SBA Communications Corporation (SBAC) Hits New 52-Week High at $140.58
SBA Communications Corporation (NASDAQ:SBAC) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $140.58 and last traded at $140.86, with a volume of 529,330 shares trading hands. The stock had previously closed at $138.36.
A number of brokerages have weighed in on SBAC. Zacks Investment Research upgraded SBA Communications Corporation from a “hold” rating to a “strong-buy” rating and set a $158.00 price objective for the company in a research note on Thursday, July 20th. Barclays PLC restated an “overweight” rating and set a $148.00 price objective on shares of SBA Communications Corporation in a research note on Tuesday. Stifel Nicolaus restated a “buy” rating and set a $160.00 price objective (up previously from $148.00) on shares of SBA Communications Corporation in a research note on Tuesday. Jefferies Group LLC raised their price objective on SBA Communications Corporation from $150.00 to $159.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Royal Bank Of Canada restated a “buy” rating on shares of SBA Communications Corporation in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $141.57.
The firm has a market capitalization of $16.96 billion, a PE ratio of 481.86 and a beta of 0.73. The firm’s 50 day moving average price is $134.80 and its 200 day moving average price is $123.72.
SBA Communications Corporation (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, July 31st. The technology company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by $0.01. SBA Communications Corporation had a net margin of 2.19% and a negative return on equity of 2.69%. The firm had revenue of $427.30 million for the quarter, compared to the consensus estimate of $426.10 million. During the same quarter in the prior year, the firm earned $1.48 earnings per share. The company’s revenue was up 5.4% on a year-over-year basis. Equities research analysts forecast that SBA Communications Corporation will post $0.98 earnings per share for the current year.
In related news, Director Brian C. Carr sold 3,475 shares of the business’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $132.54, for a total transaction of $460,576.50. Following the transaction, the director now directly owns 3,051 shares in the company, valued at $404,379.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jeffrey Stoops sold 94,289 shares of the business’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $133.76, for a total value of $12,612,096.64. Following the transaction, the chief executive officer now owns 329,124 shares in the company, valued at $44,023,626.24. The disclosure for this sale can be found here. Insiders have sold 155,881 shares of company stock worth $21,002,057 over the last 90 days. Corporate insiders own 2.10% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Creative Planning raised its position in shares of SBA Communications Corporation by 40.7% in the second 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 purchased a new position in shares of SBA Communications Corporation during the second quarter valued at about $159,000. Van ECK Associates Corp raised its position in shares of SBA Communications Corporation by 17.0% in the first quarter. Van ECK Associates Corp now owns 1,217 shares of the technology company’s stock valued at $146,000 after buying an additional 177 shares in the last quarter. Toronto Dominion Bank raised its position in shares of SBA Communications Corporation by 25.7% in the first quarter. Toronto Dominion Bank now owns 1,358 shares of the technology company’s stock valued at $163,000 after buying an additional 278 shares in the last quarter. Finally, 1ST Source Bank purchased a new position in shares of SBA Communications Corporation during the second quarter valued at about $201,000. Hedge funds and other institutional investors own 96.33% of the company’s stock.
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SBA Communications Corporation 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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