CIBC Asset Management Inc grew its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 96.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 13,732 shares of the technology company’s stock after buying an additional 6,726 shares during the quarter. CIBC Asset Management Inc’s holdings in SBA Communications Corporation were worth $1,978,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Retirement Systems of Alabama purchased a new stake in shares of SBA Communications Corporation in the third quarter valued at approximately $8,411,000. Sei Investments Co. boosted its holdings in shares of SBA Communications Corporation by 15.6% in the third quarter. Sei Investments Co. now owns 176,970 shares of the technology company’s stock valued at $25,492,000 after purchasing an additional 23,904 shares during the period. FDx Advisors Inc. purchased a new stake in shares of SBA Communications Corporation in the third quarter valued at approximately $373,000. Global X MANAGEMENT CO LLC boosted its holdings in shares of SBA Communications Corporation by 22.2% in the third quarter. Global X MANAGEMENT CO LLC now owns 2,654 shares of the technology company’s stock valued at $382,000 after purchasing an additional 482 shares during the period. Finally, Advantus Capital Management Inc purchased a new stake in shares of SBA Communications Corporation in the third quarter valued at approximately $1,749,000. Hedge funds and other institutional investors own 95.41% of the company’s stock.
In related news, Director George R. Krouse, Jr. sold 1,999 shares of the company’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $169.51, for a total value of $338,850.49. Following the transaction, the director now directly owns 11,999 shares of the company’s stock, valued at approximately $2,033,950.49. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Brian D. Lazarus sold 7,376 shares of the company’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $151.79, for a total value of $1,119,603.04. Following the completion of the transaction, the senior vice president now directly owns 17,525 shares in the company, valued at $2,660,119.75. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.
SBA Communications Corporation (SBAC) opened at $165.21 on Friday. The stock has a market capitalization of $19,360.00, a price-to-earnings ratio of 206.91 and a beta of 0.75. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of -3.63. SBA Communications Corporation has a 12-month low of $95.76 and a 12-month high of $170.82.
SBA Communications Corporation (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, October 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $1.50. The business had revenue of $433.90 million for the quarter, compared to the consensus estimate of $431.42 million. SBA Communications Corporation had a negative return on equity of 4.71% and a net margin of 5.95%. The business’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.12) earnings per share. equities research analysts anticipate that SBA Communications Corporation will post 0.98 EPS for the current year.
A number of analysts recently issued reports on the company. Morgan Stanley boosted their price target on SBA Communications Corporation from $169.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday. KeyCorp reiterated a “buy” rating and issued a $179.00 price target (up previously from $170.00) on shares of SBA Communications Corporation in a report on Wednesday, November 1st. Citigroup Inc. boosted their price target on SBA Communications Corporation from $140.00 to $168.00 and gave the company a “neutral” rating in a report on Monday, August 28th. Zacks Investment Research upgraded SBA Communications Corporation from a “sell” rating to a “hold” rating in a report on Monday, October 16th. Finally, Cowen and Company reiterated a “buy” rating and issued a $147.00 price target on shares of SBA Communications Corporation in a report on Tuesday, October 17th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $152.33.
SBA Communications Corporation Profile
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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