SBA Communications Co. (NASDAQ:SBAC) was down 0% during mid-day trading on Tuesday . The stock traded as low as $160.51 and last traded at $163.20. Approximately 2,728,610 shares were traded during mid-day trading, an increase of 133% from the average daily volume of 1,170,000 shares. The stock had previously closed at $163.20.
Several equities research analysts have issued reports on SBAC shares. KeyCorp reissued a “buy” rating and issued a $179.00 price objective (up from $170.00) on shares of SBA Communications in a research report on Wednesday, November 1st. Morgan Stanley boosted their price objective on shares of SBA Communications from $169.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, November 14th. Royal Bank of Canada reissued a “buy” rating and issued a $200.00 price objective on shares of SBA Communications in a research report on Thursday, November 30th. Cowen reissued a “buy” rating and issued a $170.00 price objective (up from $155.00) on shares of SBA Communications in a research report on Tuesday, December 5th. Finally, BidaskClub cut shares of SBA Communications from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. SBA Communications currently has a consensus rating of “Buy” and a consensus price target of $173.07.
The stock has a market cap of $19,182.85, a PE ratio of 164.85 and a beta of 0.85. The company has a quick ratio of 0.32, a current ratio of 0.93 and a debt-to-equity ratio of -3.57.
SBA Communications announced that its Board of Directors has authorized a stock repurchase program on Monday, February 26th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new stake in SBA Communications during the fourth quarter valued at approximately $108,000. Sun Life Financial INC purchased a new stake in SBA Communications during the third quarter valued at approximately $127,000. Tower Research Capital LLC TRC lifted its position in SBA Communications by 168.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock valued at $132,000 after acquiring an additional 508 shares during the last quarter. MAI Capital Management purchased a new stake in SBA Communications during the fourth quarter valued at approximately $204,000. Finally, Alps Advisors Inc. purchased a new stake in SBA Communications during the fourth quarter valued at approximately $206,000. 95.59% of the stock is owned by hedge funds and other institutional investors.
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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