CI Investments Inc. Has $59.17 Million Stock Holdings in SBA Communications Corporation $SBAC

Key Points

• CI Investments Inc. increased its stake in SBA Communications by 3.3% in the first quarter, ending with 343,782 shares valued at about $59.17 million.
• Institutional ownership remains very high, with hedge funds and other institutions holding 97.35% of SBA Communications shares.
• Analysts are mixed but generally constructive: the stock has a Moderate Buy consensus rating with an average price target of $235.28, though some firms have recently cut targets.

CI Investments Inc. increased its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 3.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 343,782 shares of the technology company's stock after acquiring an additional 11,135 shares during the quarter. CI Investments Inc. owned about 0.32% of SBA Communications worth $59,168,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Elevation Wealth Partners LLC boosted its position in shares of SBA Communications by 523.8% during the fourth quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company's stock worth $25,000 after purchasing an additional 110 shares in the last quarter. DV Equities LLC bought a new stake in shares of SBA Communications in the 4th quarter valued at $29,000. Fulcrum Asset Management LLP bought a new stake in shares of SBA Communications in the 3rd quarter valued at $32,000. Geneos Wealth Management Inc. raised its stake in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock worth $36,000 after buying an additional 84 shares during the period. Finally, High Point Wealth Management LLC acquired a new stake in SBA Communications during the 4th quarter worth $39,000. Institutional investors and hedge funds own 97.35% of the company's stock.

Analyst Ratings Changes

SBAC has been the topic of several recent analyst reports. Barclays lifted their target price on SBA Communications from $244.00 to $245.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Royal Bank Of Canada dropped their price target on SBA Communications from $245.00 to $210.00 and set an "outperform" rating on the stock in a research report on Friday, July 10th. KeyCorp lifted their price objective on SBA Communications from $235.00 to $250.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. The Goldman Sachs Group initiated coverage on SBA Communications in a report on Friday, June 26th. They set a "neutral" rating and a $205.00 price objective on the stock. Finally, Morgan Stanley boosted their price objective on SBA Communications from $215.00 to $225.00 and gave the company an "equal weight" rating in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $235.28.

SBA Communications Price Performance

SBA Communications stock opened at $176.82 on Wednesday. The company has a market cap of $18.75 billion, a price-to-earnings ratio of 18.61, a P/E/G ratio of 1.82 and a beta of 1.00. The firm has a 50-day moving average of $193.77 and a 200-day moving average of $195.23. SBA Communications Corporation has a one year low of $162.41 and a one year high of $243.16.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Friday, May 22nd. SBA Communications's dividend payout ratio (DPR) is currently 52.63%.

SBA Communications Profile

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

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