Connor Clark & Lunn Investment Management Ltd. Takes Position in SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired a new stake in SBA Communications, purchasing 34,505 shares worth approximately $7.59 million.
• SBA Communications reported quarterly earnings of $3.17 per share, beating estimates, with a revenue of $698.98 million, a 5.8% increase year-over-year.
• The company announced a quarterly dividend of $1.11 per share, representing a yield of 2.0% and a payout ratio of 56.42%.

Connor Clark & Lunn Investment Management Ltd. bought a new position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 34,505 shares of the technology company's stock, valued at approximately $7,591,000.

A number of other institutional investors have also recently added to or reduced their stakes in SBAC. Cynosure Group LLC grew its position in SBA Communications by 8.9% in the first quarter. Cynosure Group LLC now owns 1,553 shares of the technology company's stock worth $342,000 after buying an additional 127 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in SBA Communications in the first quarter worth approximately $47,000. Forsta AP Fonden grew its position in SBA Communications by 130.2% in the first quarter. Forsta AP Fonden now owns 45,800 shares of the technology company's stock worth $10,076,000 after buying an additional 25,900 shares during the last quarter. National Bank of Canada FI boosted its stake in SBA Communications by 32.8% in the 1st quarter. National Bank of Canada FI now owns 90,769 shares of the technology company's stock worth $19,970,000 after purchasing an additional 22,396 shares during the period. Finally, Citigroup Inc. boosted its stake in SBA Communications by 25.0% in the 1st quarter. Citigroup Inc. now owns 100,408 shares of the technology company's stock worth $22,091,000 after purchasing an additional 20,098 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Performance

Shares of SBA Communications stock traded up $3.53 during midday trading on Friday, reaching $220.44. 494,807 shares of the company's stock traded hands, compared to its average volume of 860,262. The company has a market cap of $23.69 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. The company's 50 day simple moving average is $229.55 and its 200 day simple moving average is $223.79. SBA Communications Corporation has a 52 week low of $192.55 and a 52 week high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its earnings results on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, topping the consensus estimate of $3.10 by $0.07. The firm had revenue of $698.98 million for the quarter, compared to the consensus estimate of $670.73 million. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The business's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the firm posted $3.29 EPS. As a group, equities research analysts predict that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be given a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is currently 56.42%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SBAC shares. Deutsche Bank Aktiengesellschaft lowered shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective for the company. in a research note on Tuesday, May 20th. Scotiabank started coverage on shares of SBA Communications in a research note on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price objective for the company. JMP Securities set a $280.00 price objective on shares of SBA Communications and gave the stock a "market outperform" rating in a research note on Tuesday, August 5th. Morgan Stanley raised their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, UBS Group raised their price objective on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $258.25.

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.