Empyrean Capital Partners LP Takes $17.55 Million Position in SBA Communications Corporation $SBAC

Empyrean Capital Partners LP bought a new position in SBA Communications Corporation (NASDAQ:SBAC) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 102,000 shares of the technology company’s stock, valued at approximately $17,555,000. Empyrean Capital Partners LP owned approximately 0.10% of SBA Communications at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Dodge & Cox grew its position in SBA Communications by 24.1% in the fourth quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock valued at $2,320,412,000 after acquiring an additional 2,328,837 shares during the period. State Street Corp grew its holdings in shares of SBA Communications by 3.3% in the 4th quarter. State Street Corp now owns 4,911,615 shares of the technology company’s stock worth $950,054,000 after purchasing an additional 158,738 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of SBA Communications by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company’s stock worth $594,655,000 after purchasing an additional 16,153 shares during the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of SBA Communications by 9.7% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock worth $393,615,000 after purchasing an additional 179,591 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of SBA Communications by 0.5% during the 4th quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company’s stock worth $351,082,000 after purchasing an additional 9,656 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays boosted their price target on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Scotiabank raised their price objective on shares of SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a report on Friday, May 1st. The Goldman Sachs Group began coverage on shares of SBA Communications in a research note on Friday, June 26th. They issued a “neutral” rating and a $205.00 target price for the company. KeyCorp boosted their target price on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Finally, Truist Financial restated a “buy” rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, SBA Communications presently has an average rating of “Moderate Buy” and a consensus target price of $235.28.

SBA Communications Stock Down 0.6%

SBA Communications stock opened at $172.61 on Tuesday. The stock has a 50-day simple moving average of $191.52 and a 200 day simple moving average of $194.77. The stock has a market capitalization of $18.31 billion, a price-to-earnings ratio of 18.17, a P/E/G ratio of 1.73 and a beta of 1.00. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $234.64.

SBA Communications Company 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.