Magellan Asset Management Ltd lessened its stake in SBA Communications Co. (NASDAQ:SBAC) by 4.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,650 shares of the technology company’s stock after selling 4,313 shares during the period. Magellan Asset Management Ltd owned about 0.08% of SBA Communications worth $14,473,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. increased its stake in SBA Communications by 53.7% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 936 shares of the technology company’s stock valued at $160,000 after purchasing an additional 327 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in SBA Communications during the second quarter valued at $165,000. Cornerstone Wealth Management LLC bought a new stake in SBA Communications during the second quarter valued at $193,000. Element Capital Management LLC bought a new stake in SBA Communications during the first quarter valued at $201,000. Finally, Dupont Capital Management Corp increased its stake in SBA Communications by 71.6% during the second quarter. Dupont Capital Management Corp now owns 1,227 shares of the technology company’s stock valued at $203,000 after purchasing an additional 512 shares during the last quarter. Institutional investors and hedge funds own 94.48% of the company’s stock.
Several analysts have weighed in on SBAC shares. BidaskClub lowered shares of SBA Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 11th. Zacks Investment Research upgraded shares of SBA Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Deutsche Bank boosted their target price on shares of SBA Communications from $170.00 to $183.00 and gave the company a “hold” rating in a research note on Wednesday, August 1st. ValuEngine lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Finally, Morgan Stanley lowered their target price on shares of SBA Communications from $182.00 to $180.00 and set an “overweight” rating for the company in a research note on Thursday, May 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. SBA Communications presently has a consensus rating of “Hold” and a consensus price target of $179.55.
SBA Communications stock opened at $156.73 on Thursday. The company has a debt-to-equity ratio of -3.18, a quick ratio of 1.18 and a current ratio of 1.18. SBA Communications Co. has a one year low of $140.62 and a one year high of $177.67.
SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, July 30th. The technology company reported ($0.50) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.68). The firm had revenue of $456.30 million for the quarter, compared to the consensus estimate of $457.43 million. SBA Communications had a negative return on equity of 1.26% and a net margin of 1.73%. The firm’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.73 EPS. analysts expect that SBA Communications Co. will post 7.07 EPS for the current year.
In other news, EVP Mark R. Ciarfella sold 1,850 shares of the company’s stock in a transaction dated Wednesday, June 13th. The shares were sold at an average price of $160.01, for a total transaction of $296,018.50. Following the completion of the transaction, the executive vice president now owns 15,663 shares in the company, valued at $2,506,236.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey Stoops sold 40,000 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $154.16, for a total transaction of $6,166,400.00. Following the transaction, the chief executive officer now owns 268,756 shares of the company’s stock, valued at approximately $41,431,424.96. The disclosure for this sale can be found here. Insiders have sold 251,795 shares of company stock valued at $40,974,681 in the last 90 days. Insiders own 2.70% of the company’s stock.
About SBA Communications
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.
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