MetLife Investment Advisors LLC purchased a new position in shares of SBA Communications Co. (NASDAQ:SBAC) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 36,369 shares of the technology company’s stock, valued at approximately $5,941,000.
A number of other institutional investors and hedge funds have also bought and sold shares of SBAC. Nationwide Fund Advisors increased its holdings in shares of SBA Communications by 49.2% during the 3rd quarter. Nationwide Fund Advisors now owns 115,672 shares of the technology company’s stock valued at $16,663,000 after purchasing an additional 38,154 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in shares of SBA Communications during the 3rd quarter valued at approximately $448,000. Advisors Asset Management Inc. increased its holdings in shares of SBA Communications by 17.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 5,130 shares of the technology company’s stock valued at $739,000 after purchasing an additional 772 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of SBA Communications by 88.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,070,110 shares of the technology company’s stock valued at $154,151,000 after purchasing an additional 503,526 shares in the last quarter. Finally, Cipher Capital LP purchased a new position in shares of SBA Communications during the 3rd quarter valued at approximately $973,000. 92.87% of the stock is owned by institutional investors.
In related news, Director Duncan Cocroft purchased 500 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The stock was bought at an average price of $167.29 per share, with a total value of $83,645.00. Following the acquisition, the director now owns 87,966 shares in the company, valued at $14,715,832.14. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.10% of the stock is currently owned by insiders.
SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, February 26th. The technology company reported $1.78 EPS for the quarter, topping the consensus estimate of $0.18 by $1.60. The company had revenue of $443.10 million during 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%. The firm’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.04 EPS. analysts expect that SBA Communications Co. will post 0.95 earnings per share for the current year.
SBA Communications announced that its Board of Directors has initiated a stock repurchase program on Monday, February 26th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Several research firms have recently weighed in on SBAC. Cowen reaffirmed a “buy” rating and set a $170.00 target price (up from $155.00) on shares of SBA Communications in a report on Tuesday, December 5th. Zacks Investment Research lowered shares of SBA Communications from a “hold” rating to a “sell” rating in a report on Friday, February 9th. BidaskClub lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a report on Wednesday, February 28th. Guggenheim set a $172.00 target price on shares of SBA Communications and gave the company a “buy” rating in a report on Wednesday, January 17th. Finally, Wells Fargo reaffirmed a “market perform” rating and set a $170.00 target price (up from $150.00) on shares of SBA Communications in a report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company. SBA Communications presently has an average rating of “Buy” and a consensus target price of $172.50.
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SBA Communications 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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