Nuveen Asset Management LLC Has $116.68 Million Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Nuveen Asset Management LLC decreased its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 20.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 572,537 shares of the technology company's stock after selling 149,814 shares during the quarter. Nuveen Asset Management LLC owned about 0.53% of SBA Communications worth $116,683,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. OMERS ADMINISTRATION Corp grew its position in shares of SBA Communications by 20.5% during the 4th quarter. OMERS ADMINISTRATION Corp now owns 4,517 shares of the technology company's stock worth $921,000 after buying an additional 768 shares in the last quarter. Meketa Capital LLC purchased a new position in SBA Communications during the 4th quarter worth $782,000. Moore Capital Management LP grew its stake in SBA Communications by 16.0% during the 4th quarter. Moore Capital Management LP now owns 6,288 shares of the technology company's stock worth $1,281,000 after buying an additional 869 shares during the last quarter. Janus Henderson Group PLC lifted its position in SBA Communications by 5.6% during the 4th quarter. Janus Henderson Group PLC now owns 182,792 shares of the technology company's stock worth $37,260,000 after acquiring an additional 9,688 shares during the period. Finally, GRS Advisors LLC lifted its position in SBA Communications by 1.7% during the 4th quarter. GRS Advisors LLC now owns 358,808 shares of the technology company's stock worth $73,125,000 after acquiring an additional 6,092 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, 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 completion of the sale, the director now directly owns 10,522 shares of the company's stock, valued at $2,531,487.98. This trade represents a 32.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $495,213.62. Following the sale, the vice president now directly owns 6,079 shares of the company's stock, valued at $1,362,790.22. This represents 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 owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SBAC. Raymond James reissued a "strong-buy" rating and issued a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. JMP Securities boosted their price target on shares of SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a research report on Tuesday, April 29th. Wells Fargo & Company upped their price objective on SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. StockNews.com cut SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Citizens Jmp upgraded SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Seven 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's stock. Based on data from MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and an average target price of $253.43.

SBA Communications Trading Down 0.7%

NASDAQ:SBAC traded down $1.73 during mid-day trading on Tuesday, reaching $233.78. 648,249 shares of the stock were exchanged, compared to its average volume of 899,242. The business has a fifty day moving average price of $224.85 and a 200 day moving average price of $215.90. The firm has a market capitalization of $25.16 billion, a PE ratio of 36.87, a PEG 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.

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 dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.90%. SBA Communications's dividend payout ratio (DPR) is presently 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.