SBA Communications Corporation $SBAC Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP lessened its position in SBA Communications Corporation (NASDAQ:SBAC) by 16.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 302,883 shares of the technology company’s stock after selling 58,315 shares during the period. SBA Communications makes up 0.7% of Engineers Gate Manager LP’s investment portfolio, making the stock its 21st largest holding. Engineers Gate Manager LP’s holdings in SBA Communications were worth $58,587,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Elevation Wealth Partners LLC lifted its stake in shares of SBA Communications by 523.8% in the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock worth $25,000 after acquiring an additional 110 shares during the period. DV Equities LLC acquired a new stake in shares of SBA Communications in the 4th quarter worth $29,000. Fulcrum Asset Management LLP acquired a new stake in shares of SBA Communications in the 3rd quarter worth $32,000. Geneos Wealth Management Inc. lifted its stake in shares of SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after acquiring an additional 84 shares during the period. Finally, High Point Wealth Management LLC acquired a new stake in shares of SBA Communications in the 4th quarter worth $39,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SBAC. Sanford C. Bernstein began coverage on SBA Communications in a research report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price objective for the company. KeyCorp increased their price objective on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Morgan Stanley increased their price objective on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 9th. Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. Finally, Scotiabank increased their price objective on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $237.22.

SBA Communications Price Performance

SBAC opened at $191.57 on Thursday. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $243.16. The stock has a market cap of $20.32 billion, a P/E ratio of 20.17, a P/E/G ratio of 1.95 and a beta of 0.99. The stock’s 50 day simple moving average is $209.89 and its 200 day simple moving average is $196.44.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, May 22nd. SBA Communications’s dividend payout ratio is 52.63%.

SBA Communications Profile

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.