Praxis Investment Management Inc. Invests $290,000 in SBA Communications Corporation (NASDAQ:SBAC)

Praxis Investment Management Inc. purchased a new stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 1,320 shares of the technology company's stock, valued at approximately $290,000.

Other large investors have also recently made changes to their positions in the company. Dodge & Cox boosted its stake in SBA Communications by 352.5% in the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after acquiring an additional 5,722,740 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of SBA Communications by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock valued at $586,827,000 after purchasing an additional 71,023 shares during the last quarter. Deutsche Bank AG boosted its position in shares of SBA Communications by 5.9% in the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock worth $491,549,000 after purchasing an additional 134,624 shares in the last quarter. Cohen & Steers Inc. grew its stake in SBA Communications by 29.8% during the 4th quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after buying an additional 432,644 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its stake in SBA Communications by 8.3% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company's stock worth $379,290,000 after buying an additional 142,054 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

SBA Communications Stock Down 0.9%

Shares of NASDAQ:SBAC traded down $1.98 during midday trading on Thursday, reaching $230.70. The company's stock had a trading volume of 700,712 shares, compared to its average volume of 886,152. The stock has a fifty day moving average of $231.03 and a 200 day moving average of $217.36. SBA Communications Corporation has a twelve month low of $187.06 and a twelve month high of $252.64. The firm has a market capitalization of $24.79 billion, a PE ratio of 31.65, a P/E/G ratio of 1.92 and a beta of 0.78.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were given a $1.11 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.44 annualized dividend and a yield of 1.92%. SBA Communications's dividend payout ratio is presently 60.91%.

Insider Transactions at SBA Communications

In other news, Director Jack Langer sold 5,000 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the sale, the director now directly owns 10,522 shares of the company's stock, valued at $2,531,487.98. This represents a 32.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.92% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wall Street Zen cut SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Bank of America began coverage on shares of SBA Communications in a research report on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective for the company. Morgan Stanley started coverage on shares of SBA Communications in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 target price for the company. Barclays boosted their target price on shares of SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 29th. Finally, Wells Fargo & Company raised their price target on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, SBA Communications presently has an average rating of "Moderate Buy" and an average target price of $253.43.

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.