Bayforest Capital Ltd Acquires 1,397 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Bayforest Capital Ltd increased its stake in SBA Communications Corporation by 420.8% during the first quarter, bringing its total holdings to $380,000.
• Institutional investors own 97.35% of SBA Communications, with notable increases from firms like Dodge & Cox, which boosted its stake by 352.5% last quarter.
• SBA Communications' stock has received mixed analyst ratings, with a range of target prices between $240.00 and $270.00, indicating a general sentiment of a "Moderate Buy".

Bayforest Capital Ltd boosted its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 420.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,729 shares of the technology company's stock after buying an additional 1,397 shares during the quarter. Bayforest Capital Ltd's holdings in SBA Communications were worth $380,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SBAC. Dodge & Cox lifted its position in shares of 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 purchasing an additional 5,722,740 shares during the period. BROOKFIELD Corp ON lifted its holdings in SBA Communications by 27,449.9% in the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock valued at $202,016,000 after buying an additional 987,647 shares during the period. Voyager Global Management LP acquired a new position in shares of SBA Communications in the 4th quarter valued at about $95,786,000. Cohen & Steers Inc. lifted its stake in SBA Communications by 29.8% in the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock valued at $383,762,000 after buying an additional 432,644 shares during the period. Finally, GAMMA Investing LLC lifted its stake in SBA Communications by 30,393.6% in the first quarter. GAMMA Investing LLC now owns 370,497 shares of the technology company's stock valued at $81,513,000 after buying an additional 369,282 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Down 4.3%

Shares of SBA Communications stock traded down $9.88 on Tuesday, hitting $220.53. The stock had a trading volume of 1,149,282 shares, compared to its average volume of 860,183. The stock has a market cap of $23.70 billion, a price-to-earnings ratio of 30.25, a PEG ratio of 1.89 and a beta of 0.77. SBA Communications Corporation has a one year low of $192.55 and a one year high of $252.64. The stock's 50-day simple moving average is $231.26 and its two-hundred day simple moving average is $223.10.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, topping analysts' consensus estimates of $3.10 by $0.07. The firm had revenue of $698.98 million for the quarter, compared to analysts' expectations of $670.73 million. SBA Communications had a negative return on equity of 15.30% and a net margin of 29.29%. The business's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.29 EPS. As a group, equities analysts predict that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be paid a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.0%. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

Analyst Ratings Changes

SBAC has been the topic of a number of research reports. Bank of America began coverage on shares of SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 target price on the stock. UBS Group upped their target price on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Citigroup upped their target price on SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Wall Street Zen downgraded shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Finally, Raymond James Financial restated 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. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $258.44.

SBA Communications Company 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.