Cornerstone Capital Management Holdings LLC. boosted its stake in SBA Communications Co. (NASDAQ:SBAC) by 23.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 200,331 shares of the technology company’s stock after purchasing an additional 37,664 shares during the period. Cornerstone Capital Management Holdings LLC. owned about 0.17% of SBA Communications worth $32,725,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Capital Wealth Planning LLC boosted its position in SBA Communications by 13.6% in the 4th quarter. Capital Wealth Planning LLC now owns 12,500 shares of the technology company’s stock valued at $2,042,000 after buying an additional 1,500 shares during the period. Elkfork Partners LLC purchased a new position in SBA Communications in the 4th quarter valued at approximately $1,318,000. Broad Run Investment Management LLC purchased a new position in SBA Communications in the 4th quarter valued at approximately $7,473,000. Teachers Advisors LLC boosted its position in SBA Communications by 27.0% in the 4th quarter. Teachers Advisors LLC now owns 504,306 shares of the technology company’s stock valued at $82,383,000 after buying an additional 107,270 shares during the period. Finally, Raymond James & Associates boosted its position in SBA Communications by 11.0% in the 4th quarter. Raymond James & Associates now owns 49,919 shares of the technology company’s stock valued at $8,155,000 after buying an additional 4,942 shares during the period. Hedge funds and other institutional investors own 92.97% of the company’s stock.
Several equities analysts have commented on SBAC shares. KeyCorp set a $188.00 price target on shares of SBA Communications and gave the company a “buy” rating in a research report on Tuesday, February 27th. Morgan Stanley raised 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. BidaskClub raised shares of SBA Communications from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 25th. Royal Bank of Canada reissued a “buy” rating and issued a $200.00 price target on shares of SBA Communications in a research report on Thursday, November 30th. Finally, Zacks Investment Research cut shares of SBA Communications from a “hold” rating to a “sell” rating in a research report on Friday, February 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $173.07.
SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, February 26th. The technology company reported $1.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $1.60. The business had revenue of $443.10 million during the quarter, compared to analysts’ expectations of $437.01 million. SBA Communications had a net margin of 6.00% and a negative return on equity of 5.43%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.04 EPS. research analysts anticipate that SBA Communications Co. will post 1.04 earnings per share for the current year.
SBA Communications announced that its board has initiated a stock buyback program on Monday, February 26th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the technology company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
SBA Communications 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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