American Assets Investment Management LLC Acquires Shares of 21,372 SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• American Assets Investment Management LLC acquired 21,372 shares of SBA Communications Corporation, representing a value of approximately $4.7 million, making it the firm's 17th largest holding.
• Institutional and hedge funds own a significant 97.35% of SBA Communications' stock, with major investors including Dodge & Cox and BROOKFIELD Corp ON significantly increasing their stakes.
• SBA Communications has received multiple analyst upgrades, with target prices ranging from $252 to $270 and an average rating of "Moderate Buy".

American Assets Investment Management LLC bought a new position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 21,372 shares of the technology company's stock, valued at approximately $4,702,000. SBA Communications makes up about 2.0% of American Assets Investment Management LLC's holdings, making the stock its 17th biggest holding.

Several other hedge funds have also recently modified their holdings of SBAC. Dodge & Cox increased its position in SBA Communications by 352.5% during the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after acquiring an additional 5,722,740 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of SBA Communications by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock worth $586,827,000 after purchasing an additional 71,023 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of SBA Communications by 5.9% in the fourth quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock worth $491,549,000 after purchasing an additional 134,624 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of SBA Communications by 7.3% in the first quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock worth $439,310,000 after purchasing an additional 135,682 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in SBA Communications by 11.5% in the first quarter. Victory Capital Management Inc. now owns 1,986,133 shares of the technology company's stock worth $436,969,000 after acquiring an additional 204,902 shares during the period. Hedge funds and other institutional investors own 97.35% of the company's stock.

SBA Communications Stock Up 0.7%

Shares of SBAC traded up $1.69 during trading hours on Monday, reaching $230.26. 433,072 shares of the company traded hands, compared to its average volume of 854,802. The stock has a market capitalization of $24.74 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 1.89 and a beta of 0.77. SBA Communications Corporation has a fifty-two week low of $192.55 and a fifty-two week high of $252.64. The stock has a fifty day simple moving average of $231.25 and a 200 day simple moving average of $222.92.

Wall Street Analysts Forecast Growth

Several research firms have commented on SBAC. UBS Group increased their price target on shares of SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Barclays upped their price objective on shares of SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Bank of America assumed coverage on shares of SBA Communications in a research note on Monday, May 19th. They set a "buy" rating and a $260.00 price objective on the stock. Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective on the stock. in a research note on Tuesday, May 20th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $257.19.

SBA Communications Profile

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.