Korea Investment CORP reduced its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 52.2% during the second quarter, Holdings Channel reports. The institutional investor owned 46,952 shares of the technology company’s stock after selling 51,226 shares during the period. Korea Investment CORP’s holdings in SBA Communications Corporation were worth $6,334,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB bought a new position in SBA Communications Corporation during the second quarter valued at $3,137,000. Oppenheimer Asset Management Inc. bought a new position in SBA Communications Corporation during the first quarter valued at $2,250,000. York Capital Management Global Advisors LLC bought a new position in SBA Communications Corporation during the first quarter valued at $8,048,000. Schwab Charles Investment Management Inc. raised its position in 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 valued at $30,960,000 after buying an additional 19,369 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in SBA Communications Corporation by 22.3% in the first quarter. Alliancebernstein L.P. now owns 107,917 shares of the technology company’s stock valued at $12,990,000 after buying an additional 19,697 shares in the last quarter. Hedge funds and other institutional investors own 96.48% of the company’s stock.
Shares of SBA Communications Corporation (SBAC) opened at 139.02 on Friday. The company’s 50 day moving average is $136.12 and its 200 day moving average is $124.99. SBA Communications Corporation has a 12-month low of $95.66 and a 12-month high of $141.59. The company has a market capitalization of $16.73 billion, a P/E ratio of 477.73 and a beta of 0.73.
SBA Communications Corporation (NASDAQ:SBAC) last issued its earnings results 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. The firm had revenue of $427.30 million for the quarter, compared to analyst estimates of $426.10 million. SBA Communications Corporation had a negative return on equity of 2.64% and a net margin of 2.19%. SBA Communications Corporation’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.48 earnings per share. Analysts expect that SBA Communications Corporation will post $0.97 earnings per share for the current fiscal year.
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Several research analysts have weighed in on SBAC shares. Deutsche Bank AG reiterated a “hold” rating and issued a $150.00 price objective (up previously from $133.00) on shares of SBA Communications Corporation in a research note on Friday, July 14th. Jefferies Group LLC boosted their target price on shares of SBA Communications Corporation from $150.00 to $159.00 and gave the stock a “buy” rating in a research report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) boosted their target price on shares of SBA Communications Corporation from $121.00 to $131.00 and gave the stock a “neutral” rating in a research report 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 report on Wednesday, July 19th. Finally, Raymond James Financial, Inc. reissued an “outperform” rating on shares of SBA Communications Corporation in a research report on Monday, June 12th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. SBA Communications Corporation presently has an average rating of “Buy” and a consensus price target of $141.57.
In related news, EVP Jason V. Silberstein sold 48,930 shares of the business’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $136.32, for a total transaction of $6,670,137.60. Following the transaction, the executive vice president now directly owns 24,231 shares in the company, valued at $3,303,169.92. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Brian C. Carr sold 3,475 shares of the business’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $132.54, for a total transaction of $460,576.50. Following the transaction, the director now owns 3,051 shares in the company, valued at $404,379.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 167,179 shares of company stock worth $22,588,671. 2.10% of the stock is owned by corporate 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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