Oregon Public Employees Retirement Fund Buys New Position in SBA Communications Corporation (SBAC)
Oregon Public Employees Retirement Fund bought a new position in shares of SBA Communications Corporation (NASDAQ:SBAC) during the third quarter, according to its most recent filing with the SEC. The fund bought 12,900 shares of the technology company’s stock, valued at approximately $1,858,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Iridian Asset Management LLC CT raised its stake in SBA Communications Corporation by 88.1% in the 2nd quarter. Iridian Asset Management LLC CT now owns 2,641,198 shares of the technology company’s stock valued at $356,298,000 after acquiring an additional 1,237,008 shares during the period. PointState Capital LP bought a new stake in SBA Communications Corporation in the 2nd quarter valued at about $149,091,000. Victory Capital Management Inc. raised its stake in SBA Communications Corporation by 147,836.3% in the 2nd quarter. Victory Capital Management Inc. now owns 687,904 shares of the technology company’s stock valued at $92,799,000 after acquiring an additional 687,439 shares during the period. American Century Companies Inc. raised its stake in SBA Communications Corporation by 41.4% in the 2nd quarter. American Century Companies Inc. now owns 2,230,739 shares of the technology company’s stock valued at $300,927,000 after acquiring an additional 652,647 shares during the period. Finally, Voya Investment Management LLC raised its stake in SBA Communications Corporation by 1,343.6% in the 2nd quarter. Voya Investment Management LLC now owns 657,010 shares of the technology company’s stock valued at $88,631,000 after acquiring an additional 611,497 shares during the period. Institutional investors own 95.41% of the company’s stock.
A number of brokerages recently issued reports on SBAC. KeyCorp restated a “buy” rating and issued a $179.00 price objective (up from $170.00) on shares of SBA Communications Corporation in a research note on Wednesday, November 1st. Citigroup Inc. boosted their price objective on SBA Communications Corporation from $140.00 to $168.00 and gave the company a “neutral” rating in a research note on Monday, August 28th. Zacks Investment Research upgraded SBA Communications Corporation from a “sell” rating to a “hold” rating in a research note on Monday, October 16th. Cowen and Company restated a “buy” rating and issued a $147.00 price objective on shares of SBA Communications Corporation in a research note on Tuesday, October 17th. Finally, UBS AG began coverage on SBA Communications Corporation in a research note on Wednesday, October 18th. They issued a “buy” rating and a $176.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $150.27.
In other news, Director George R. Krouse, Jr. sold 1,999 shares of the business’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $169.51, for a total transaction of $338,850.49. Following the completion of the transaction, the director now owns 11,999 shares of the company’s stock, valued at $2,033,950.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brian D. Lazarus sold 7,376 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 17,525 shares of the company’s stock, valued at approximately $2,660,119.75. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by insiders.
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SBA Communications Corporation (NASDAQ SBAC) opened at $165.20 on Tuesday. SBA Communications Corporation has a twelve month low of $95.66 and a twelve month high of $170.82. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of -3.63. The company has a market capitalization of $19,858.72, a PE ratio of 211.19 and a beta of 0.75.
SBA Communications Corporation (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, October 30th. The technology company reported $1.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $1.50. SBA Communications Corporation had a negative return on equity of 4.71% and a net margin of 5.95%. The company had revenue of $433.90 million during the quarter, compared to analyst estimates of $431.42 million. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. SBA Communications Corporation’s revenue was up 5.5% on a year-over-year basis. research analysts forecast that SBA Communications Corporation will post 0.98 EPS for the current fiscal year.
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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