Cornerstone Capital Management Holdings LLC. Increases Position in SBA Communications Co. (SBAC)
Cornerstone Capital Management Holdings LLC. boosted its stake in SBA Communications Co. (NASDAQ:SBAC) by 23.2% in the fourth quarter, Holdings Channel reports. The fund owned 200,331 shares of the technology company’s stock after buying an additional 37,664 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in SBA Communications were worth $32,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in SBAC. Acadian Asset Management LLC purchased a new stake in SBA Communications in the fourth quarter valued at $108,000. Sun Life Financial INC purchased a new stake in SBA Communications in the third quarter valued at $127,000. Tower Research Capital LLC TRC lifted its position in SBA Communications by 168.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock valued at $132,000 after acquiring an additional 508 shares during the last quarter. MAI Capital Management purchased a new stake in SBA Communications in the fourth quarter valued at $204,000. Finally, Alps Advisors Inc. purchased a new stake in SBA Communications in the fourth quarter valued at $206,000. 92.97% of the stock is owned by hedge funds and other institutional investors.
SBA Communications Co. (SBAC) opened at $170.34 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of -3.57. The company has a market cap of $19,679.20, a price-to-earnings ratio of 198.07, a price-to-earnings-growth ratio of 16.24 and a beta of 0.92. SBA Communications Co. has a one year low of $115.19 and a one year high of $177.67.
SBA Communications declared that its Board of Directors has initiated a share repurchase program on Monday, February 26th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the technology company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
SBAC has been the subject of a number of research reports. Morgan Stanley boosted their price target on shares of SBA Communications from $169.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, November 14th. KeyCorp restated an “overweight” rating and issued a $192.00 price objective (up from $179.00) on shares of SBA Communications in a research note on Monday, November 27th. Royal Bank of Canada restated a “buy” rating and issued a $200.00 price objective on shares of SBA Communications in a research note on Thursday, November 30th. Cowen restated a “buy” rating and issued a $170.00 price objective (up from $155.00) on shares of SBA Communications in a research note on Tuesday, December 5th. Finally, BidaskClub lowered shares of SBA Communications from a “hold” rating to a “sell” rating in a research note on Friday, December 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the stock. SBA Communications has a consensus rating of “Buy” and a consensus price target of $173.07.
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About SBA Communications
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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