Arrowstreet Capital Limited Partnership Purchases 26,433 Shares of SBA Communications Corporation $SBAC

Arrowstreet Capital Limited Partnership raised its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 15.0% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 202,561 shares of the technology company’s stock after acquiring an additional 26,433 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in SBA Communications were worth $47,569,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SBAC. JPMorgan Chase & Co. raised its stake in shares of SBA Communications by 40.3% during the first quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company’s stock valued at $1,314,265,000 after acquiring an additional 1,715,541 shares during the last quarter. Norges Bank bought a new position in shares of SBA Communications in the 2nd quarter worth about $351,084,000. Dodge & Cox lifted its holdings in shares of SBA Communications by 15.5% during the first quarter. Dodge & Cox now owns 8,485,264 shares of the technology company’s stock valued at $1,866,843,000 after purchasing an additional 1,139,009 shares during the last quarter. Nuveen LLC purchased a new position in SBA Communications during the first quarter valued at $152,973,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its holdings in SBA Communications by 799.8% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 571,308 shares of the technology company’s stock worth $134,166,000 after acquiring an additional 507,815 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

SBA Communications Trading Down 0.2%

Shares of SBAC opened at $189.58 on Friday. The firm has a fifty day simple moving average of $193.82 and a two-hundred day simple moving average of $211.78. The firm has a market cap of $20.20 billion, a PE ratio of 24.72, a P/E/G ratio of 1.65 and a beta of 0.87. SBA Communications Corporation has a 1-year low of $185.13 and a 1-year high of $245.16.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, November 3rd. The technology company reported $3.30 EPS for the quarter, topping the consensus estimate of $3.21 by $0.09. The company had revenue of $732.33 million during the quarter, compared to analyst estimates of $715.65 million. SBA Communications had a negative return on equity of 16.60% and a net margin of 29.69%.SBA Communications’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.32 earnings per share. As a group, research analysts forecast that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Thursday, November 13th will be given a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.3%. SBA Communications’s dividend payout ratio is presently 57.89%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several recent analyst reports. The Goldman Sachs Group lowered their price target on SBA Communications from $250.00 to $220.00 and set a “neutral” rating for the company in a research report on Wednesday, October 1st. Williams Trading set a $237.00 price objective on shares of SBA Communications in a research note on Tuesday, November 4th. KeyCorp decreased their target price on shares of SBA Communications from $280.00 to $235.00 and set an “overweight” rating for the company in a report on Wednesday, September 17th. Cowen reaffirmed a “buy” rating on shares of SBA Communications in a research report on Tuesday, November 4th. Finally, Bank of America lowered SBA Communications from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $260.00 to $230.00 in a report on Wednesday, August 27th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $237.63.

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.