BT Investment Management Ltd Buys New Position in SBA Communications Corporation (SBAC)
BT Investment Management Ltd bought a new position in shares of SBA Communications Corporation (NASDAQ:SBAC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,103 shares of the technology company’s stock, valued at approximately $419,000.
Several other hedge funds have also recently added to or reduced their stakes in SBAC. Creative Planning increased its stake in shares of SBA Communications Corporation by 40.7% during the second quarter. Creative Planning now owns 874 shares of the technology company’s stock worth $118,000 after buying an additional 253 shares during the period. Van ECK Associates Corp increased its stake in 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 purchasing an additional 177 shares during the last quarter. Acadian Asset Management LLC purchased a new position in SBA Communications Corporation in the second quarter valued at approximately $159,000. Kings Point Capital Management purchased a new position in SBA Communications Corporation in the first quarter valued at approximately $200,000. Finally, 1ST Source Bank purchased a new position in SBA Communications Corporation in the second quarter valued at approximately $201,000. Hedge funds and other institutional investors own 92.35% of the company’s stock.
Several equities analysts have commented on the stock. Raymond James Financial, Inc. reiterated an “outperform” rating on shares of SBA Communications Corporation in a research note on Monday, June 12th. BidaskClub upgraded shares of SBA Communications Corporation from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. Stifel Nicolaus reiterated a “buy” rating and issued a $160.00 price target (up from $148.00) on shares of SBA Communications Corporation in a research note on Tuesday, August 1st. Zacks Investment Research upgraded shares of SBA Communications Corporation from a “hold” rating to a “strong-buy” rating and set a $155.00 price target on the stock in a research note on Wednesday, July 5th. Finally, Jefferies Group LLC increased their price target on shares of SBA Communications Corporation from $150.00 to $159.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $145.62.
In other news, SVP Brian D. Lazarus sold 7,376 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $151.79, for a total value of $1,119,603.04. Following the completion of the sale, the senior vice president now directly owns 17,525 shares in the company, valued at approximately $2,660,119.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark R. Ciarfella sold 9,655 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $140.74, for a total value of $1,358,844.70. Following the completion of the sale, the executive vice president now owns 21,403 shares of the company’s stock, valued at $3,012,258.22. The disclosure for this sale can be found here. Insiders sold a total of 18,674 shares of company stock valued at $2,706,217 over the last quarter. Company insiders own 2.10% of the company’s stock.
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Shares of SBA Communications Corporation (NASDAQ:SBAC) opened at 145.01 on Friday. The firm has a market capitalization of $17.45 billion, a P/E ratio of 498.32 and a beta of 0.71. SBA Communications Corporation has a 12-month low of $95.66 and a 12-month high of $154.71. The stock has a 50 day moving average price of $145.77 and a 200 day moving average price of $132.98.
SBA Communications Corporation (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, July 31st. The technology company reported $0.19 earnings per share for the quarter, missing the Zacks’ 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 2.64%. The firm had revenue of $427.30 million during the quarter, compared to the consensus estimate of $426.10 million. During the same quarter last year, the firm posted $1.48 earnings per share. SBA Communications Corporation’s revenue was up 5.4% compared to the same quarter last year. Equities analysts anticipate that SBA Communications Corporation will post $0.94 earnings per share for the current fiscal year.
About SBA Communications Corporation
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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