SBA Communications Corp. (SBAC) Sees Large Volume Increase
SBA Communications Corp. (NASDAQ:SBAC) saw unusually-high trading volume on Thursday . Approximately 1,261,582 shares traded hands during trading, an increase of 10% from the previous session’s volume of 1,150,658 shares.The stock last traded at $110.45 and had previously closed at $109.65.
SBAC has been the topic of a number of recent research reports. Zacks Investment Research lowered SBA Communications Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, April 21st. Deutsche Bank AG reaffirmed a “hold” rating on shares of SBA Communications Corp. in a research note on Thursday, March 10th. Moffett Nathanson upped their target price on SBA Communications Corp. from $133.00 to $135.00 in a research note on Wednesday, March 30th. JPMorgan Chase & Co. lowered SBA Communications Corp. from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $120.00 to $115.00 in a research note on Tuesday, May 3rd. Finally, Stifel Nicolaus upped their target price on SBA Communications Corp. from $112.00 to $117.00 and gave the company a “buy” rating in a research note on Tuesday, May 3rd. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $120.54.
The company’s market capitalization is $13.89 billion. The stock’s 50 day moving average is $102.44 and its 200 day moving average is $99.20.
SBA Communications Corp. (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, May 2nd. The company reported $1.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $1.40. The business earned $399.80 million during the quarter. The business’s revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.41 EPS. Analysts anticipate that SBA Communications Corp. will post $0.85 earnings per share for the current year.
In other SBA Communications Corp. news, Director Duncan Cocroft purchased 1,000 shares of the firm’s stock in a transaction on Thursday, June 16th. The shares were purchased at an average price of $100.16 per share, for a total transaction of $100,160.00. Following the completion of the transaction, the director now owns 82,125 shares in the company, valued at approximately $8,225,640. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A number of hedge funds and institutional investors have bought and sold shares of SBAC. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in SBA Communications Corp. by 71.2% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 75,000 shares of the company’s stock valued at $7,880,000 after buying an additional 31,200 shares during the period. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its position in SBA Communications Corp. by 6.3% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 16,009 shares of the company’s stock worth $1,682,000 after buying an additional 946 shares in the last quarter. Principal Financial Group Inc. raised its position in SBA Communications Corp. by 32.5% in the fourth quarter. Principal Financial Group Inc. now owns 4,021,327 shares of the company’s stock worth $422,521,000 after buying an additional 986,698 shares in the last quarter. Gulf International Bank UK Ltd raised its position in SBA Communications Corp. by 3.4% in the fourth quarter. Gulf International Bank UK Ltd now owns 39,070 shares of the company’s stock worth $4,105,000 after buying an additional 1,290 shares in the last quarter. Finally, Rhumbline Advisers raised its position in SBA Communications Corp. by 1.2% in the fourth quarter. Rhumbline Advisers now owns 116,691 shares of the company’s stock worth $12,261,000 after buying an additional 1,385 shares in the last quarter.
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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