Investment Management Corp of Ontario Cuts Stake in SBA Communications Co. (NASDAQ:SBAC)

Investment Management Corp of Ontario cut its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 17.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,997 shares of the technology company's stock after selling 28,849 shares during the period. SBA Communications makes up approximately 0.9% of Investment Management Corp of Ontario's investment portfolio, making the stock its 18th biggest position. Investment Management Corp of Ontario owned approximately 0.13% of SBA Communications worth $28,124,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of SBAC. Exchange Traded Concepts LLC raised its stake in shares of SBA Communications by 15.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company's stock valued at $78,000 after buying an additional 50 shares in the last quarter. Auxano Advisors LLC grew its position in shares of SBA Communications by 2.3% during the 4th quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company's stock worth $495,000 after buying an additional 54 shares during the period. DoubleLine ETF Adviser LP increased its stake in shares of SBA Communications by 0.7% in the 4th quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company's stock valued at $1,577,000 after acquiring an additional 57 shares during the last quarter. Lake Street Advisors Group LLC grew its stake in SBA Communications by 5.8% in the fourth quarter. Lake Street Advisors Group LLC now owns 1,105 shares of the technology company's stock valued at $225,000 after acquiring an additional 61 shares during the period. Finally, Orion Portfolio Solutions LLC raised its holdings in shares of SBA Communications by 1.3% during the fourth quarter. Orion Portfolio Solutions LLC now owns 4,962 shares of the technology company's stock worth $1,011,000 after acquiring an additional 64 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the company's stock in a transaction dated 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 in the company, valued at $1,362,790.22. This represents a 26.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jack Langer sold 5,000 shares of the business's 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 completion of the transaction, the director now owns 10,522 shares in the company, valued at $2,531,487.98. The trade was a 32.21% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. JMP Securities raised their price objective on SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a report on Tuesday, April 29th. StockNews.com lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Wells Fargo & Company boosted their target price on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 26th. Raymond James restated a "strong-buy" rating and set a $268.00 price objective (up from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. Finally, Citigroup boosted their target price on shares of SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, SBA Communications presently has an average rating of "Moderate Buy" and a consensus target price of $252.38.

SBA Communications Stock Performance

NASDAQ:SBAC traded down $3.09 during trading on Wednesday, reaching $222.73. The company's stock had a trading volume of 1,526,084 shares, compared to its average volume of 901,716. SBA Communications Co. has a 12 month low of $185.44 and a 12 month high of $252.64. The firm has a 50 day moving average of $224.13 and a 200-day moving average of $216.10. The firm has a market cap of $23.97 billion, a price-to-earnings ratio of 35.13, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be given a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Thursday, May 22nd. SBA Communications's dividend payout ratio (DPR) is currently 60.91%.

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.