AMF Tjanstepension AB Buys Shares of 41,725 SBA Communications Co. (NASDAQ:SBAC)

AMF Tjanstepension AB purchased a new stake in shares of SBA Communications Co. (NASDAQ:SBAC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 41,725 shares of the technology company’s stock, valued at approximately $8,197,000.

Several other hedge funds also recently modified their holdings of SBAC. Glassman Wealth Services grew its holdings in shares of SBA Communications by 79.1% during the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after buying an additional 68 shares in the last quarter. Pinnacle Bancorp Inc. grew its holdings in SBA Communications by 73.6% in the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after buying an additional 67 shares during the last quarter. Allworth Financial LP grew its holdings in SBA Communications by 37.8% in the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after buying an additional 45 shares during the last quarter. Quarry LP grew its holdings in SBA Communications by 400.0% in the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after buying an additional 132 shares during the last quarter. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of SBA Communications during the 4th quarter worth approximately $43,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Down 2.4 %

Shares of SBAC stock traded down $5.34 during trading hours on Wednesday, reaching $214.98. The company’s stock had a trading volume of 1,018,255 shares, compared to its average volume of 971,972. The firm’s 50 day simple moving average is $201.76 and its 200-day simple moving average is $206.36. The company has a market capitalization of $23.10 billion, a price-to-earnings ratio of 43.20, a PEG ratio of 0.73 and a beta of 0.65. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.21 million. During the same quarter in the previous year, the company posted $3.24 earnings per share. The firm’s revenue was down 2.7% on a year-over-year basis. Sell-side analysts predict that SBA Communications Co. will post 12.53 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be issued a dividend of $0.98 per share. The ex-dividend date is Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a yield of 1.82%. SBA Communications’s payout ratio is currently 76.86%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several analyst reports. TD Cowen cut their target price on SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. The Goldman Sachs Group started coverage on SBA Communications in a research note on Monday, July 1st. They set a “neutral” rating and a $212.00 price objective for the company. StockNews.com lowered SBA Communications from a “buy” rating to a “hold” rating in a report on Tuesday. Wells Fargo & Company lowered SBA Communications from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $230.00 to $220.00 in a report on Monday, July 15th. Finally, Barclays dropped their price objective on SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $241.67.

Insiders Place Their Bets

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the transaction, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company 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.