Morningstar Investment Management LLC Purchases Shares of 9,344 SBA Communications Corporation $SBAC

Morningstar Investment Management LLC purchased a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,344 shares of the technology company’s stock, valued at approximately $1,807,000.

A number of other hedge funds also recently bought and sold shares of the company. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in SBA Communications during the fourth quarter valued at about $226,000. Guinness Asset Management LTD boosted its holdings in SBA Communications by 58.0% during the fourth quarter. Guinness Asset Management LTD now owns 591 shares of the technology company’s stock valued at $114,000 after acquiring an additional 217 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in SBA Communications by 9.7% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock valued at $393,615,000 after acquiring an additional 179,591 shares during the period. Global Retirement Partners LLC boosted its holdings in SBA Communications by 367.9% during the fourth quarter. Global Retirement Partners LLC now owns 1,109 shares of the technology company’s stock valued at $215,000 after acquiring an additional 872 shares during the period. Finally, Leonteq Securities AG bought a new stake in SBA Communications during the fourth quarter valued at about $531,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Performance

NASDAQ SBAC opened at $205.57 on Tuesday. The firm has a 50-day simple moving average of $202.84 and a 200 day simple moving average of $195.82. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $243.16. The stock has a market cap of $21.80 billion, a PE ratio of 21.64, a PEG ratio of 2.05 and a beta of 1.03.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.22. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%. The firm had revenue of $719.58 million during the quarter, compared to analyst estimates of $725.80 million. During the same quarter in the prior year, the business posted $3.47 earnings per share. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. Research analysts forecast that SBA Communications Corporation will post 11.42 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, May 22nd will be given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, May 22nd. SBA Communications’s dividend payout ratio is 52.63%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Sanford C. Bernstein assumed coverage on shares of SBA Communications in a research note on Thursday, March 5th. They issued a “market perform” rating and a $218.00 target price for the company. Wells Fargo & Company increased their target price on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 7th. KeyCorp increased their target price on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Royal Bank Of Canada increased their target price on shares of SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. Finally, Scotiabank increased their target price on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $237.22.

About SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.