Diamond Hill Capital Management Inc. Raises Stake in SBA Communications Corporation $SBAC

Diamond Hill Capital Management Inc. raised its position in SBA Communications Corporation (NASDAQ:SBAC) by 24.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,855,329 shares of the technology company’s stock after buying an additional 366,491 shares during the quarter. SBA Communications comprises about 1.7% of Diamond Hill Capital Management Inc.’s holdings, making the stock its 23rd largest position. Diamond Hill Capital Management Inc. owned about 1.73% of SBA Communications worth $358,728,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new stake in shares of SBA Communications in the second quarter worth about $351,084,000. Mitsubishi UFJ Trust & Banking Corp grew its position in SBA Communications by 799.8% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 571,308 shares of the technology company’s stock valued at $134,166,000 after acquiring an additional 507,815 shares during the last quarter. Daiwa Securities Group Inc. raised its position in SBA Communications by 1,328.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 522,215 shares of the technology company’s stock worth $122,637,000 after purchasing an additional 485,656 shares during the period. Nordea Investment Management AB lifted its stake in shares of SBA Communications by 65.0% in the 3rd quarter. Nordea Investment Management AB now owns 1,182,076 shares of the technology company’s stock valued at $229,145,000 after acquiring an additional 465,558 shares during the last quarter. Finally, Nomura Holdings Inc. lifted its position in SBA Communications by 1,175.4% in the second quarter. Nomura Holdings Inc. now owns 341,673 shares of the technology company’s stock valued at $80,238,000 after purchasing an additional 314,883 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

Analyst Ratings Changes

SBAC has been the subject of a number of recent analyst reports. Citigroup lowered their price target on shares of SBA Communications from $265.00 to $235.00 and set a “buy” rating for the company in a report on Thursday, October 16th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of SBA Communications in a research note on Friday, January 9th. Wells Fargo & Company reduced their price target on SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 16th. TD Cowen reaffirmed a “buy” rating on shares of SBA Communications in a research report on Tuesday, November 4th. Finally, Morgan Stanley lowered their target price on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.18.

SBA Communications Price Performance

Shares of SBAC stock opened at $180.74 on Friday. SBA Communications Corporation has a 1 year low of $177.49 and a 1 year high of $245.16. The firm has a fifty day moving average price of $188.56 and a 200-day moving average price of $198.17. The company has a market cap of $19.26 billion, a price-to-earnings ratio of 23.56, a PEG ratio of 1.71 and a beta of 0.87.

About SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.