SBA Communications Co. (SBAC) Shares Sold by American International Group Inc.
American International Group Inc. reduced its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 1.3% during the 1st quarter, HoldingsChannel reports. The firm owned 47,863 shares of the technology company’s stock after selling 609 shares during the period. American International Group Inc.’s holdings in SBA Communications were worth $9,556,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. TIAA CREF Investment Management LLC increased its holdings in shares of SBA Communications by 4.4% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 368,434 shares of the technology company’s stock worth $59,182,000 after buying an additional 15,549 shares during the last quarter. Vanguard Group Inc increased its holdings in shares of SBA Communications by 2.1% in the 3rd quarter. Vanguard Group Inc now owns 18,461,664 shares of the technology company’s stock worth $2,965,496,000 after buying an additional 380,936 shares during the last quarter. Gateway Investment Advisers LLC increased its holdings in shares of SBA Communications by 1.4% in the 4th quarter. Gateway Investment Advisers LLC now owns 5,752 shares of the technology company’s stock worth $931,000 after buying an additional 81 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of SBA Communications in the 4th quarter worth about $375,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of SBA Communications in the 4th quarter worth about $139,000. Institutional investors own 94.69% of the company’s stock.
A number of analysts have recently weighed in on the stock. ValuEngine upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. BidaskClub upgraded shares of SBA Communications from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 9th. KeyCorp boosted their target price on shares of SBA Communications from $195.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. They noted that the move was a valuation call. Morgan Stanley boosted their target price on shares of SBA Communications from $204.00 to $222.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Zacks Investment Research cut shares of SBA Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, February 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $197.56.
SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, April 29th. The technology company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $1.89 by ($1.66). SBA Communications had a negative return on equity of 1.44% and a net margin of 2.20%. The firm had revenue of $493.29 million for the quarter, compared to analysts’ expectations of $481.06 million. During the same period in the prior year, the firm posted $1.85 earnings per share. SBA Communications’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, analysts predict that SBA Communications Co. will post 7.75 earnings per share for the current year.
In related news, Director Brian C. Carr sold 700 shares of SBA Communications stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $206.50, for a total transaction of $144,550.00. Following the completion of the transaction, the director now directly owns 2,590 shares of the company’s stock, valued at approximately $534,835. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark R. Ciarfella sold 6,759 shares of SBA Communications stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $205.50, for a total transaction of $1,388,974.50. Following the transaction, the executive vice president now directly owns 72,880 shares of the company’s stock, valued at $14,976,840. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 255,916 shares of company stock valued at $47,405,473. 2.50% of the stock is owned by corporate insiders.
SBA Communications Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By Building Better Wireless, SBA 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 communication sites to a variety of wireless service providers under long-term lease contracts.
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