Capital Wealth Planning LLC Buys Shares of 11,000 SBA Communications Co. (SBAC)
Capital Wealth Planning LLC purchased a new stake in shares of SBA Communications Co. (NASDAQ:SBAC) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 11,000 shares of the technology company’s stock, valued at approximately $1,585,000. SBA Communications comprises about 1.2% of Capital Wealth Planning LLC’s investment portfolio, making the stock its 14th biggest holding.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SBAC. Iridian Asset Management LLC CT increased its position in shares of SBA Communications by 88.1% during the 2nd quarter. Iridian Asset Management LLC CT now owns 2,641,198 shares of the technology company’s stock valued at $356,298,000 after purchasing an additional 1,237,008 shares during the last quarter. PointState Capital LP purchased a new stake in shares of SBA Communications during the 2nd quarter valued at about $149,091,000. Victory Capital Management Inc. increased its position in shares of SBA Communications by 147,836.3% during the 2nd quarter. Victory Capital Management Inc. now owns 687,904 shares of the technology company’s stock valued at $92,799,000 after purchasing an additional 687,439 shares during the last quarter. American Century Companies Inc. increased its holdings in SBA Communications by 41.4% in the 2nd quarter. American Century Companies Inc. now owns 2,230,739 shares of the technology company’s stock worth $300,927,000 after acquiring an additional 652,647 shares in the last quarter. Finally, Voya Investment Management LLC increased its holdings in SBA Communications by 1,343.6% in the 2nd quarter. Voya Investment Management LLC now owns 657,010 shares of the technology company’s stock worth $88,631,000 after acquiring an additional 611,497 shares in the last quarter. 96.15% of the stock is owned by hedge funds and other institutional investors.
Shares of SBA Communications Co. (NASDAQ:SBAC) opened at $166.61 on Tuesday. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of -3.63. SBA Communications Co. has a fifty-two week low of $97.82 and a fifty-two week high of $173.97. The stock has a market cap of $19,420.00, a P/E ratio of 206.49 and a beta of 0.77.
SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, October 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $1.50. SBA Communications had a net margin of 5.95% and a negative return on equity of 4.71%. The business had revenue of $433.90 million during the quarter, compared to analyst estimates of $431.42 million. During the same period last year, the firm posted ($0.12) EPS. The company’s revenue was up 5.5% on a year-over-year basis. equities research analysts anticipate that SBA Communications Co. will post 0.96 earnings per share for the current year.
In other SBA Communications news, Director George R. Krouse, Jr. sold 1,999 shares of the stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $169.51, for a total transaction of $338,850.49. Following the completion of the sale, the director now directly owns 11,999 shares of the company’s stock, valued at approximately $2,033,950.49. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.40% of the company’s stock.
Several equities research analysts recently issued reports on SBAC shares. Cowen reissued a “buy” rating and issued a $170.00 target price (up from $155.00) on shares of SBA Communications in a report on Tuesday, December 5th. Royal Bank of Canada reissued a “buy” rating and issued a $200.00 target price on shares of SBA Communications in a report on Thursday, November 30th. KeyCorp reissued a “buy” rating and issued a $179.00 target price (up from $170.00) on shares of SBA Communications in a report on Wednesday, November 1st. UBS started coverage on shares of SBA Communications in a report on Wednesday, October 18th. They issued a “buy” rating and a $176.00 target price for the company. Finally, Zacks Investment Research raised shares of SBA Communications from a “sell” rating to a “hold” rating in a report on Monday, October 16th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $159.40.
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About SBA Communications
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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