State of New Jersey Common Pension Fund D Has $22,933,000 Position in SBA Communications Corporation (NASDAQ:SBAC)
State of New Jersey Common Pension Fund D maintained its stake in SBA Communications Corporation (NASDAQ:SBAC) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 170,000 shares of the technology company’s stock at the end of the second quarter. State of New Jersey Common Pension Fund D owned about 0.14% of SBA Communications Corporation worth $22,933,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in SBAC. IBM Retirement Fund boosted its stake in SBA Communications Corporation by 111.2% in the second quarter. IBM Retirement Fund now owns 2,936 shares of the technology company’s stock worth $442,000 after buying an additional 1,546 shares in the last quarter. 1ST Source Bank bought a new stake in SBA Communications Corporation during the second quarter worth approximately $201,000. Acadian Asset Management LLC bought a new stake in SBA Communications Corporation during the second quarter worth approximately $159,000. Parametrica Management Ltd bought a new stake in SBA Communications Corporation during the second quarter worth approximately $233,000. Finally, Russell Investments Group Ltd. boosted its stake in SBA Communications Corporation by 17.5% in the second quarter. Russell Investments Group Ltd. now owns 362,933 shares of the technology company’s stock worth $48,964,000 after buying an additional 53,932 shares in the last quarter. 96.48% of the stock is currently owned by hedge funds and other institutional investors.
SBA Communications Corporation (NASDAQ:SBAC) opened at 139.96 on Monday. The company has a market cap of $16.93 billion, a P/E ratio of 480.96 and a beta of 0.73. The firm has a 50-day moving average price of $134.80 and a 200-day moving average price of $123.72. SBA Communications Corporation has a 12-month low of $95.66 and a 12-month 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. The firm had revenue of $427.30 million for the quarter, compared to analysts’ expectations of $426.10 million. SBA Communications Corporation had a net margin of 2.19% and a negative return on equity of 2.69%. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.48 EPS. On average, analysts forecast that SBA Communications Corporation will post $0.98 earnings per share for the current fiscal year.
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SBAC has been the topic of a number of research analyst reports. Zacks Investment Research downgraded SBA Communications Corporation from a “buy” rating to a “hold” rating in a report on Friday. Royal Bank Of Canada reaffirmed a “buy” rating on shares of SBA Communications Corporation in a report on Wednesday, August 2nd. Barclays PLC reaffirmed an “overweight” rating and set a $148.00 price target on shares of SBA Communications Corporation in a report on Tuesday, August 1st. Stifel Nicolaus reaffirmed a “buy” rating and set a $160.00 price target (up from $148.00) on shares of SBA Communications Corporation in a report on Tuesday, August 1st. Finally, Jefferies Group LLC upped their price target on SBA Communications Corporation from $150.00 to $159.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. SBA Communications Corporation presently has a consensus rating of “Buy” and an average target price of $141.57.
In other SBA Communications Corporation news, Director Brian C. Carr sold 3,475 shares of the business’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $132.54, for a total transaction of $460,576.50. Following the sale, the director now owns 3,051 shares in the company, valued at approximately $404,379.54. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jeffrey Stoops sold 94,289 shares of the business’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $133.76, for a total value of $12,612,096.64. Following the sale, the chief executive officer now owns 329,124 shares in the company, valued at approximately $44,023,626.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 155,881 shares of company stock worth $21,002,057. Company insiders own 2.40% of the company’s stock.
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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