Mirae Asset Global Investments Co. Ltd. Has $7.29 Million Position in SBA Communications Co. (NASDAQ:SBAC)

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of SBA Communications Co. (NASDAQ:SBAC – Get Rating) by 6.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 26,006 shares of the technology company’s stock after purchasing an additional 1,606 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in SBA Communications were worth $7,290,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Handelsbanken Fonder AB raised its stake in SBA Communications by 9.4% during the fourth quarter. Handelsbanken Fonder AB now owns 13,651 shares of the technology company’s stock worth $3,827,000 after acquiring an additional 1,170 shares in the last quarter. Arizona State Retirement System raised its stake in SBA Communications by 0.3% during the fourth quarter. Arizona State Retirement System now owns 29,394 shares of the technology company’s stock worth $8,239,000 after acquiring an additional 83 shares in the last quarter. Vestmark Advisory Solutions Inc. acquired a new position in SBA Communications during the third quarter worth $237,000. MADDEN SECURITIES Corp acquired a new position in SBA Communications during the fourth quarter worth $84,000. Finally, Nuveen Asset Management LLC increased its stake in shares of SBA Communications by 12.7% in the third quarter. Nuveen Asset Management LLC now owns 692,813 shares of the technology company’s stock valued at $197,210,000 after buying an additional 77,904 shares in the last quarter. 93.54% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Trading Down 0.7 %

Shares of SBAC opened at $233.38 on Monday. SBA Communications Co. has a 1 year low of $229.48 and a 1 year high of $356.59. The stock has a market cap of $25.21 billion, a P/E ratio of 68.24 and a beta of 0.50. The stock’s 50-day moving average price is $251.21 and its two-hundred day moving average price is $273.14.

SBA Communications (NASDAQ:SBAC – Get Rating) last issued its earnings results on Monday, May 1st. The technology company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.28). SBA Communications had a negative return on equity of 7.01% and a net margin of 13.91%. The company had revenue of $675.52 million for the quarter, compared to the consensus estimate of $672.47 million. During the same quarter last year, the business posted $2.96 EPS. SBA Communications’s quarterly revenue was up 9.0% on a year-over-year basis. As a group, equities analysts forecast that SBA Communications Co. will post 11.74 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 21st. Shareholders of record on Friday, May 26th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Thursday, May 25th. SBA Communications’s dividend payout ratio (DPR) is currently 99.42%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SBAC. Raymond James lowered their target price on SBA Communications from $334.00 to $330.00 in a research note on Tuesday, May 2nd. Royal Bank of Canada lowered their target price on SBA Communications from $320.00 to $290.00 in a research note on Monday, May 8th. Cowen lowered their target price on SBA Communications from $341.00 to $328.00 and set an “outperform” rating for the company in a research note on Wednesday, February 22nd. Wells Fargo & Company lowered their target price on SBA Communications from $340.00 to $300.00 in a research note on Tuesday, May 2nd. Finally, Wolfe Research upgraded SBA Communications from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, January 24th. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $322.93.

About SBA Communications

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SBA Communications Corp. is a real estate investment trust, which engages in the provision of wireless communications infrastructures. It operates through the following business segments: Domestic Site Leasing, International Site Leasing, and Site Development. The Domestic Site Leasing segment includes AT&T, Sprint, T-Mobile, and Verizon Wireless.