SBA Communications Corp. (SBAC) Rating Lowered to Hold at Zacks Investment Research
SBA Communications Corp. (NASDAQ:SBAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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) “
A number of other brokerages have also weighed in on SBAC. BTIG Research reaffirmed a “buy” rating and issued a $142.00 price target (up from $135.00) on shares of SBA Communications Corp. in a research note on Tuesday, July 19th. Barclays PLC raised their price target on shares of SBA Communications Corp. from $115.00 to $118.00 and gave the company an “overweight” rating in a research note on Thursday, July 21st. Citigroup Inc. reiterated a “buy” rating and issued a $132.00 price objective (up previously from $112.00) on shares of SBA Communications Corp. in a report on Monday, July 11th. Jefferies Group increased their price objective on shares of SBA Communications Corp. from $115.00 to $133.00 and gave the company a “buy” rating in a report on Friday, July 29th. Finally, Pacific Crest reiterated a “hold” rating on shares of SBA Communications Corp. in a report on Friday, July 29th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $122.08.
SBA Communications Corp. (NASDAQ:SBAC) opened at 103.56 on Tuesday. The firm’s 50 day moving average price is $111.04 and its 200 day moving average price is $108.64. SBA Communications Corp. has a 12 month low of $82.80 and a 12 month high of $118.57. The stock’s market cap is $12.91 billion.
SBA Communications Corp. (NASDAQ:SBAC) last issued its quarterly earnings results on Tuesday, November 1st. The company reported $1.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $1.44. The firm had revenue of $411.30 million for the quarter, compared to analyst estimates of $412.65 million. SBA Communications Corp. had a net margin of 6.38% and a negative return on equity of 2.25%. SBA Communications Corp.’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the company posted $1.43 EPS. On average, equities research analysts predict that SBA Communications Corp. will post $0.72 EPS for the current fiscal year.
In related news, Director Duncan Cocroft acquired 500 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was purchased at an average price of $109.14 per share, with a total value of $54,570.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.10% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. MSI Financial Services Inc boosted its position in shares of SBA Communications Corp. by 0.7% in the third quarter. MSI Financial Services Inc now owns 920 shares of the company’s stock valued at $103,000 after buying an additional 6 shares in the last quarter. Toronto Dominion Bank boosted its position in shares of SBA Communications Corp. by 57.2% in the third quarter. Toronto Dominion Bank now owns 1,083 shares of the company’s stock valued at $121,000 after buying an additional 394 shares in the last quarter. Compagnie Lombard Odier SCmA acquired a new position in shares of SBA Communications Corp. during the second quarter valued at approximately $124,000. Johnson Financial Group Inc. boosted 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. Finally, Invictus RG acquired a new position in shares of SBA Communications Corp. during the second quarter valued at approximately $142,000. 95.63% of the stock is owned by institutional investors.
About SBA Communications Corp.
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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