Jane Street Group LLC Has $3.07 Million Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Jane Street Group LLC cut its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 33.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,051 shares of the technology company's stock after selling 7,588 shares during the quarter. Jane Street Group LLC's holdings in SBA Communications were worth $3,067,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Dodge & Cox increased its position 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 during the period. JPMorgan Chase & Co. grew its position in SBA Communications by 16.6% in 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 acquiring an additional 605,872 shares during the period. Geode Capital Management LLC grew its position in SBA Communications by 2.5% in 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 acquiring an additional 71,023 shares during the period. Cohen & Steers Inc. boosted its stake in SBA Communications by 29.8% in the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after purchasing an additional 432,644 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in SBA Communications by 8.3% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company's stock worth $379,290,000 after purchasing an additional 142,054 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction on Friday, March 7th. The stock was 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 owns 6,079 shares of the company's stock, valued at $1,362,790.22. This trade represents a 26.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 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 disclosure for this sale can be found here. 0.92% of the stock is currently owned by insiders.

SBA Communications Stock Up 1.0%

Shares of NASDAQ SBAC traded up $2.43 during trading hours on Monday, hitting $235.51. The company had a trading volume of 540,316 shares, compared to its average volume of 900,246. The stock has a market capitalization of $25.34 billion, a P/E ratio of 37.15, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 1-year low of $185.44 and a 1-year high of $252.64. The firm's 50 day moving average is $224.85 and its 200-day moving average is $215.90.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be issued a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Thursday, May 22nd. SBA Communications's payout ratio is presently 60.91%.

Analyst Ratings Changes

A number of research firms have commented on SBAC. BMO Capital Markets boosted their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 29th. Citigroup upped their price target on SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. JMP Securities increased their target price on SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a research note on Tuesday, April 29th. Morgan Stanley began coverage on SBA Communications in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 price target for the company. Finally, Bank of America initiated coverage on SBA Communications in a research note on Monday. They issued a "buy" rating and a $260.00 price target for the company. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, SBA Communications presently has an average rating of "Moderate Buy" and a consensus target price of $252.93.

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.