Wellington Management Group LLP Cuts Holdings in SBA Communications Co. (NASDAQ:SBAC)

Wellington Management Group LLP reduced its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 12.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 230,457 shares of the technology company's stock after selling 31,952 shares during the period. Wellington Management Group LLP owned 0.21% of SBA Communications worth $46,967,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Dodge & Cox boosted its stake in shares of SBA Communications by 352.5% during 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of SBA Communications by 16.6% during the third 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. Geode Capital Management LLC boosted its stake in shares of SBA Communications by 2.5% during the fourth 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 in the last quarter. Deutsche Bank AG boosted its stake in shares of SBA Communications by 5.9% during the fourth quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock valued at $491,549,000 after purchasing an additional 134,624 shares in the last quarter. Finally, Cohen & Steers Inc. boosted its stake in shares of SBA Communications by 29.8% during the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock valued at $383,762,000 after purchasing an additional 432,644 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Joshua Koenig sold 2,209 shares of the firm'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 transaction, the vice president now owns 6,079 shares of the company's stock, valued at $1,362,790.22. This trade represents a 26.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jack Langer sold 5,000 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the transaction, the director now directly 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 currently owned by corporate insiders.

SBA Communications Trading Down 0.7%

Shares of NASDAQ:SBAC traded down $1.72 on Monday, hitting $230.18. 234,649 shares of the company were exchanged, compared to its average volume of 922,420. SBA Communications Co. has a 1-year low of $187.06 and a 1-year high of $252.64. The stock's 50 day moving average price is $226.89 and its 200 day moving average price is $216.43. The firm has a market capitalization of $24.73 billion, a P/E ratio of 36.31, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be issued a dividend of $1.11 per share. The ex-dividend date is Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.93%. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

Analysts Set New Price Targets

SBAC has been the topic of a number of recent research reports. Raymond James reiterated a "strong-buy" rating and set a $268.00 price objective (up from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. JMP Securities raised their target price on shares of SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a research note on Tuesday, April 29th. Bank of America started coverage on shares of SBA Communications in a research note on Monday, May 19th. They issued a "buy" rating and a $260.00 target price for the company. BMO Capital Markets raised their target price on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research note on Tuesday, April 29th. Finally, Barclays raised their target price on shares of SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a research note on Tuesday, April 29th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, SBA Communications currently has an average rating of "Moderate Buy" and an average price target of $253.43.

About SBA Communications

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.