Kurt L. Bagwell Sells 17,055 Shares of SBA Communications Co. (NASDAQ:SBAC) Stock
SBA Communications Co. (NASDAQ:SBAC) EVP Kurt L. Bagwell sold 17,055 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $254.72, for a total value of $4,344,249.60. Following the transaction, the executive vice president now owns 57,573 shares of the company’s stock, valued at $14,664,994.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.
SBAC stock traded up $4.93 during mid-day trading on Tuesday, reaching $259.77. The company had a trading volume of 555,386 shares, compared to its average volume of 644,297. The company has a market cap of $29.42 billion, a P/E ratio of 34.18, a price-to-earnings-growth ratio of 3.25 and a beta of 0.69. The company has a fifty day moving average of $237.09. SBA Communications Co. has a fifty-two week low of $146.13 and a fifty-two week high of $260.50.
SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, July 29th. The technology company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.86 by ($1.58). The company had revenue of $500.10 million during the quarter, compared to analyst estimates of $489.09 million. SBA Communications had a net margin of 6.75% and a negative return on equity of 4.12%. SBA Communications’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.50) EPS. On average, analysts predict that SBA Communications Co. will post 7.83 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Canada Pension Plan Investment Board raised its position in shares of SBA Communications by 6.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 2,164,605 shares of the technology company’s stock worth $486,690,000 after acquiring an additional 132,509 shares in the last quarter. Geode Capital Management LLC raised its position in shares of SBA Communications by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 1,498,094 shares of the technology company’s stock worth $242,108,000 after acquiring an additional 80,550 shares in the last quarter. Commonwealth Bank of Australia raised its position in shares of SBA Communications by 24.7% during the 1st quarter. Commonwealth Bank of Australia now owns 1,280,749 shares of the technology company’s stock worth $255,703,000 after acquiring an additional 253,552 shares in the last quarter. Northern Trust Corp raised its position in shares of SBA Communications by 2.9% during the 2nd quarter. Northern Trust Corp now owns 1,274,909 shares of the technology company’s stock worth $286,650,000 after acquiring an additional 35,929 shares in the last quarter. Finally, FMR LLC raised its position in shares of SBA Communications by 3,456.5% during the 1st quarter. FMR LLC now owns 1,245,173 shares of the technology company’s stock worth $248,612,000 after acquiring an additional 1,210,162 shares in the last quarter. 94.07% of the stock is currently owned by institutional investors and hedge funds.
SBAC has been the subject of a number of research analyst reports. New Street Research cut SBA Communications from a “buy” rating to a “neutral” rating and set a $236.00 target price for the company. in a report on Thursday, June 13th. TheStreet upgraded SBA Communications from a “c” rating to a “b-” rating in a report on Monday, July 29th. Cowen increased their price target on SBA Communications from $203.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. SunTrust Banks increased their price target on SBA Communications to $255.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Raymond James lowered SBA Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. SBA Communications presently has an average rating of “Hold” and a consensus target price of $227.15.
SBA Communications Company 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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