Traders Purchase Large Volume of SBA Communications Put Options (SBAC)
SBA Communications Co. (NASDAQ:SBAC) was the target of unusually large options trading on Monday. Stock traders bought 1,105 put options on the stock. This represents an increase of 652% compared to the average daily volume of 147 put options.
In other news, Director George R. Krouse, Jr. sold 1,999 shares of the firm’s stock in a transaction on 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 directly owns 11,999 shares in the company, valued at $2,033,950.49. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.40% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Toronto Dominion Bank lifted its holdings in SBA Communications by 9.5% during the 2nd quarter. Toronto Dominion Bank now owns 1,487 shares of the technology company’s stock worth $201,000 after buying an additional 129 shares during the last quarter. State Treasurer State of Michigan purchased a new stake in SBA Communications during the 3rd quarter worth about $5,258,000. Oakbrook Investments LLC purchased a new stake in SBA Communications during the 3rd quarter worth about $828,000. SG Americas Securities LLC lifted its holdings in SBA Communications by 160.5% during the 2nd quarter. SG Americas Securities LLC now owns 12,629 shares of the technology company’s stock worth $1,704,000 after buying an additional 7,781 shares during the last quarter. Finally, Delta Lloyd Asset Management N.V. purchased a new stake in SBA Communications during the 2nd quarter worth about $3,475,000. 96.15% of the stock is owned by institutional investors.
SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, October 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.25 by $1.50. The firm had revenue of $433.90 million during the quarter, compared to analyst estimates of $431.42 million. SBA Communications had a negative return on equity of 4.71% and a net margin of 5.95%. SBA Communications’s revenue was up 5.5% compared to the same quarter last year. During the same period last year, the business posted ($0.12) earnings per share. research analysts anticipate that SBA Communications will post 0.96 EPS for the current year.
Several research analysts have recently commented on the company. Royal Bank Of Canada restated a “buy” rating and set a $200.00 price target on shares of SBA Communications in a research report on Thursday, November 30th. KeyCorp restated an “overweight” rating and set a $192.00 price target (up from $179.00) on shares of SBA Communications in a research report on Monday, November 27th. Morgan Stanley lifted their target price on SBA Communications from $169.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday, November 14th. Cowen reiterated a “buy” rating and issued a $170.00 target price (up from $155.00) on shares of SBA Communications in a report on Tuesday. Finally, Citigroup lifted their target price on SBA Communications from $140.00 to $168.00 and gave the company a “neutral” rating in a report on Monday, August 28th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $159.40.
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SBA Communications 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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