Capital International Investors Sells 24,608 Shares of SBA Communications Co. (NASDAQ:SBAC)

Capital International Investors cut its stake in SBA Communications Co. (NASDAQ:SBAC) by 6.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 368,428 shares of the technology company’s stock after selling 24,608 shares during the quarter. Capital International Investors owned 0.34% of SBA Communications worth $75,086,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Evermay Wealth Management LLC purchased a new stake in shares of SBA Communications during the 4th quarter valued at about $27,000. Graney & King LLC bought a new stake in SBA Communications during the fourth quarter valued at approximately $29,000. Oakworth Capital Inc. increased its holdings in SBA Communications by 161.8% during the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock valued at $47,000 after buying an additional 144 shares during the last quarter. CKW Financial Group bought a new position in SBA Communications in the fourth quarter worth approximately $56,000. Finally, Sherman Asset Management Inc. purchased a new position in shares of SBA Communications during the 4th quarter worth $73,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Joshua Koenig sold 2,209 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was 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 in the company, valued at $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on SBAC shares. Citizens Jmp raised SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. JMP Securities started coverage on shares of SBA Communications in a report on Monday, January 27th. They issued an “outperform” rating and a $250.00 target price for the company. Barclays lifted their price target on shares of SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Morgan Stanley began coverage on shares of SBA Communications in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $240.00 target price on the stock. Finally, StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a report on Friday. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $251.92.

SBA Communications Stock Up 1.5 %

Shares of NASDAQ:SBAC opened at $229.06 on Friday. The firm has a fifty day simple moving average of $217.30 and a two-hundred day simple moving average of $216.98. The stock has a market capitalization of $24.65 billion, a P/E ratio of 36.13, a PEG ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $252.64.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were given a dividend of $1.11 per share. The ex-dividend date was Thursday, March 13th. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 dividend on an annualized basis and a yield of 1.94%. SBA Communications’s dividend payout ratio is 63.98%.

SBA Communications Company 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.