Millennium Management LLC Grows Stake in SBA Communications Co. (NASDAQ:SBAC)

Millennium Management LLC increased its stake in SBA Communications Co. (NASDAQ:SBAC) by 79.7% in the 1st quarter, HoldingsChannel reports. The fund owned 438,902 shares of the technology company’s stock after acquiring an additional 194,663 shares during the period. Millennium Management LLC’s holdings in SBA Communications were worth $121,817,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SBAC. Peconic Partners LLC lifted its stake in SBA Communications by 7.0% in the first quarter. Peconic Partners LLC now owns 73,974 shares of the technology company’s stock worth $20,531,000 after purchasing an additional 4,815 shares during the last quarter. Endeavour Capital Advisors Inc. bought a new stake in SBA Communications in the first quarter worth about $10,951,000. State of Wisconsin Investment Board lifted its stake in SBA Communications by 6.8% in the first quarter. State of Wisconsin Investment Board now owns 153,714 shares of the technology company’s stock worth $42,663,000 after purchasing an additional 9,747 shares during the last quarter. California State Teachers Retirement System lifted its stake in SBA Communications by 0.9% in the first quarter. California State Teachers Retirement System now owns 201,768 shares of the technology company’s stock worth $56,001,000 after purchasing an additional 1,769 shares during the last quarter. Finally, B&I Capital AG lifted its stake in SBA Communications by 9.4% in the first quarter. B&I Capital AG now owns 114,200 shares of the technology company’s stock worth $31,696,000 after purchasing an additional 9,850 shares during the last quarter. Institutional investors own 93.01% of the company’s stock.

Several analysts have recently weighed in on the stock. Raymond James lifted their price target on shares of SBA Communications from $309.00 to $346.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 4th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of SBA Communications from $325.00 to $353.00 and gave the company a “buy” rating in a research note on Thursday, July 8th. They noted that the move was a valuation call. Wells Fargo & Company lifted their price target on shares of SBA Communications from $325.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, May 3rd. Jefferies Financial Group assumed coverage on shares of SBA Communications in a research note on Monday, April 12th. They set a “buy” rating and a $335.00 price target for the company. Finally, KeyCorp lifted their price target on shares of SBA Communications from $335.00 to $365.00 and gave the company an “overweight” rating in a research note on Monday. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $329.18.

In other news, EVP Mark R. Ciarfella sold 6,000 shares of the business’s stock in a transaction on Thursday, June 10th. The shares were sold at an average price of $320.01, for a total transaction of $1,920,060.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Duncan Cocroft sold 1,804 shares of the business’s stock in a transaction on Tuesday, May 18th. The shares were sold at an average price of $290.27, for a total transaction of $523,647.08. Following the sale, the director now directly owns 66,592 shares in the company, valued at $19,329,659.84. The disclosure for this sale can be found here. Insiders sold 8,300 shares of company stock worth $2,601,583 over the last ninety days. Corporate insiders own 2.20% of the company’s stock.

NASDAQ:SBAC traded up $1.12 during trading hours on Thursday, reaching $333.08. The company’s stock had a trading volume of 8,284 shares, compared to its average volume of 544,902. The firm has a 50 day simple moving average of $314.44. SBA Communications Co. has a 12 month low of $232.88 and a 12 month high of $337.98. The stock has a market cap of $36.42 billion, a P/E ratio of 269.28 and a beta of 0.21.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Sunday, April 25th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.45). SBA Communications had a negative return on equity of 2.99% and a net margin of 6.59%. The firm had revenue of $548.70 million during the quarter, compared to analysts’ expectations of $540.79 million. During the same period in the prior year, the firm posted ($1.14) earnings per share. SBA Communications’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts predict that SBA Communications Co. will post 9.84 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 15th. Shareholders of record on Thursday, May 20th were issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 0.70%. The ex-dividend date of this dividend was Wednesday, May 19th. SBA Communications’s dividend payout ratio is currently 24.58%.

About SBA Communications

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By ÂBuilding Better Wireless, SBA generates revenue from two primary businesses Â- site leasing and site development services.

Read More: Dollar Cost Averaging

Want to see what other hedge funds are holding SBAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SBA Communications Co. (NASDAQ:SBAC).

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

Receive News & Ratings for SBA Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SBA Communications and related companies with MarketBeat.com's FREE daily email newsletter.