First Western Capital Management Co Lowers Stake in SBA Communications Corporation (NASDAQ:SBAC)
First Western Capital Management Co decreased its stake in SBA Communications Corporation (NASDAQ:SBAC) by 35.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,983 shares of the technology company’s stock after selling 1,074 shares during the period. First Western Capital Management Co’s holdings in SBA Communications Corporation were worth $268,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Creative Planning increased its position in SBA Communications Corporation by 40.7% in the second quarter. Creative Planning now owns 874 shares of the technology company’s stock valued at $118,000 after buying an additional 253 shares during the last quarter. Van ECK Associates Corp increased its position in SBA Communications Corporation by 17.0% in the first quarter. Van ECK Associates Corp now owns 1,217 shares of the technology company’s stock valued at $146,000 after buying an additional 177 shares during the last quarter. Acadian Asset Management LLC acquired a new position in SBA Communications Corporation during the second quarter valued at $159,000. Toronto Dominion Bank increased its position in SBA Communications Corporation by 25.7% in the first quarter. Toronto Dominion Bank now owns 1,358 shares of the technology company’s stock valued at $163,000 after buying an additional 278 shares during the last quarter. Finally, Kings Point Capital Management acquired a new position in SBA Communications Corporation during the first quarter valued at $200,000. Hedge funds and other institutional investors own 96.33% of the company’s stock.
SBA Communications Corporation (NASDAQ SBAC) opened at 139.96 on Friday. The company has a market capitalization of $16.93 billion, a price-to-earnings ratio of 480.96 and a beta of 0.73. The stock has a 50 day moving average of $134.80 and a 200-day moving average of $123.72. SBA Communications Corporation has a 52-week low of $95.66 and a 52-week high of $141.59.
SBA Communications Corporation (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, July 31st. The technology company reported $0.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.01. SBA Communications Corporation had a negative return on equity of 2.69% and a net margin of 2.19%. The business had revenue of $427.30 million during the quarter, compared to the consensus estimate of $426.10 million. During the same quarter in the previous year, the company earned $1.48 earnings per share. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, equities research analysts anticipate that SBA Communications Corporation will post $0.98 earnings per share for the current fiscal year.
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SBAC has been the subject of several analyst reports. Raymond James Financial, Inc. reiterated an “outperform” rating on shares of SBA Communications Corporation in a report on Monday, June 12th. Stifel Nicolaus set a $148.00 target price on shares of SBA Communications Corporation and gave the company a “buy” rating in a report on Tuesday, May 2nd. Cowen and Company increased their target price on shares of SBA Communications Corporation from $131.00 to $141.00 and gave the company an “outperform” rating in a report on Tuesday, May 2nd. BidaskClub downgraded shares of SBA Communications Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, June 9th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $133.00 target price (up previously from $121.00) on shares of SBA Communications Corporation in a report on Saturday, April 22nd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $141.57.
In other SBA Communications Corporation news, CEO Jeffrey Stoops sold 94,289 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $133.76, for a total value of $12,612,096.64. Following the completion of the transaction, the chief executive officer now directly owns 329,124 shares in the company, valued at approximately $44,023,626.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jack Langer sold 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $137.04, for a total value of $1,233,360.00. Following the completion of the transaction, the director now owns 2,280 shares of the company’s stock, valued at $312,451.20. The disclosure for this sale can be found here. Insiders sold a total of 155,881 shares of company stock valued at $21,002,057 over the last 90 days. 2.10% of the stock is currently owned by corporate insiders.
SBA Communications Corporation Company Profile
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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