CIBC Asset Management Inc Purchases 1,202 Shares of SBA Communications Co. (NASDAQ:SBAC)

CIBC Asset Management Inc increased its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 8.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 15,673 shares of the technology company’s stock after purchasing an additional 1,202 shares during the period. CIBC Asset Management Inc’s holdings in SBA Communications were worth $3,772,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new position in SBA Communications during the 3rd quarter valued at about $26,000. Ridgewood Investments LLC purchased a new position in shares of SBA Communications in the 2nd quarter valued at $32,000. Capital Performance Advisors LLP bought a new position in shares of SBA Communications in the 3rd quarter worth $35,000. Family Firm Inc. purchased a new stake in shares of SBA Communications during the 2nd quarter worth $36,000. Finally, Global X Japan Co. Ltd. bought a new stake in SBA Communications during the second quarter valued at about $49,000. 97.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on SBAC. Royal Bank of Canada increased their price target on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. BMO Capital Markets lifted their price target on shares of SBA Communications from $255.00 to $260.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Morgan Stanley increased their price objective on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. KeyCorp boosted their price objective on shares of SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Finally, StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $257.23.

SBA Communications Trading Up 0.2 %

SBA Communications stock opened at $221.61 on Tuesday. The firm has a market cap of $23.83 billion, a PE ratio of 34.95, a P/E/G ratio of 0.75 and a beta of 0.68. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $258.76. The stock’s 50 day simple moving average is $235.99 and its two-hundred day simple moving average is $216.75.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.77). The firm had revenue of $667.60 million for the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.34 EPS. On average, equities research analysts forecast that SBA Communications Co. will post 12.56 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be issued a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a yield of 1.77%. SBA Communications’s payout ratio is 61.83%.

Insiders Place Their Bets

In other news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the transaction, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. This trade represents a 23.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director George R. Krouse, Jr. sold 325 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the sale, the director now owns 8,084 shares of the company’s stock, valued at $1,775,084.72. The trade was a 3.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

SBA Communications Company 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.