Van ECK Associates Corp Purchases 213 Shares of SBA Communications Co. (NASDAQ:SBAC)

Van ECK Associates Corp boosted its stake in SBA Communications Co. (NASDAQ:SBACFree Report) by 1.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,956 shares of the technology company’s stock after purchasing an additional 213 shares during the period. Van ECK Associates Corp’s holdings in SBA Communications were worth $4,395,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SBAC. Norges Bank acquired a new stake in SBA Communications in the fourth quarter valued at $310,556,000. Brown Advisory Inc. increased its holdings in SBA Communications by 43.0% in the second quarter. Brown Advisory Inc. now owns 2,108,540 shares of the technology company’s stock valued at $488,675,000 after purchasing an additional 634,135 shares during the period. Millennium Management LLC increased its holdings in SBA Communications by 294.4% in the fourth quarter. Millennium Management LLC now owns 797,089 shares of the technology company’s stock valued at $223,432,000 after purchasing an additional 594,994 shares during the period. Bristol John W & Co. Inc. NY acquired a new stake in SBA Communications in the third quarter valued at $92,725,000. Finally, JPMorgan Chase & Co. grew its holdings in SBA Communications by 15.9% during the 1st quarter. JPMorgan Chase & Co. now owns 2,537,428 shares of the technology company’s stock worth $662,447,000 after acquiring an additional 348,105 shares during the period. 92.48% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Performance

Shares of NASDAQ SBAC opened at $217.45 on Monday. SBA Communications Co. has a fifty-two week low of $185.23 and a fifty-two week high of $294.28. The stock has a market cap of $23.46 billion, a price-to-earnings ratio of 47.90, a PEG ratio of 1.06 and a beta of 0.58. The firm’s 50-day simple moving average is $240.04 and its 200 day simple moving average is $224.70.

Insider Activity at SBA Communications

In related news, Director Kevin L. Beebe sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $233.83, for a total value of $350,745.00. Following the transaction, the director now owns 13,313 shares of the company’s stock, valued at approximately $3,112,978.79. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other SBA Communications news, Director Kevin L. Beebe sold 1,500 shares of the stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $233.83, for a total value of $350,745.00. Following the completion of the sale, the director now owns 13,313 shares in the company, valued at approximately $3,112,978.79. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Brian D. Lazarus sold 20,605 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $249.35, for a total transaction of $5,137,856.75. Following the completion of the sale, the chief accounting officer now owns 7,085 shares of the company’s stock, valued at approximately $1,766,644.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 175,089 shares of company stock valued at $42,590,345. 1.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Barclays increased their price target on SBA Communications from $251.00 to $265.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Citigroup decreased their price target on SBA Communications from $260.00 to $235.00 and set a “buy” rating for the company in a report on Tuesday, October 17th. KeyCorp increased their price target on SBA Communications from $251.00 to $276.00 and gave the stock an “overweight” rating in a report on Wednesday, December 6th. Morgan Stanley cut their price objective on shares of SBA Communications from $311.00 to $227.00 and set an “overweight” rating on the stock in a research report on Monday, October 16th. Finally, BMO Capital Markets raised shares of SBA Communications from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $245.00 to $285.00 in a research report on Friday, December 15th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and an average price target of $279.31.

Check Out Our Latest Analysis on SBA Communications

SBA Communications Profile

(Free Report)

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 in 16 markets throughout the Americas, Africa and the Philippines, SBA is listed on NASDAQ under the symbol SBAC.

Further Reading

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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