Earnest Partners LLC trimmed its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 64.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 225,266 shares of the technology company’s stock after selling 410,360 shares during the quarter. Earnest Partners LLC’s holdings in SBA Communications were worth $36,799,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of SBAC. Acadian Asset Management LLC acquired a new stake in SBA Communications in the 4th quarter valued at $108,000. Sun Life Financial INC acquired a new stake in SBA Communications in the 3rd quarter valued at $127,000. Tower Research Capital LLC TRC grew its stake in SBA Communications by 168.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock valued at $132,000 after acquiring an additional 508 shares during the period. MAI Capital Management acquired a new stake in SBA Communications in the 4th quarter valued at $204,000. Finally, Alps Advisors Inc. acquired a new stake in SBA Communications in the 4th quarter valued at $206,000. 92.97% of the stock is owned by hedge funds and other institutional investors.
Shares of SBA Communications Co. (NASDAQ SBAC) opened at $170.34 on Wednesday. SBA Communications Co. has a one year low of $115.19 and a one year high of $177.67. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of -3.57. The stock has a market cap of $19,679.20, a price-to-earnings ratio of 198.07, a price-to-earnings-growth ratio of 16.24 and a beta of 0.92.
SBA Communications announced that its Board of Directors has initiated a stock repurchase program on Monday, February 26th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
A number of equities research analysts recently issued reports on the stock. Barclays reissued a “buy” rating and issued a $178.00 price target on shares of SBA Communications in a research note on Friday, January 19th. Cowen reissued a “buy” rating on shares of SBA Communications in a research note on Tuesday, February 27th. KeyCorp reissued an “overweight” rating and issued a $192.00 price target (up previously from $179.00) on shares of SBA Communications in a research note on Monday, November 27th. Citigroup lifted their price target on shares of SBA Communications from $168.00 to $183.00 and gave the company a “neutral” rating in a research note on Wednesday, February 28th. Finally, BidaskClub cut shares of SBA Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $173.07.
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SBA Communications Company 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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