SBA Communications by 91.0% in the fourth quarter. First Hawaiian Bank now owns 12,377 shares of the technology company’s stock valued at $2,522,000 after buying an additional 5,897 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in SBA Communications by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company’s stock worth $266,675,000 after buying an additional 38,725 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of SBA Communications by 49.3% during the fourth quarter. Nordea Investment Management AB now owns 687,496 shares of the technology company’s stock valued at $141,205,000 after acquiring an additional 226,878 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Price Performance

NASDAQ:SBAC opened at $219.34 on Thursday. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64. The firm has a market capitalization of $23.60 billion, a PE ratio of 34.60, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. The business’s fifty day moving average price is $212.38 and its 200 day moving average price is $218.90.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a $1.11 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.02%. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio is presently 63.98%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Morgan Stanley initiated coverage on SBA Communications in a research report on Tuesday. They set an “equal weight” rating and a $240.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 price objective on shares of SBA Communications in a report on Monday, February 24th. JMP Securities initiated coverage on SBA Communications in a report on Monday, January 27th. They set an “outperform” rating and a $250.00 target price for the company. Finally, Barclays boosted their price target on shares of SBA Communications from $240.00 to $244.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and a consensus price target of $251.92.

Insider Transactions at SBA Communications

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the 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 transaction, the vice president now directly owns 6,079 shares in the company, valued at $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.

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.