Stockbridge Partners LLC cut its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 23.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,150,746 shares of the technology company’s stock after selling 350,335 shares during the period. SBA Communications comprises about 8.3% of Stockbridge Partners LLC’s investment portfolio, making the stock its 5th biggest position. Stockbridge Partners LLC owned approximately 0.98% of SBA Communications worth $165,765,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of SBA Communications by 2.8% in the second quarter. Vanguard Group Inc. now owns 9,869,843 shares of the technology company’s stock valued at $1,331,442,000 after acquiring an additional 272,381 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of SBA Communications by 8.7% in the second quarter. William Blair Investment Management LLC now owns 2,682,091 shares of the technology company’s stock valued at $361,814,000 after acquiring an additional 215,709 shares in the last quarter. Iridian Asset Management LLC CT lifted its position in shares of SBA Communications by 88.1% in the second quarter. Iridian Asset Management LLC CT now owns 2,641,198 shares of the technology company’s stock valued at $356,298,000 after acquiring an additional 1,237,008 shares in the last quarter. American Century Companies Inc. lifted its position in shares of SBA Communications by 14.4% in the third quarter. American Century Companies Inc. now owns 2,552,824 shares of the technology company’s stock valued at $367,734,000 after acquiring an additional 322,085 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in shares of SBA Communications by 11.6% in the second quarter. Jennison Associates LLC now owns 2,150,624 shares of the technology company’s stock valued at $290,119,000 after acquiring an additional 223,805 shares in the last quarter. Institutional investors own 96.15% of the company’s stock.
Shares of SBA Communications Co. (SBAC) opened at $166.40 on Thursday. SBA Communications Co. has a twelve month low of $97.72 and a twelve month high of $173.97. The company has a debt-to-equity ratio of -3.63, a current ratio of 0.32 and a quick ratio of 0.32. The stock has a market capitalization of $19,261.61, a PE ratio of 204.84 and a beta of 0.77.
SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, October 30th. The technology company reported $1.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $1.50. SBA Communications had a negative return on equity of 4.71% and a net margin of 5.95%. The company had revenue of $433.90 million for the quarter, compared to analysts’ expectations of $431.42 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. research analysts anticipate that SBA Communications Co. will post 0.96 EPS for the current fiscal year.
In other SBA Communications news, Director George R. Krouse, Jr. sold 1,999 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $169.51, for a total transaction of $338,850.49. Following the sale, the director now directly owns 11,999 shares of the company’s stock, valued at $2,033,950.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.
SBAC has been the topic of several research analyst reports. Cowen restated 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. Royal Bank Of Canada restated a “buy” rating and issued a $200.00 price objective on shares of SBA Communications in a research report on Thursday, November 30th. KeyCorp restated a “buy” rating and issued a $179.00 price objective (up from $170.00) on shares of SBA Communications in a research report on Wednesday, November 1st. UBS initiated coverage on SBA Communications in a research report on Wednesday, October 18th. They issued a “buy” rating and a $176.00 price objective on the stock. Finally, Zacks Investment Research upgraded SBA Communications from a “sell” rating to a “hold” rating in a research report on Monday, October 16th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. SBA Communications has an average rating of “Buy” and a consensus price target of $159.40.
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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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