Diamond Hill Capital Management Inc. Grows Stake in SBA Communications Corporation $SBAC

Diamond Hill Capital Management Inc. raised its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 24.6% during the third quarter, HoldingsChannel reports. The fund owned 1,855,329 shares of the technology company’s stock after acquiring an additional 366,491 shares during the quarter. SBA Communications accounts for approximately 1.7% of Diamond Hill Capital Management Inc.’s investment portfolio, making the stock its 23rd largest holding. Diamond Hill Capital Management Inc.’s holdings in SBA Communications were worth $358,728,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SBAC. Quent Capital LLC bought a new stake in shares of SBA Communications during the 3rd quarter worth approximately $27,000. CVA Family Office LLC raised its stake in SBA Communications by 106.3% in the second quarter. CVA Family Office LLC now owns 130 shares of the technology company’s stock worth $31,000 after buying an additional 67 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after acquiring an additional 84 shares during the period. SJS Investment Consulting Inc. purchased a new stake in shares of SBA Communications during the 3rd quarter worth $48,000. Finally, IFP Advisors Inc grew its stake in SBA Communications by 75.9% in the second quarter. IFP Advisors Inc now owns 234 shares of the technology company’s stock valued at $55,000 after purchasing an additional 101 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SBAC. JPMorgan Chase & Co. reduced their price target on SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a research report on Monday, January 12th. BMO Capital Markets cut their target price on SBA Communications from $215.00 to $210.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 4th. Weiss Ratings reiterated a “hold (c-)” rating on shares of SBA Communications in a report on Friday, January 9th. UBS Group reduced their target price on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. Finally, Scotiabank decreased their price target on SBA Communications from $252.00 to $233.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.18.

SBA Communications Stock Performance

Shares of SBAC opened at $180.74 on Friday. The stock has a 50 day moving average price of $188.56 and a 200 day moving average price of $198.17. SBA Communications Corporation has a one year low of $177.49 and a one year high of $245.16. The stock has a market capitalization of $19.26 billion, a price-to-earnings ratio of 23.56, a PEG ratio of 1.71 and a beta of 0.87.

About SBA Communications

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.