Dimensional Fund Advisors LP cut its stake in SBA Communications Corporation (NASDAQ:SBAC) by 30.3% during the first quarter, Holdings Channel reports. The institutional investor owned 180,612 shares of the technology company’s stock after selling 78,348 shares during the period. Dimensional Fund Advisors LP’s holdings in SBA Communications Corporation were worth $21,736,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in SBAC. Mn Services Vermogensbeheer B.V. boosted its position in shares of SBA Communications Corporation by 2.9% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,309 shares of the technology company’s stock valued at $372,000 after buying an additional 92 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of SBA Communications Corporation during the first quarter valued at about $7,308,000. Boston Advisors LLC acquired a new position in shares of SBA Communications Corporation during the first quarter valued at about $201,000. DnB Asset Management AS boosted its position in shares of SBA Communications Corporation by 14.6% in the first quarter. DnB Asset Management AS now owns 12,523 shares of the technology company’s stock valued at $1,507,000 after buying an additional 1,600 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in shares of SBA Communications Corporation during the first quarter valued at about $349,000. 96.48% of the stock is currently owned by institutional investors.
Shares of SBA Communications Corporation (SBAC) opened at 138.95 on Thursday. SBA Communications Corporation has a 12-month low of $95.66 and a 12-month high of $141.59. The firm has a market capitalization of $16.72 billion, a PE ratio of 477.49 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 posted its earnings results on Monday, July 31st. The technology company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $427.30 million for the quarter, compared to the consensus estimate of $426.10 million. During the same period in the previous year, the company posted $1.48 earnings per share. SBA Communications Corporation’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, analysts forecast that SBA Communications Corporation will post $0.97 earnings per share for the current year.
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Several brokerages have commented on SBAC. BidaskClub upgraded shares of SBA Communications Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded shares of SBA Communications Corporation from a “hold” rating to a “strong-buy” rating and set a $158.00 target price for the company in a report on Thursday, July 20th. Barclays PLC reiterated an “overweight” rating and issued a $148.00 target price on shares of SBA Communications Corporation in a report on Tuesday, August 1st. Stifel Nicolaus reiterated a “buy” rating and issued a $160.00 target price (up from $148.00) on shares of SBA Communications Corporation in a report on Tuesday, August 1st. Finally, Jefferies Group LLC raised their target price on shares of SBA Communications Corporation from $150.00 to $159.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. SBA Communications Corporation currently has a consensus rating of “Buy” and an average price target of $141.57.
In related news, EVP Mark R. Ciarfella sold 9,655 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $140.74, for a total transaction of $1,358,844.70. Following the completion of the sale, the executive vice president now directly owns 21,403 shares of the company’s stock, valued at approximately $3,012,258.22. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director George R. Krouse, Jr. sold 1,643 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $138.63, for a total value of $227,769.09. Following the sale, the director now directly owns 11,643 shares of the company’s stock, valued at $1,614,069.09. The disclosure for this sale can be found here. Over the last three months, insiders have sold 167,179 shares of company stock valued at $22,588,671. 2.10% of the stock is owned by company insiders.
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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