Worldquant Millennium Advisors LLC Reduces Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Worldquant Millennium Advisors LLC cut its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 62.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 89,360 shares of the technology company's stock after selling 146,597 shares during the period. Worldquant Millennium Advisors LLC owned about 0.08% of SBA Communications worth $18,212,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SBAC. Evermay Wealth Management LLC bought a new stake in SBA Communications during the fourth quarter worth about $27,000. Graney & King LLC bought a new position in shares of SBA Communications during the 4th quarter valued at about $29,000. Oakworth Capital Inc. raised its holdings in shares of SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock valued at $47,000 after buying an additional 144 shares in the last quarter. CKW Financial Group bought a new stake in SBA Communications in the 4th quarter worth approximately $56,000. Finally, State of Wyoming lifted its position in SBA Communications by 75.8% in the 4th quarter. State of Wyoming now owns 276 shares of the technology company's stock worth $56,000 after buying an additional 119 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SBA Communications

In other SBA Communications news, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction on Thursday, May 1st. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $495,213.62. Following the transaction, the vice president now directly owns 6,079 shares in the company, valued at approximately $1,362,790.22. The trade was a 26.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have commented on SBAC. BMO Capital Markets lifted their price target on shares of SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 29th. Bank of America initiated coverage on shares of SBA Communications in a report on Monday, May 19th. They set a "buy" rating and a $260.00 target price on the stock. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. Finally, Citigroup lifted their price objective on SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Seven equities 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 stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $253.43.

SBA Communications Stock Performance

Shares of SBA Communications stock traded up $1.25 during midday trading on Monday, hitting $229.52. The company had a trading volume of 400,822 shares, compared to its average volume of 898,412. SBA Communications Co. has a 52-week low of $185.44 and a 52-week high of $252.64. The stock has a market capitalization of $24.66 billion, a P/E ratio of 36.20, a P/E/G ratio of 0.74 and a beta of 0.83. The company has a 50 day moving average of $225.78 and a 200 day moving average of $216.08.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Thursday, May 22nd. SBA Communications's payout ratio is 60.91%.

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.