Meeder Asset Management Inc. decreased its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 1.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,427 shares of the technology company’s stock after selling 42 shares during the quarter. Meeder Asset Management Inc.’s holdings in SBA Communications were worth $771,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Geode Capital Management LLC increased its stake in SBA Communications by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 1,498,094 shares of the technology company’s stock worth $242,108,000 after acquiring an additional 80,550 shares during the last quarter. Commonwealth Bank of Australia boosted its position in shares of SBA Communications by 24.7% during the first quarter. Commonwealth Bank of Australia now owns 1,280,749 shares of the technology company’s stock worth $255,703,000 after buying an additional 253,552 shares during the period. FMR LLC boosted its position in shares of SBA Communications by 3,456.5% during the first quarter. FMR LLC now owns 1,245,173 shares of the technology company’s stock worth $248,612,000 after buying an additional 1,210,162 shares during the period. Northern Trust Corp boosted its position in shares of SBA Communications by 0.9% during the first quarter. Northern Trust Corp now owns 1,238,980 shares of the technology company’s stock worth $247,376,000 after buying an additional 11,230 shares during the period. Finally, Wells Fargo & Company MN boosted its position in shares of SBA Communications by 5.8% during the first quarter. Wells Fargo & Company MN now owns 982,571 shares of the technology company’s stock worth $196,180,000 after buying an additional 53,809 shares during the period. 93.54% of the stock is owned by institutional investors.
Several research analysts have recently commented on SBAC shares. Morgan Stanley raised their price target on SBA Communications from $204.00 to $222.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Moffett Nathanson restated a “neutral” rating and set a $246.00 price target on shares of SBA Communications in a research report on Monday, July 8th. JPMorgan Chase & Co. lowered SBA Communications from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $220.00 to $270.00 in a research report on Thursday, August 1st. TheStreet upgraded SBA Communications from a “c” rating to a “b-” rating in a research report on Monday, July 29th. Finally, KeyCorp raised their price target on SBA Communications from $259.00 to $292.00 and gave the stock an “overweight” rating in a research report on Monday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $230.85.
SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, July 29th. The technology company reported $0.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.86 by ($1.58). The company had revenue of $500.10 million during the quarter, compared to analysts’ expectations of $489.09 million. SBA Communications had a net margin of 6.75% and a negative return on equity of 4.12%. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.50) earnings per share. Equities analysts anticipate that SBA Communications Co. will post 7.83 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, August 28th will be issued a $0.37 dividend. The ex-dividend date is Tuesday, August 27th. This represents a $1.48 dividend on an annualized basis and a yield of 0.57%.
In other SBA Communications news, SVP Brian D. Lazarus sold 20,676 shares of SBA Communications stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $261.00, for a total transaction of $5,396,436.00. Following the completion of the sale, the senior vice president now directly owns 17,829 shares of the company’s stock, valued at approximately $4,653,369. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jack Langer sold 5,301 shares of SBA Communications stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $261.91, for a total value of $1,388,384.91. Following the sale, the director now directly owns 50 shares of the company’s stock, valued at $13,095.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,825 shares of company stock valued at $25,054,792. 2.50% of the stock is currently owned by company insiders.
SBA Communications Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By ?Building Better Wireless,? SBA generates revenue from two primary businesses ? site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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