Man Group plc Has $59.60 Million Stake in SBA Communications Co. (NASDAQ:SBAC)

Man Group plc lowered its position in SBA Communications Co. (NASDAQ:SBAC) by 38.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 292,442 shares of the technology company’s stock after selling 182,865 shares during the period. Man Group plc owned 0.27% of SBA Communications worth $59,600,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of SBAC. Evermay Wealth Management LLC bought a new position in SBA Communications in the 4th quarter valued at $27,000. Graney & King LLC acquired a new position in SBA Communications in the fourth quarter worth $29,000. Oakworth Capital Inc. boosted its stake in 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 in the last quarter. CKW Financial Group acquired a new position in SBA Communications in the fourth quarter worth $56,000. Finally, Sherman Asset Management Inc. acquired a new position in SBA Communications in the fourth quarter worth $73,000. 97.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SBAC shares. StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Friday, April 18th. BMO Capital Markets upped their target price on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 29th. Morgan Stanley started coverage on shares of SBA Communications in a research report on Tuesday, April 1st. They set an “equal weight” rating and a $240.00 target price on the stock. Barclays upped their target price on shares of SBA Communications from $244.00 to $247.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 29th. Finally, Raymond James restated a “strong-buy” rating and issued a $268.00 price objective (up from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and an average price target of $252.38.

Insider Transactions at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the firm’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 owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. This trade represents a 26.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jack Langer sold 5,000 shares of the firm’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the completion of the transaction, the director now directly owns 10,522 shares of the company’s stock, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by insiders.

SBA Communications Stock Down 1.4%

Shares of SBAC stock opened at $222.73 on Thursday. The firm has a fifty day moving average of $224.13 and a 200-day moving average of $216.10. SBA Communications Co. has a 12-month low of $185.44 and a 12-month high of $252.64. The company has a market capitalization of $23.97 billion, a price-to-earnings ratio of 35.13, a P/E/G ratio of 0.74 and a beta of 0.83.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, May 22nd. SBA Communications’s dividend payout ratio is 60.91%.

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.