SBA Communications Corp. (SBAC) Downgraded to “Hold” at Zacks Investment Research
According to Zacks, “SBA Communications Corp. is a leading independent owner and operator of wireless communications infrastructure in the United States. The company generates revenue from two primary businesses — site leasing and site development services. The primary focus of the company is the leasing of antenna space on its multi- tenant towers to a variety of wireless service providers under long-term lease contracts. (PRESS RELEASE) “
Other equities analysts have also recently issued research reports about the company. BTIG Research restated a buy rating and set a $142.00 target price (up previously from $135.00) on shares of SBA Communications Corp. in a report on Tuesday, July 19th. Citigroup Inc. restated a buy rating and set a $132.00 target price (up previously from $112.00) on shares of SBA Communications Corp. in a report on Monday, July 11th. Jefferies Group raised their target price on SBA Communications Corp. from $115.00 to $133.00 and gave the stock a buy rating in a report on Friday, July 29th. SunTrust Banks Inc. initiated coverage on SBA Communications Corp. in a research report on Monday, September 12th. They set a buy rating and a $129.00 price target on the stock. Finally, Morgan Stanley reaffirmed a buy rating and set a $134.00 price target on shares of SBA Communications Corp. in a research report on Thursday, August 25th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $122.69.
Shares of SBA Communications Corp. (NASDAQ:SBAC) traded up 0.62% during midday trading on Friday, hitting $109.86. The company had a trading volume of 79,098 shares. SBA Communications Corp. has a 12-month low of $82.80 and a 12-month high of $121.45. The firm’s 50-day moving average is $112.28 and its 200-day moving average is $106.93. The firm’s market capitalization is $13.69 billion.
SBA Communications Corp. (NASDAQ:SBAC) last issued its earnings results on Thursday, July 28th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.12. SBA Communications Corp. had a negative return on equity of 3.93% and a negative net margin of 2.41%. The firm had revenue of $405.50 million for the quarter, compared to analysts’ expectations of $403.37 million. During the same quarter last year, the business earned $1.42 earnings per share. The company’s revenue was down 1.3% compared to the same quarter last year. On average, analysts predict that SBA Communications Corp. will post $0.93 earnings per share for the current fiscal year.
In related news, Director Duncan Cocroft purchased 500 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was purchased at an average cost of $109.14 per share, for a total transaction of $54,570.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jason V. Silberstein sold 22,192 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $115.83, for a total value of $2,570,499.36. Following the completion of the transaction, the executive vice president now owns 21,727 shares of the company’s stock, valued at $2,516,638.41. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Compagnie Lombard Odier SCmA bought a new position in SBA Communications Corp. during the second quarter worth $124,000. Johnson Financial Group Inc. increased its position in shares of SBA Communications Corp. by 24,200.0% in the second quarter. Johnson Financial Group Inc. now owns 1,215 shares of the company’s stock valued at $131,000 after buying an additional 1,210 shares in the last quarter. Invictus RG acquired a new position in shares of SBA Communications Corp. during the second quarter valued at approximately $142,000. Global X Management Co. LLC increased its position in shares of SBA Communications Corp. by 83.2% in the second quarter. Global X Management Co. LLC now owns 1,378 shares of the company’s stock valued at $149,000 after buying an additional 626 shares in the last quarter. Finally, Advisor Group Inc. acquired a new position in shares of SBA Communications Corp. during the second quarter valued at approximately $149,000. Hedge funds and other institutional investors own 95.54% of the company’s stock.
SBA Communications Corp. 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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