Benchstone Capital Management LP Buys New Position in SBA Communications Co. (NASDAQ:SBAC)

Benchstone Capital Management LP purchased a new position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 164,046 shares of the technology company's stock, valued at approximately $33,433,000. SBA Communications comprises approximately 3.5% of Benchstone Capital Management LP's portfolio, making the stock its 12th largest holding. Benchstone Capital Management LP owned about 0.15% of SBA Communications at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of SBAC. Evermay Wealth Management LLC bought a new stake in shares of SBA Communications in the 4th quarter valued at about $27,000. Graney & King LLC purchased a new position in shares of SBA Communications in the 4th quarter valued at $29,000. Oakworth Capital Inc. raised its position in shares of SBA Communications by 161.8% in the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock worth $47,000 after acquiring an additional 144 shares in the last quarter. CKW Financial Group purchased a new stake in shares of SBA Communications during the 4th quarter worth $56,000. Finally, Versant Capital Management Inc boosted its position in SBA Communications by 17.3% during the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company's stock valued at $73,000 after purchasing an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on SBAC shares. StockNews.com cut shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Citigroup lifted their price target on shares of SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Raymond James reiterated a "strong-buy" rating and set a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. BMO Capital Markets boosted their target price on SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 29th. Finally, Barclays increased their price target on SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a research note on Tuesday, April 29th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $252.38.

SBA Communications Stock Performance

Shares of SBA Communications stock traded down $2.52 during trading on Wednesday, hitting $240.31. 860,649 shares of the company's stock were exchanged, compared to its average volume of 896,892. The stock has a market capitalization of $25.86 billion, a price-to-earnings ratio of 37.90, a PEG ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 52-week low of $185.44 and a 52-week high of $252.64. The business has a 50-day simple moving average of $222.66 and a 200-day simple moving average of $216.37.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be issued a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Thursday, May 22nd. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

Insider Buying and Selling

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

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.