Korea Investment CORP Raises Stake in SBA Communications Co. (NASDAQ:SBAC)

Korea Investment CORP raised its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 41.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 96,791 shares of the technology company’s stock after buying an additional 28,200 shares during the quarter. Korea Investment CORP owned about 0.09% of SBA Communications worth $19,726,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Evermay Wealth Management LLC bought a new position in shares of SBA Communications in the fourth quarter valued at approximately $27,000. Graney & King LLC purchased a new position in shares of SBA Communications during the 4th quarter valued at $29,000. Oakworth Capital Inc. increased its holdings in shares of SBA Communications by 161.8% in the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after purchasing an additional 144 shares during the period. CKW Financial Group purchased a new stake in shares of SBA Communications in the fourth quarter worth $56,000. Finally, Versant Capital Management Inc boosted its stake in SBA Communications by 17.3% during the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock valued at $73,000 after buying an additional 53 shares during the period. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Price Performance

NASDAQ SBAC opened at $216.84 on Friday. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64. The stock has a market capitalization of $23.34 billion, a PE ratio of 34.20, a PEG ratio of 0.74 and a beta of 0.74. The business’s 50-day moving average is $211.31 and its 200 day moving average is $219.36.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were paid a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, March 13th. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a dividend yield of 2.05%. SBA Communications’s payout ratio is 63.98%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. BMO Capital Markets reaffirmed a “market perform” rating and issued a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Barclays boosted their price target on shares of SBA Communications from $240.00 to $244.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. JMP Securities started coverage on shares of SBA Communications in a research report on Monday, January 27th. They set an “outperform” rating and a $250.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and an average target price of $252.85.

Insider Buying and Selling

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the company’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the transaction, the vice president now directly owns 6,079 shares in the company, valued at approximately $1,362,790.22. This represents a 26.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by insiders.

About SBA Communications

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.