Plato Investment Management Ltd Makes New Investment in SBA Communications Corporation $SBAC

Key Points

• Plato Investment Management purchased 5,764 SBA Communications shares worth approximately $1.01 million in the second quarter. Institutional investors and hedge funds collectively own 97.35% of the company.
• Analyst sentiment is mixed, with eight Buy and nine Hold ratings; the consensus rating is Hold and the average price target is $228.12, above the stock’s reported $181.40 price.
• SBA Communications exceeded quarterly earnings and revenue expectations, reporting $1.87 in EPS and $715.27 million in revenue. The company also declared a quarterly dividend of $1.25 per share, equivalent to a 2.8% annualized yield.

Plato Investment Management Ltd purchased a new stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,764 shares of the technology company's stock, valued at approximately $1,011,000.

Several other large investors have also modified their holdings of SBAC. DV Equities LLC acquired a new position in shares of SBA Communications during the 4th quarter worth approximately $29,000. Geneos Wealth Management Inc. grew its holdings in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock valued at $36,000 after buying an additional 84 shares during the last quarter. Fulcrum Asset Management LLP purchased a new position in SBA Communications during the third quarter worth $32,000. High Point Wealth Management LLC acquired a new position in shares of SBA Communications in the fourth quarter worth $39,000. Finally, Commonwealth Retirement Investments LLC acquired a new position in shares of SBA Communications in the fourth quarter worth $39,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on SBAC shares. Citigroup reaffirmed a "market perform" rating on shares of SBA Communications in a research note on Tuesday, August 4th. Royal Bank Of Canada cut their target price on shares of SBA Communications from $245.00 to $210.00 and set an "outperform" rating for the company in a research note on Friday, July 10th. Wells Fargo & Company upgraded shares of SBA Communications from an "equal weight" rating to an "overweight" rating and reduced their target price for the company from $220.00 to $210.00 in a report on Friday, July 17th. Barclays lifted their price target on shares of SBA Communications from $244.00 to $245.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Finally, The Goldman Sachs Group began coverage on shares of SBA Communications in a research note on Friday, June 26th. They set a "neutral" rating and a $205.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $228.12.

SBA Communications Trading Down 0.4%

Shares of NASDAQ:SBAC opened at $181.40 on Wednesday. The firm has a market cap of $19.24 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 1.85 and a beta of 0.99. The stock's 50-day moving average price is $184.63 and its two-hundred day moving average price is $194.25. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $225.33.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The technology company reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.85 by $0.02. The company had revenue of $715.27 million during the quarter, compared to the consensus estimate of $706.01 million. SBA Communications had a net margin of 34.51% and a negative return on equity of 20.67%. The company's quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.17 EPS. As a group, research analysts forecast that SBA Communications Corporation will post 11.41 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, August 20th will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.00 annualized dividend and a yield of 2.8%. SBA Communications's dividend payout ratio is 53.88%.

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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