Mirae Asset Global Investments Co. Ltd. Acquires 28,584 Shares of SBA Communications Corporation $SBAC

Key Points

• Mirae Asset Global Investments acquired 28,584 SBA Communications shares in the third quarter, valued at approximately $4.58 million. Institutional investors and hedge funds collectively own 97.35% of the stock.
• Analysts give SBAC a consensus “Moderate Buy” rating, with an average price target of $224.64; nine rate it Buy and nine Hold.
• Quarterly earnings per share of $2.19 beat estimates, but revenue of $713.92 million fell short of forecasts and declined 2.5% year over year. SBA declared a quarterly dividend of $1.25 per share.

Mirae Asset Global Investments Co. Ltd. acquired a new position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 28,584 shares of the technology company's stock, valued at approximately $4,577,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Profund Advisors LLC boosted its holdings in SBA Communications by 42.2% in the third quarter. Profund Advisors LLC now owns 1,974 shares of the technology company's stock worth $316,000 after acquiring an additional 586 shares in the last quarter. Vise Technologies Inc. purchased a new stake in shares of SBA Communications during the third quarter worth about $397,000. MGO One Seven LLC increased its holdings in shares of SBA Communications by 9.8% during the third quarter. MGO One Seven LLC now owns 1,946 shares of the technology company's stock valued at $312,000 after acquiring an additional 174 shares in the last quarter. Glenview Trust Co increased its holdings in shares of SBA Communications by 8.5% during the third quarter. Glenview Trust Co now owns 2,435 shares of the technology company's stock valued at $390,000 after acquiring an additional 190 shares in the last quarter. Finally, Parcion Private Wealth LLC acquired a new position in shares of SBA Communications during the third quarter valued at about $262,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SBAC shares. Truist Financial decreased their price objective on shares of SBA Communications from $238.00 to $235.00 and set a "buy" rating for the company in a research report on Wednesday. JPMorgan Chase & Co. dropped their target price on shares of SBA Communications from $220.00 to $200.00 and set a "neutral" rating on the stock in a research report on Tuesday. Wells Fargo & Company set a $200.00 price target on shares of SBA Communications in a research note on Tuesday. Weiss Ratings raised shares of SBA Communications from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, October 15th. Finally, Morgan Stanley decreased their price target on shares of SBA Communications from $215.00 to $205.00 and set an "equal weight" rating for the company in a report on Monday, September 21st. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $224.64.

Insider Transactions at SBA Communications

In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $182.67, for a total transaction of $54,801.00. Following the completion of the transaction, the director directly owned 8,512 shares of the company's stock, valued at approximately $1,554,887.04. This trade represents a 3.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 9.50% of the company's stock.

SBA Communications Stock Performance

Shares of SBAC stock opened at $193.08 on Friday. The stock's 50-day simple moving average is $179.75 and its 200-day simple moving average is $189.98. The firm has a market capitalization of $20.48 billion, a PE ratio of 20.83, a P/E/G ratio of 1.96 and a beta of 0.97. SBA Communications Corporation has a fifty-two week low of $156.60 and a fifty-two week high of $224.46.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The technology company reported $2.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.10. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.54%. The firm had revenue of $713.92 million during the quarter, compared to analysts' expectations of $724.07 million. During the same period last year, the business posted $3.30 earnings per share. The company's revenue for the quarter was down 2.5% compared to the same quarter last year. Sell-side analysts forecast that SBA Communications Corporation will post 11.40 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Thursday, November 12th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.6%. The ex-dividend date is Thursday, November 12th. SBA Communications's dividend payout ratio is 53.88%.

SBA Communications Company Profile

SBA Communications Corporation is a real estate investment trust that owns and operates wireless communications infrastructure. The company's portfolio primarily consists of wireless communications towers and related sites that support cellular, wireless broadband, and other communications equipment.

SBA Communications leases antenna space on its towers to wireless service providers, government agencies, and other communications companies. It also provides site development services, including zoning, permitting, construction, and project management, as well as tower construction and acquisition services in selected markets.

Founded in 1989 and headquartered in Boca Raton, Florida, SBA Communications serves customers across the United States and in parts of Central and South America.

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