Earnest Partners LLC reduced its position in SBA Communications Co. (NASDAQ:SBAC) by 64.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 225,266 shares of the technology company’s stock after selling 410,360 shares during the period. Earnest Partners LLC owned 0.19% of SBA Communications worth $36,799,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in shares of SBA Communications in the 4th quarter valued at about $108,000. Tower Research Capital LLC TRC boosted its holdings in shares of SBA Communications by 168.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock valued at $132,000 after buying an additional 508 shares in the last quarter. Sun Life Financial INC purchased a new position in shares of SBA Communications in the 3rd quarter valued at approximately $127,000. MAI Capital Management purchased a new position in shares of SBA Communications in the 4th quarter valued at approximately $204,000. Finally, Alps Advisors Inc. purchased a new position in shares of SBA Communications in the 4th quarter valued at approximately $206,000. Institutional investors and hedge funds own 92.97% of the company’s stock.
SBA Communications Co. (NASDAQ SBAC) opened at $170.34 on Wednesday. SBA Communications Co. has a 1 year low of $115.19 and a 1 year high of $177.67. The company has a debt-to-equity ratio of -3.57, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $19,679.20, a P/E ratio of 198.07, a price-to-earnings-growth ratio of 16.24 and a beta of 0.92.
SBA Communications declared that its board has initiated a share repurchase program on Monday, February 26th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the technology company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
SBAC has been the subject of several research analyst reports. Morgan Stanley increased their price objective 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. Zacks Investment Research lowered shares of SBA Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, January 30th. BidaskClub lowered shares of SBA Communications from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. Cowen reaffirmed a “buy” rating and issued a $170.00 price objective (up from $155.00) on shares of SBA Communications in a research report on Tuesday, December 5th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $200.00 price objective on shares of SBA Communications in a research report on Thursday, November 30th. 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 company’s stock. SBA Communications currently has an average rating of “Buy” and an average target price of $173.07.
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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