Bank of New York Mellon Corp Lowers Stock Holdings in SBA Communications Corporation $SBAC

Bank of New York Mellon Corp cut its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 2.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 676,750 shares of the technology company’s stock after selling 14,621 shares during the period. Bank of New York Mellon Corp’s holdings in SBA Communications were worth $130,849,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in SBA Communications in the second quarter valued at $351,084,000. Mitsubishi UFJ Trust & Banking Corp grew its holdings in SBA Communications by 799.8% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 571,308 shares of the technology company’s stock valued at $134,166,000 after buying an additional 507,815 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of SBA Communications by 1,328.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 522,215 shares of the technology company’s stock valued at $122,637,000 after acquiring an additional 485,656 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of SBA Communications by 65.0% during the 3rd quarter. Nordea Investment Management AB now owns 1,182,076 shares of the technology company’s stock worth $229,145,000 after acquiring an additional 465,558 shares during the period. Finally, Nomura Holdings Inc. boosted its position in shares of SBA Communications by 1,175.4% in the second quarter. Nomura Holdings Inc. now owns 341,673 shares of the technology company’s stock worth $80,238,000 after acquiring an additional 314,883 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Trading Down 1.9%

Shares of SBA Communications stock opened at $184.11 on Friday. SBA Communications Corporation has a twelve month low of $179.89 and a twelve month high of $245.16. The stock has a market cap of $19.62 billion, a price-to-earnings ratio of 24.00, a price-to-earnings-growth ratio of 1.78 and a beta of 0.87. The company has a fifty day moving average price of $189.84 and a 200 day moving average price of $200.04.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, November 3rd. The technology company reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $3.21 by $0.09. SBA Communications had a negative return on equity of 16.60% and a net margin of 29.69%.The company had revenue of $732.33 million for the quarter, compared to analysts’ expectations of $715.65 million. During the same quarter in the previous year, the firm posted $3.32 earnings per share. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. Analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SBAC shares. Scotiabank dropped their price target on shares of SBA Communications from $252.00 to $233.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Citigroup dropped their price objective on SBA Communications from $265.00 to $235.00 and set a “buy” rating for the company in a report on Thursday, October 16th. Williams Trading set a $237.00 target price on SBA Communications in a report on Tuesday, November 4th. UBS Group lowered their price target on SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, January 20th. Finally, Royal Bank Of Canada cut their price objective on SBA Communications from $235.00 to $232.00 and set an “outperform” rating on the stock in a report on Monday, November 10th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and a consensus target price of $235.18.

SBA Communications Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.