Avanza Fonder AB Decreases Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Avanza Fonder AB decreased its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 29.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,398 shares of the technology company's stock after selling 2,693 shares during the quarter. Avanza Fonder AB's holdings in SBA Communications were worth $1,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in SBAC. Dodge & Cox increased its stake in SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock worth $1,497,167,000 after acquiring an additional 5,722,740 shares during the last quarter. Norges Bank bought a new stake in SBA Communications in the 4th quarter worth approximately $268,287,000. Wealthfront Advisers LLC increased its stake in SBA Communications by 23,553.0% in the 4th quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company's stock worth $229,648,000 after acquiring an additional 1,122,064 shares during the last quarter. BROOKFIELD Corp ON increased its stake in SBA Communications by 27,449.9% in the 4th quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after acquiring an additional 987,647 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in SBA Communications by 46.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company's stock worth $363,015,000 after acquiring an additional 565,137 shares during the last quarter. Institutional investors own 97.35% of the company's stock.

SBA Communications Stock Down 0.1%

SBAC traded down $0.24 during trading hours on Friday, reaching $227.83. 592,607 shares of the company's stock traded hands, compared to its average volume of 884,683. SBA Communications Co. has a 52-week low of $187.06 and a 52-week high of $252.64. The firm has a market capitalization of $24.48 billion, a PE ratio of 35.94, a PEG ratio of 0.74 and a beta of 0.78. The firm has a 50-day moving average price of $228.82 and a 200 day moving average price of $216.93.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd will be issued a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Thursday, May 22nd. SBA Communications's dividend payout ratio is 60.91%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wall Street Zen downgraded SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Barclays boosted their target price on SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a research report on Tuesday, April 29th. Royal Bank of Canada reissued an "outperform" rating and set a $255.00 target price on shares of SBA Communications in a research report on Monday, February 24th. BMO Capital Markets boosted their target price on SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research report on Tuesday, April 29th. Finally, Citigroup boosted 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. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $253.43.

Insiders Place Their Bets

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the company'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 sale, the director now directly owns 10,522 shares in the company, valued at approximately $2,531,487.98. This represents a 32.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.92% of the company's stock.

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.