Stoneridge Investment Partners LLC Purchases New Stake in SBA Communications Corporation (SBAC)
Stoneridge Investment Partners LLC bought a new position in shares of SBA Communications Corporation (NASDAQ:SBAC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,535 shares of the technology company’s stock, valued at approximately $3,040,000.
Other institutional investors have also modified their holdings of the company. Xact Kapitalforvaltning AB acquired a new position in shares of SBA Communications Corporation during the second quarter worth approximately $3,137,000. Korea Investment CORP increased its position in shares of SBA Communications Corporation by 66,687.8% in the first quarter. Korea Investment CORP now owns 98,178 shares of the technology company’s stock worth $11,818,000 after buying an additional 98,031 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of SBA Communications Corporation during the first quarter worth approximately $2,250,000. York Capital Management Global Advisors LLC acquired a new position in shares of SBA Communications Corporation during the first quarter worth approximately $8,048,000. Finally, Schwab Charles Investment Management Inc. increased its position in shares of SBA Communications Corporation by 8.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 257,200 shares of the technology company’s stock worth $30,960,000 after buying an additional 19,369 shares in the last quarter. 96.48% of the stock is currently owned by institutional investors and hedge funds.
Shares of SBA Communications Corporation (NASDAQ SBAC) opened at 139.03 on Thursday. SBA Communications Corporation has a 1-year low of $95.66 and a 1-year high of $140.38. The stock has a market cap of $16.82 billion, a P/E ratio of 477.77 and a beta of 0.73. The company’s 50-day moving average is $135.89 and its 200 day moving average is $124.88.
SBA Communications Corporation (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, July 31st. The technology company reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.01. SBA Communications Corporation had a negative return on equity of 2.64% and a net margin of 2.19%. The firm had revenue of $427.30 million during the quarter, compared to analyst estimates of $426.10 million. During the same quarter in the previous year, the firm posted $1.48 earnings per share. SBA Communications Corporation’s quarterly revenue was up 5.4% compared to the same quarter last year. Equities research analysts anticipate that SBA Communications Corporation will post $0.97 EPS for the current year.
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A number of equities analysts have recently commented on SBAC shares. Deutsche Bank AG reissued a “hold” rating and issued a $150.00 target price (up previously from $133.00) on shares of SBA Communications Corporation in a research note on Friday, July 14th. Jefferies Group LLC raised their target price on shares of SBA Communications Corporation from $150.00 to $159.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) raised their target price on shares of SBA Communications Corporation from $121.00 to $131.00 and gave the company a “neutral” rating in a research note on Tuesday, May 2nd. Zacks Investment Research downgraded shares of SBA Communications Corporation from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, Raymond James Financial, Inc. reissued an “outperform” rating on shares of SBA Communications Corporation in a research note on Monday, June 12th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $141.57.
In other news, CEO Jeffrey Stoops sold 94,289 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 329,124 shares in the company, valued at $44,023,626.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director George R. Krouse, Jr. sold 187 shares of the business’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $138.43, for a total transaction of $25,886.41. Following the completion of the sale, the director now owns 10,896 shares of the company’s stock, valued at $1,508,333.28. The disclosure for this sale can be found here. Insiders sold 167,179 shares of company stock valued at $22,588,671 over the last 90 days. 2.10% of the stock is owned by corporate insiders.
About SBA Communications Corporation
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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