Adams Diversified Equity Fund Inc. purchased a new stake in SBA Communications Corporation (NASDAQ:SBAC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 46,800 shares of the technology company’s stock, valued at approximately $6,742,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. D.A. Davidson & CO. grew its stake in shares of SBA Communications Corporation by 18.8% in the 2nd quarter. D.A. Davidson & CO. now owns 758 shares of the technology company’s stock valued at $102,000 after buying an additional 120 shares in the last quarter. Creative Planning grew its stake in shares of SBA Communications Corporation by 40.7% in the 2nd quarter. Creative Planning now owns 874 shares of the technology company’s stock valued at $118,000 after buying an additional 253 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of SBA Communications Corporation in the 2nd quarter valued at approximately $159,000. Advisor Group Inc. grew its stake in shares of SBA Communications Corporation by 9.7% in the 2nd quarter. Advisor Group Inc. now owns 1,286 shares of the technology company’s stock valued at $172,000 after buying an additional 114 shares in the last quarter. Finally, Toronto Dominion Bank grew its stake in shares of SBA Communications Corporation by 9.5% in the 2nd quarter. Toronto Dominion Bank now owns 1,487 shares of the technology company’s stock valued at $201,000 after buying an additional 129 shares in the last quarter. 92.54% of the stock is owned by institutional investors and hedge funds.
In other news, Director George R. Krouse, Jr. sold 1,643 shares of SBA Communications Corporation stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $138.63, for a total transaction of $227,769.09. Following the completion of the transaction, the director now directly owns 11,643 shares in the company, valued at approximately $1,614,069.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark R. Ciarfella sold 9,655 shares of SBA Communications Corporation stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $140.74, for a total value of $1,358,844.70. Following the transaction, the executive vice president now owns 21,403 shares of the company’s stock, valued at $3,012,258.22. The disclosure for this sale can be found here. Insiders have sold a total of 18,674 shares of company stock valued at $2,706,217 over the last quarter. 2.40% of the stock is currently owned by corporate insiders.
SBAC has been the subject of several recent research reports. KeyCorp raised SBA Communications Corporation from a “sector weight” rating to an “overweight” rating and set a $170.00 price target for the company in a research note on Wednesday, September 27th. BidaskClub raised SBA Communications Corporation from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Deutsche Bank AG reissued a “hold” rating and issued a $150.00 price target (up previously from $133.00) on shares of SBA Communications Corporation in a research note on Friday, July 14th. UBS AG initiated coverage on SBA Communications Corporation in a research note on Wednesday, October 18th. They issued a “buy” rating and a $176.00 price target for the company. Finally, Jefferies Group LLC boosted their price target on SBA Communications Corporation from $150.00 to $159.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. SBA Communications Corporation currently has an average rating of “Buy” and an average target price of $149.67.
Shares of SBA Communications Corporation (NASDAQ SBAC) traded down 2.402% on Wednesday, hitting $153.405. The stock had a trading volume of 770,888 shares. The company has a market cap of $18.46 billion, a PE ratio of 527.165 and a beta of 0.69. SBA Communications Corporation has a 52 week low of $95.66 and a 52 week high of $159.14. The stock’s 50-day moving average price is $147.36 and its 200 day moving average price is $139.04.
SBA Communications Corporation (NASDAQ:SBAC) last issued its earnings results on Monday, October 30th. The technology company reported $1.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $1.50. SBA Communications Corporation had a negative return on equity of 4.89% and a net margin of 5.95%. The company had revenue of $433.90 million during the quarter, compared to the consensus estimate of $431.42 million. During the same period in the previous year, the company posted ($0.12) EPS. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, analysts predict that SBA Communications Corporation will post $0.98 EPS for the current year.
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About SBA Communications Corporation
SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.
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