Macquarie Group Ltd. increased its position in shares of SBA Communications (NASDAQ:SBAC) by 3.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,100 shares of the technology company’s stock after purchasing an additional 1,382 shares during the period. Macquarie Group Ltd.’s holdings in SBA Communications were worth $310,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. Westpac Banking Corp acquired a new stake in shares of SBA Communications during the 4th quarter valued at $1,185,000. Amalgamated Bank lifted its position in SBA Communications by 9.3% during the 4th quarter. Amalgamated Bank now owns 15,813 shares of the technology company’s stock worth $2,583,000 after acquiring an additional 1,344 shares during the last quarter. Virtu Financial LLC lifted its position in SBA Communications by 137.1% during the 4th quarter. Virtu Financial LLC now owns 3,694 shares of the technology company’s stock worth $603,000 after acquiring an additional 2,136 shares during the last quarter. GSA Capital Partners LLP lifted its position in SBA Communications by 198.3% during the 3rd quarter. GSA Capital Partners LLP now owns 5,530 shares of the technology company’s stock worth $797,000 after acquiring an additional 3,676 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of SBA Communications during the 4th quarter worth about $6,219,000. 92.99% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on SBAC. Zacks Investment Research cut shares of SBA Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, January 30th. Guggenheim set a $172.00 target price on shares of SBA Communications and gave the stock a “buy” rating in a research report on Wednesday, January 17th. Wells Fargo reiterated a “market perform” rating and set a $170.00 target price (up from $150.00) on shares of SBA Communications in a research report on Tuesday, February 27th. BidaskClub raised shares of SBA Communications from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 25th. Finally, KeyCorp set a $188.00 target price on shares of SBA Communications and gave the company a “buy” rating in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the stock. SBA Communications presently has a consensus rating of “Buy” and an average price target of $172.50.
NASDAQ:SBAC opened at $165.69 on Friday. The company has a market cap of $19,294.72, a P/E ratio of 167.28, a price-to-earnings-growth ratio of 17.95 and a beta of 0.86. SBA Communications has a one year low of $122.43 and a one year high of $177.67. The company has a debt-to-equity ratio of -3.57, a quick ratio of 0.93 and a current ratio of 0.93.
SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, February 26th. The technology company reported $1.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $1.60. The firm had revenue of $443.10 million for the quarter, compared to the consensus estimate of $437.01 million. SBA Communications had a net margin of 6.00% and a negative return on equity of 5.43%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.04 EPS. analysts expect that SBA Communications will post 0.92 earnings per share for the current fiscal year.
SBA Communications announced that its board has initiated a stock buyback program on Monday, February 26th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In other SBA Communications news, Director Duncan Cocroft purchased 500 shares of the firm’s stock in a transaction on Monday, March 12th. The stock was acquired at an average price of $167.29 per share, for a total transaction of $83,645.00. Following the purchase, the director now owns 87,966 shares of the company’s stock, valued at approximately $14,715,832.14. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.70% of the company’s stock.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By ?Building Better Wireless,? SBA generates revenue from two primary businesses ? site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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