Magellan Asset Management Ltd Raises Holdings in SBA Communications Corporation $SBAC

Magellan Asset Management Ltd lifted its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 8.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,125 shares of the technology company’s stock after buying an additional 6,703 shares during the quarter. Magellan Asset Management Ltd’s holdings in SBA Communications were worth $17,039,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in SBA Communications in the second quarter worth about $351,084,000. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of SBA Communications by 799.8% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 571,308 shares of the technology company’s stock valued at $134,166,000 after purchasing an additional 507,815 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of SBA Communications by 1,328.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 522,215 shares of the technology company’s stock worth $122,637,000 after purchasing an additional 485,656 shares during the period. Nordea Investment Management AB boosted its stake in shares of SBA Communications by 65.0% during the third quarter. Nordea Investment Management AB now owns 1,182,076 shares of the technology company’s stock valued at $229,145,000 after purchasing an additional 465,558 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in SBA Communications by 2.3% during the third quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock valued at $3,511,920,000 after buying an additional 403,285 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SBAC has been the subject of a number of analyst reports. Barclays lowered their target price on SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Wells Fargo & Company decreased their price objective on SBA Communications from $215.00 to $205.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 16th. UBS Group cut their target price on SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Royal Bank Of Canada reduced their target price on shares of SBA Communications from $235.00 to $232.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Finally, Williams Trading set a $237.00 price target on shares of SBA Communications in a report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $235.18.

SBA Communications Stock Performance

SBA Communications stock opened at $201.60 on Wednesday. The stock has a market cap of $21.48 billion, a PE ratio of 26.28, a price-to-earnings-growth ratio of 1.89 and a beta of 0.87. The stock has a 50-day moving average of $190.28 and a two-hundred day moving average of $195.41. SBA Communications Corporation has a one year low of $177.49 and a one year high of $245.16.

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.