Sone Capital Management LLC Invests $1.91 Million in SBA Communications Co. (NASDAQ:SBAC)

Sone Capital Management LLC acquired a new position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 9,348 shares of the technology company's stock, valued at approximately $1,905,000.

Several other hedge funds also recently made changes to their positions in SBAC. Dodge & Cox lifted its position 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 purchasing an additional 5,722,740 shares during the period. Norges Bank purchased a new stake in shares of SBA Communications in the fourth quarter valued at approximately $268,287,000. Wealthfront Advisers LLC grew its holdings in SBA Communications by 23,553.0% during the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company's stock worth $229,648,000 after acquiring an additional 1,122,064 shares during the period. BROOKFIELD Corp ON raised its position in SBA Communications by 27,449.9% in the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after acquiring an additional 987,647 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of SBA Communications by 16.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock valued at $1,024,049,000 after purchasing an additional 605,872 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

Analysts Set New Price Targets

SBAC has been the subject of a number of research analyst reports. Barclays increased their target price on shares of SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a report on Tuesday, April 29th. BMO Capital Markets lifted their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a report on Tuesday, April 29th. Citigroup boosted their target price on SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. JMP Securities raised their price target on SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a research report on Tuesday, April 29th. Finally, Wall Street Zen lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus target price of $253.43.

SBA Communications Stock Down 1.6%

Shares of SBAC stock traded down $3.63 during mid-day trading on Thursday, hitting $228.27. 705,289 shares of the company's stock were exchanged, compared to its average volume of 898,140. The stock has a 50-day simple moving average of $225.50 and a two-hundred day simple moving average of $216.14. SBA Communications Co. has a fifty-two week low of $185.44 and a fifty-two week high of $252.64. The stock has a market cap of $24.53 billion, a price-to-earnings ratio of 36.00, a PEG ratio of 0.74 and a beta of 0.83.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be given a $1.11 dividend. The ex-dividend date is Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.95%. SBA Communications's dividend payout ratio is presently 60.91%.

Insider Activity at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the company's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the sale, the vice president now directly owns 6,079 shares of the company's stock, valued at approximately $1,362,790.22. This represents a 26.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $1,202,950.00. Following the completion of the sale, the director now owns 10,522 shares of the company's stock, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by insiders.

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.