Van ECK Associates Corp Acquires 2,905 Shares of SBA Communications Co. (NASDAQ:SBAC)

Van ECK Associates Corp raised its stake in SBA Communications Co. (NASDAQ:SBAC) by 12.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,644 shares of the technology company’s stock after acquiring an additional 2,905 shares during the period. Van ECK Associates Corp’s holdings in SBA Communications were worth $6,249,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SBAC. Ridgewood Investments LLC acquired a new position in SBA Communications during the 2nd quarter worth $32,000. Family Firm Inc. acquired a new position in shares of SBA Communications in the second quarter valued at approximately $36,000. Global X Japan Co. Ltd. bought a new position in SBA Communications during the 2nd quarter worth about $49,000. Friedenthal Financial bought a new position in shares of SBA Communications during the third quarter worth about $50,000. Finally, Farther Finance Advisors LLC increased its stake in SBA Communications by 32.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock valued at $52,000 after buying an additional 53 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

Insider Buying and Selling

In other news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the sale, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Donald Day sold 1,500 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,213,814.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

SBA Communications Stock Up 1.3 %

Shares of SBAC opened at $221.58 on Friday. The business’s 50-day moving average price is $237.80 and its 200-day moving average price is $215.20. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76. The stock has a market cap of $23.81 billion, a PE ratio of 34.95, a P/E/G ratio of 0.68 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share (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 the consensus estimate of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the firm earned $3.34 EPS. Analysts expect that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 annualized dividend and a yield of 1.77%. SBA Communications’s payout ratio is 61.83%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. BMO Capital Markets upped their target price on SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. TD Cowen raised their price target on shares of SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Raymond James raised their price objective on SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, The Goldman Sachs Group boosted their target price on shares of SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, SBA Communications presently has an average rating of “Moderate Buy” and an average target price of $257.23.

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.