Korea Investment CORP Has $36.13 Million Position in SBA Communications Co. (NASDAQ:SBAC)

Korea Investment CORP lowered its stake in shares of SBA Communications Co. (NASDAQ:SBACGet Rating) by 16.8% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 112,900 shares of the technology company’s stock after selling 22,832 shares during the period. Korea Investment CORP owned approximately 0.10% of SBA Communications worth $36,134,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. American Century Companies Inc. grew its stake in SBA Communications by 93.3% during the first quarter. American Century Companies Inc. now owns 1,396,737 shares of the technology company’s stock worth $480,617,000 after buying an additional 674,248 shares during the last quarter. Invesco Ltd. raised its holdings in SBA Communications by 45.1% in the first quarter. Invesco Ltd. now owns 2,099,226 shares of the technology company’s stock worth $722,344,000 after purchasing an additional 652,954 shares during the period. JPMorgan Chase & Co. raised its holdings in SBA Communications by 55.8% in the second quarter. JPMorgan Chase & Co. now owns 1,024,359 shares of the technology company’s stock worth $327,847,000 after purchasing an additional 366,879 shares during the period. Artemis Investment Management LLP raised its holdings in SBA Communications by 476.5% in the second quarter. Artemis Investment Management LLP now owns 387,368 shares of the technology company’s stock worth $124,218,000 after purchasing an additional 320,171 shares during the period. Finally, State Street Corp raised its holdings in SBA Communications by 6.3% in the first quarter. State Street Corp now owns 5,150,667 shares of the technology company’s stock worth $1,772,345,000 after purchasing an additional 307,233 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.

SBA Communications Price Performance

SBAC opened at $297.61 on Thursday. The company has a fifty day moving average price of $277.94 and a 200-day moving average price of $310.29. The firm has a market capitalization of $32.13 billion, a P/E ratio of 80.22 and a beta of 0.46. SBA Communications Co. has a one year low of $236.20 and a one year high of $391.15.

SBA Communications (NASDAQ:SBACGet Rating) last posted its quarterly earnings data on Monday, October 31st. The technology company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The company had revenue of $675.60 million for the quarter, compared to the consensus estimate of $651.42 million. SBA Communications had a negative return on equity of 7.57% and a net margin of 16.01%. The business’s revenue was up 14.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.71 earnings per share. On average, analysts expect that SBA Communications Co. will post 11.34 earnings per share for the current year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, November 17th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.95%. The ex-dividend date is Wednesday, November 16th. SBA Communications’s dividend payout ratio is currently 76.55%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SBAC shares. UBS Group cut their target price on shares of SBA Communications to $365.00 in a report on Friday, November 4th. Cowen decreased their target price on shares of SBA Communications from $389.00 to $341.00 and set an “outperform” rating for the company in a research report on Tuesday, November 1st. Wells Fargo & Company decreased their price objective on shares of SBA Communications from $355.00 to $325.00 and set an “overweight” rating for the company in a research report on Tuesday, October 18th. Credit Suisse Group decreased their price objective on shares of SBA Communications from $408.00 to $346.00 and set an “outperform” rating for the company in a research report on Tuesday, November 1st. Finally, Barclays lifted their price objective on shares of SBA Communications from $286.00 to $341.00 and gave the company an “overweight” rating in a research report on Monday, November 14th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $345.47.

About SBA Communications

(Get Rating)

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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