SBA Communications Corp. (SBAC) Sees Unusually-High Trading Volume
Shares of SBA Communications Corp. (NASDAQ:SBAC) saw unusually-high trading volume on Thursday . Approximately 1,261,582 shares changed hands during mid-day 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.
A number of brokerages have recently weighed in on SBAC. Moffett Nathanson boosted their price objective on shares of SBA Communications Corp. from $133.00 to $135.00 in a research note on Wednesday, March 30th. Zacks Investment Research cut shares of SBA Communications Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, April 21st. Morgan Stanley restated a “buy” rating and issued a $121.00 price objective on shares of SBA Communications Corp. in a research note on Friday, April 29th. JPMorgan Chase & Co. cut shares of SBA Communications Corp. from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $120.00 to $115.00 in a research note on Tuesday, May 3rd. Finally, Stifel Nicolaus boosted their price objective on shares of SBA Communications Corp. from $112.00 to $117.00 and gave the stock 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 stock has a consensus rating of “Buy” and a consensus price target of $120.54.
The firm has a 50 day moving average of $102.93 and a 200-day moving average of $99.30. The stock’s market cap is $14.36 billion.
SBA Communications Corp. (NASDAQ:SBAC) last released its earnings results on Monday, May 2nd. The company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $0.05 by $1.40. During the same period in the previous year, the company earned $1.41 earnings per share. The firm earned $399.80 million during the quarter. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts expect that SBA Communications Corp. will post $0.85 earnings per share for the current year.
In other news, Director Duncan Cocroft bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The stock was acquired at an average cost of $100.16 per share, with a total value of $100,160.00. Following the completion of the purchase, the director now owns 82,125 shares of the company’s stock, valued at $8,225,640. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
A number of institutional investors recently added to or reduced their stakes in SBAC. Bank of Montreal Can boosted its position in SBA Communications Corp. by 6.2% in the fourth quarter. Bank of Montreal Can now owns 110,465 shares of the company’s stock worth $11,606,000 after buying an additional 6,436 shares during the period. Gulf International Bank UK Ltd boosted 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 during the period. Vanguard Group Inc. boosted its position in SBA Communications Corp. by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 8,885,431 shares of the company’s stock worth $933,592,000 after buying an additional 173,915 shares during the period. Miller Howard Investments Inc. NY bought a new position in SBA Communications Corp. during the fourth quarter worth approximately $2,515,000. Finally, Gabelli Funds LLC bought a new position in SBA Communications Corp. during the fourth quarter worth approximately $1,576,000.
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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