Northern Trust Corp cut its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 3.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,266,464 shares of the technology company’s stock after selling 51,392 shares during the period. Northern Trust Corp owned approximately 1.09% of SBA Communications worth $216,464,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of SBAC. Acadian Asset Management LLC purchased a new position in SBA Communications during the fourth quarter worth about $108,000. Tower Research Capital LLC TRC increased its position in shares of SBA Communications by 168.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock valued at $132,000 after acquiring an additional 508 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of SBA Communications by 53.7% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 936 shares of the technology company’s stock valued at $160,000 after acquiring an additional 327 shares during the last quarter. Bray Capital Advisors acquired a new stake in shares of SBA Communications during the first quarter valued at about $171,000. Finally, MAI Capital Management acquired a new stake in shares of SBA Communications during the fourth quarter valued at about $204,000. 95.75% of the stock is currently owned by institutional investors.
Shares of SBA Communications opened at $157.91 on Friday, MarketBeat reports. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of -3.62. The company has a market capitalization of $18.19 billion, a P/E ratio of 166.22, a price-to-earnings-growth ratio of 17.16 and a beta of 0.86. SBA Communications Co. has a fifty-two week low of $129.40 and a fifty-two week high of $177.67.
SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, April 30th. The technology company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. The firm had revenue of $458.30 million during the quarter, compared to analysts’ expectations of $453.50 million. SBA Communications had a net margin of 5.54% and a negative return on equity of 4.79%. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.69 earnings per share. research analysts predict that SBA Communications Co. will post 0.92 EPS for the current year.
SBA Communications declared that its Board of Directors has authorized a share repurchase plan on Monday, February 26th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of equities research analysts have weighed in on SBAC shares. Zacks Investment Research cut shares of SBA Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, January 30th. Wells Fargo & Co reiterated a “market perform” rating and set a $170.00 price target (up from $150.00) on shares of SBA Communications in a research report on Tuesday, February 27th. 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. Guggenheim set a $190.00 price target on shares of SBA Communications and gave the company a “buy” rating in a research report on Tuesday, February 27th. Finally, BidaskClub cut shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. SBA Communications presently has an average rating of “Buy” and an average target price of $175.69.
In related news, EVP Jason V. Silberstein sold 3,170 shares of SBA Communications stock in a transaction that occurred on Thursday, May 17th. The shares were sold at an average price of $157.75, for a total value of $500,067.50. Following the completion of the transaction, the executive vice president now owns 15,828 shares in the company, valued at $2,496,867. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George R. Krouse, Jr. sold 2,202 shares of SBA Communications stock in a transaction that occurred on Thursday, May 17th. The shares were sold at an average price of $157.56, for a total transaction of $346,947.12. Following the completion of the transaction, the director now owns 12,733 shares of the company’s stock, valued at approximately $2,006,211.48. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
SBA Communications Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By ?Building Better Wireless,? SBA generates revenue from two primary businesses ? site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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