Broad Run Investment Management LLC acquired a new stake in shares of SBA Communications Co. (NASDAQ:SBAC) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 45,746 shares of the technology company’s stock, valued at approximately $7,473,000. SBA Communications makes up about 0.2% of Broad Run Investment Management LLC’s investment portfolio, making the stock its 23rd largest position.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Teachers Advisors LLC boosted its stake in shares of SBA Communications by 27.0% during the fourth quarter. Teachers Advisors LLC now owns 504,306 shares of the technology company’s stock valued at $82,383,000 after purchasing an additional 107,270 shares in the last quarter. Raymond James & Associates boosted its stake in shares of SBA Communications by 11.0% during the fourth quarter. Raymond James & Associates now owns 49,919 shares of the technology company’s stock valued at $8,155,000 after purchasing an additional 4,942 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of SBA Communications during the fourth quarter valued at approximately $2,124,000. HBK Investments L P bought a new position in shares of SBA Communications during the fourth quarter valued at approximately $3,447,000. Finally, Two Sigma Advisers LP boosted its stake in shares of SBA Communications by 289.8% during the fourth quarter. Two Sigma Advisers LP now owns 513,833 shares of the technology company’s stock valued at $83,940,000 after purchasing an additional 382,026 shares in the last quarter. Hedge funds and other institutional investors own 92.97% of the company’s stock.
A number of research firms have recently issued reports on SBAC. SunTrust Banks reiterated a “buy” rating on shares of SBA Communications in a research note on Tuesday, February 27th. Deutsche Bank increased their price objective on shares of SBA Communications from $164.00 to $170.00 and gave the company a “hold” rating in a research note on Tuesday, February 27th. BidaskClub downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, February 28th. Citigroup increased their price objective on shares of SBA Communications from $168.00 to $183.00 and gave the company a “neutral” rating in a research note on Wednesday, February 28th. Finally, Guggenheim set a $190.00 price objective on shares of SBA Communications and gave the company a “buy” rating in a research note on Tuesday, February 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the stock. SBA Communications currently has an average rating of “Buy” and a consensus price target of $173.07.
SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, February 26th. The technology company reported $1.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $1.60. The company had revenue of $443.10 million during the quarter, compared to the consensus estimate of $437.01 million. SBA Communications had a net margin of 6.00% and a negative return on equity of 5.43%. SBA Communications’s revenue was up 6.4% compared to the same quarter last year. During the same period last year, the firm earned $0.04 earnings per share. equities research analysts anticipate that SBA Communications Co. will post 1.04 EPS for the current year.
SBA Communications announced that its Board of Directors has authorized a stock buyback plan on Monday, February 26th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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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