State of Tennessee Treasury Department lessened its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 5.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 38,122 shares of the technology company’s stock after selling 2,101 shares during the quarter. State of Tennessee Treasury Department’s holdings in SBA Communications were worth $6,227,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Alexandria Capital LLC bought a new stake in shares of SBA Communications during the fourth quarter worth $8,812,000. Suntrust Banks Inc. grew its stake in shares of SBA Communications by 25.8% during the fourth quarter. Suntrust Banks Inc. now owns 3,153 shares of the technology company’s stock worth $514,000 after buying an additional 647 shares during the last quarter. Norinchukin Bank The grew its stake in shares of SBA Communications by 4.9% during the fourth quarter. Norinchukin Bank The now owns 9,398 shares of the technology company’s stock worth $1,535,000 after buying an additional 441 shares during the last quarter. FDx Advisors Inc. grew its stake in shares of SBA Communications by 381.9% during the fourth quarter. FDx Advisors Inc. now owns 12,481 shares of the technology company’s stock worth $2,039,000 after buying an additional 9,891 shares during the last quarter. Finally, ARP Americas LP bought a new stake in shares of SBA Communications during the fourth quarter worth $2,663,000. 95.59% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have weighed in on SBAC shares. Morgan Stanley boosted their target price on shares of SBA Communications from $169.00 to $190.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 14th. BidaskClub cut shares of SBA Communications from a “hold” rating to a “sell” rating in a research note on Friday, December 15th. Zacks Investment Research lowered shares of SBA Communications from a “hold” rating to a “sell” rating in a report on Tuesday, January 30th. KeyCorp reiterated a “buy” rating and set a $179.00 price target (up previously from $170.00) on shares of SBA Communications in a report on Wednesday, November 1st. Finally, Cowen reiterated a “buy” rating and set a $170.00 price target (up previously from $155.00) on shares of SBA Communications in a report on Tuesday, December 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $173.07.
SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, February 26th. The technology company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $1.60. The business had revenue of $443.10 million for the quarter, compared to analyst estimates of $437.01 million. SBA Communications had a net margin of 6.00% and a negative return on equity of 5.43%. SBA Communications’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.04 earnings per share. research analysts forecast that SBA Communications Co. will post 1.35 EPS for the current year.
SBA Communications declared that its board has initiated a stock repurchase plan on Monday, February 26th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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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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