State of Wisconsin Investment Board raised its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 3.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 196,670 shares of the technology company’s stock after acquiring an additional 7,470 shares during the quarter. State of Wisconsin Investment Board owned approximately 0.17% of SBA Communications worth $39,267,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Cohen & Steers Inc. raised its holdings in shares of SBA Communications by 428.1% in the fourth quarter. Cohen & Steers Inc. now owns 3,636,352 shares of the technology company’s stock valued at $588,689,000 after buying an additional 2,947,789 shares during the last quarter. Norges Bank bought a new stake in SBA Communications during the 4th quarter worth about $138,480,000. Daiwa Securities Group Inc. raised its holdings in SBA Communications by 18,340.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 762,885 shares of the technology company’s stock worth $123,503,000 after purchasing an additional 758,748 shares during the last quarter. Millennium Management LLC raised its holdings in SBA Communications by 248.5% during the 4th quarter. Millennium Management LLC now owns 931,721 shares of the technology company’s stock worth $150,836,000 after purchasing an additional 664,371 shares during the last quarter. Finally, Commonwealth Bank of Australia raised its holdings in SBA Communications by 93.2% during the 4th quarter. Commonwealth Bank of Australia now owns 1,027,197 shares of the technology company’s stock worth $166,282,000 after purchasing an additional 495,490 shares during the last quarter. 94.24% of the stock is owned by institutional investors.
Several brokerages have weighed in on SBAC. SunTrust Banks reissued a “buy” rating and set a $217.00 price objective on shares of SBA Communications in a report on Thursday, April 11th. They noted that the move was a valuation call. Morgan Stanley boosted their target price on SBA Communications from $204.00 to $222.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. BidaskClub lowered SBA Communications from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 16th. ValuEngine upgraded SBA Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Finally, New Street Research lowered SBA Communications from a “buy” rating to a “neutral” rating and set a $236.00 price objective for the company. in a research report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $204.91.
NASDAQ SBAC traded up $0.01 during trading on Friday, hitting $224.84. The stock had a trading volume of 832,716 shares, compared to its average volume of 630,547. SBA Communications Co. has a 12 month low of $146.13 and a 12 month high of $236.56. The firm has a market cap of $25.46 billion, a P/E ratio of 29.58, a PEG ratio of 2.90 and a beta of 0.68. The company has a 50-day moving average price of $217.89.
SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, April 29th. The technology company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.89 by ($1.66). SBA Communications had a negative return on equity of 1.44% and a net margin of 2.20%. The company had revenue of $493.29 million for the quarter, compared to the consensus estimate of $481.06 million. During the same quarter in the prior year, the company earned $1.85 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, equities research analysts predict that SBA Communications Co. will post 7.75 earnings per share for the current fiscal year.
SBA Communications Company 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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