CI Investments Inc. Has $59.17 Million Stake in SBA Communications Corporation $SBAC

CI Investments Inc. boosted its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 3.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 343,782 shares of the technology company’s stock after buying an additional 11,135 shares during the quarter. CI Investments Inc.’s holdings in SBA Communications were worth $59,168,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in SBAC. Jones Financial Companies Lllp raised its holdings in shares of SBA Communications by 272.8% in the 1st quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock valued at $166,000 after purchasing an additional 551 shares during the period. Empowered Funds LLC lifted its stake in SBA Communications by 12.6% in the 1st quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock valued at $449,000 after purchasing an additional 229 shares during the last quarter. Focus Partners Wealth grew its holdings in SBA Communications by 9.0% during the first quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock worth $712,000 after purchasing an additional 266 shares during the period. Geneos Wealth Management Inc. grew its holdings in SBA Communications by 105.0% during the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares during the period. Finally, First Trust Advisors LP increased its position in SBA Communications by 11.3% during the second quarter. First Trust Advisors LP now owns 94,692 shares of the technology company’s stock worth $22,238,000 after buying an additional 9,617 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Royal Bank Of Canada dropped their price objective on SBA Communications from $245.00 to $210.00 and set an “outperform” rating on the stock in a research note on Friday, July 10th. The Goldman Sachs Group started coverage on SBA Communications in a research note on Friday, June 26th. They set a “neutral” rating and a $205.00 target price for the company. KeyCorp boosted their target price on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Scotiabank increased their price target on SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Finally, Truist Financial reaffirmed a “buy” rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, SBA Communications has an average rating of “Moderate Buy” and an average target price of $235.28.

SBA Communications Stock Performance

Shares of SBAC opened at $176.82 on Wednesday. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $243.16. The firm has a market cap of $18.75 billion, a P/E ratio of 18.61, a price-to-earnings-growth ratio of 1.82 and a beta of 1.00. The firm’s 50-day simple moving average is $193.77 and its 200 day simple moving average is $195.23.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Friday, May 22nd. SBA Communications’s payout ratio is currently 52.63%.

SBA Communications Company Profile

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.