Harvest Fund Management Co. Ltd Invests $77,000 in SBA Communications Co. (NASDAQ:SBAC)

Harvest Fund Management Co. Ltd purchased a new position in shares of SBA Communications Co. (NASDAQ:SBAC) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 303 shares of the technology company’s stock, valued at approximately $77,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of SBA Communications by 140.6% during the 3rd quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock valued at $429,140,000 after buying an additional 1,252,764 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of SBA Communications by 115.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock valued at $271,838,000 after buying an additional 727,163 shares during the last quarter. Bristol John W & Co. Inc. NY purchased a new position in shares of SBA Communications during the 3rd quarter valued at about $92,725,000. Diamond Hill Capital Management Inc. raised its stake in shares of SBA Communications by 29.5% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 992,547 shares of the technology company’s stock valued at $198,678,000 after buying an additional 226,113 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in shares of SBA Communications by 75.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 358,026 shares of the technology company’s stock valued at $71,666,000 after buying an additional 153,476 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Trading Down 0.5 %

NASDAQ:SBAC opened at $197.93 on Friday. SBA Communications Co. has a 12 month low of $185.23 and a 12 month high of $263.08. The stock has a 50 day moving average of $210.22 and a two-hundred day moving average of $222.50. The firm has a market cap of $21.40 billion, a P/E ratio of 42.94, a price-to-earnings-growth ratio of 1.22 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, February 26th. The technology company reported $1.01 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.36). SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The firm had revenue of $675.00 million for the quarter, compared to analysts’ expectations of $682.11 million. During the same quarter last year, the firm posted $3.11 earnings per share. SBA Communications’s quarterly revenue was down 1.6% on a year-over-year basis. On average, research analysts forecast that SBA Communications Co. will post 12.61 earnings per share for the current year.

SBA Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.98 per share. This is a boost from SBA Communications’s previous quarterly dividend of $0.85. This represents a $3.92 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Wednesday, March 13th. SBA Communications’s payout ratio is currently 85.03%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SBAC shares. Barclays reduced their price objective on SBA Communications from $260.00 to $255.00 and set an “overweight” rating for the company in a research note on Wednesday, April 17th. BMO Capital Markets cut their price target on SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a research note on Tuesday, February 27th. Finally, Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a research note on Thursday, March 7th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, SBA Communications has a consensus rating of “Buy” and a consensus price target of $268.00.

Insider Activity

In other news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the sale, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.30% of the company’s stock.

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.