Rush Island Management LP Makes New $47.90 Million Investment in SBA Communications Co. (NASDAQ:SBAC)

Rush Island Management LP bought a new position in SBA Communications Co. (NASDAQ:SBAC) during the third quarter, Holdings Channel.com reports. The institutional investor bought 199,009 shares of the technology company’s stock, valued at approximately $47,901,000. SBA Communications comprises about 3.7% of Rush Island Management LP’s holdings, making the stock its 9th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in the business. Ashton Thomas Securities LLC bought a new position in shares of SBA Communications during the 3rd quarter valued at about $26,000. Capital Performance Advisors LLP bought a new position in shares of SBA Communications during the 3rd quarter valued at about $35,000. Ridgewood Investments LLC bought a new position in shares of SBA Communications during the 2nd quarter valued at about $32,000. Family Firm Inc. bought a new position in shares of SBA Communications during the 2nd quarter valued at about $36,000. Finally, Friedenthal Financial bought a new position in shares of SBA Communications during the 3rd quarter valued at about $50,000. 97.35% of the stock is currently owned by institutional investors.

Insider Activity at SBA Communications

In other news, EVP Donald Day sold 1,500 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,213,814.28. This represents a 23.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.

SBA Communications Stock Performance

NASDAQ SBAC opened at $220.81 on Thursday. The stock has a market cap of $23.74 billion, a P/E ratio of 34.83, a price-to-earnings-growth ratio of 0.75 and a beta of 0.67. The stock has a 50 day simple moving average of $231.68 and a two-hundred day simple moving average of $218.77. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, October 28th. The technology company reported $2.40 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). The firm had revenue of $667.60 million during the quarter, compared to analysts’ expectations of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.34 EPS. Sell-side analysts predict that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications’s payout ratio is presently 61.83%.

Wall Street Analysts Forecast Growth

SBAC has been the topic of several recent research reports. Barclays increased their price objective on SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. KeyCorp increased their target price on SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Monday, October 14th. BMO Capital Markets increased their target price on SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. The Goldman Sachs Group increased their target price on SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $257.23.

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.