Woodline Partners LP Takes Position in SBA Communications Co. (NASDAQ:SBAC)

Woodline Partners LP bought a new position in SBA Communications Co. (NASDAQ:SBAC) in the 4th quarter, Holdings Channel reports. The firm bought 27,935 shares of the technology company’s stock, valued at approximately $5,693,000.

Other large investors have also recently made changes to their positions in the company. Dodge & Cox lifted its stake in SBA Communications by 352.5% in the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock worth $1,497,167,000 after purchasing an additional 5,722,740 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock worth $1,024,049,000 after acquiring an additional 605,872 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of SBA Communications by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company’s stock worth $586,827,000 after acquiring an additional 71,023 shares during the last quarter. Deutsche Bank AG boosted its holdings in SBA Communications by 5.9% during the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company’s stock valued at $491,549,000 after acquiring an additional 134,624 shares during the period. Finally, Cohen & Steers Inc. grew its position in SBA Communications by 29.8% in the 4th quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company’s stock valued at $383,762,000 after acquiring an additional 432,644 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SBAC shares. Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a “buy” rating to a “hold” rating and set a $247.00 price objective for the company. in a research report on Tuesday. BMO Capital Markets lifted their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a “market perform” rating in a research note on Tuesday, April 29th. Barclays upped their target price on SBA Communications from $244.00 to $247.00 and gave the stock an “overweight” rating in a report on Tuesday, April 29th. Citigroup increased their target price on SBA Communications from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Finally, JMP Securities lifted their price objective on shares of SBA Communications from $250.00 to $270.00 and gave the stock a “market outperform” rating in a research report on Tuesday, April 29th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.

SBA Communications Stock Performance

Shares of SBA Communications stock opened at $229.52 on Friday. SBA Communications Co. has a one year low of $185.44 and a one year high of $252.64. The company has a market cap of $24.66 billion, a P/E ratio of 36.20, a PEG ratio of 0.74 and a beta of 0.83. The firm has a fifty day moving average of $225.78 and a two-hundred day moving average of $216.14.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be given a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.93%. SBA Communications’s payout ratio is 60.91%.

Insider Activity

In other news, Director Jack Langer sold 5,000 shares of the business’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $240.59, for a total value of $1,202,950.00. Following the completion of the transaction, the director now directly owns 10,522 shares of the company’s stock, valued at $2,531,487.98. The trade was a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the sale, the vice president now owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. This trade represents a 26.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.92% 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.