1,105,200 Shares in SBA Communications Corporation (SBAC) Acquired by PointState Capital LP
PointState Capital LP purchased a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,105,200 shares of the technology company’s stock, valued at approximately $149,091,000. SBA Communications Corporation makes up approximately 1.6% of PointState Capital LP’s portfolio, making the stock its 22nd largest holding. PointState Capital LP owned about 0.92% of SBA Communications Corporation at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. D.A. Davidson & CO. raised its position in shares of SBA Communications Corporation by 18.8% during the 2nd quarter. D.A. Davidson & CO. now owns 758 shares of the technology company’s stock valued at $102,000 after acquiring an additional 120 shares in the last quarter. Creative Planning raised its position in shares of SBA Communications Corporation by 40.7% during the 2nd quarter. Creative Planning now owns 874 shares of the technology company’s stock valued at $118,000 after acquiring an additional 253 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of SBA Communications Corporation during the 2nd quarter valued at approximately $159,000. Van ECK Associates Corp raised its position in shares of SBA Communications Corporation by 17.0% during the 1st quarter. Van ECK Associates Corp now owns 1,217 shares of the technology company’s stock valued at $146,000 after acquiring an additional 177 shares in the last quarter. Finally, Advisor Group Inc. raised its position in shares of SBA Communications Corporation by 9.7% during the 2nd quarter. Advisor Group Inc. now owns 1,286 shares of the technology company’s stock valued at $172,000 after acquiring an additional 114 shares in the last quarter. 92.35% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have weighed in on SBAC. Royal Bank Of Canada reaffirmed a “buy” rating on shares of SBA Communications Corporation in a research report on Wednesday, August 2nd. Citigroup Inc. lowered SBA Communications Corporation to an “outperform” rating and set a $153.00 target price on the stock. in a research report on Monday, June 12th. BidaskClub lowered SBA Communications Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 9th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $160.00 target price (up from $148.00) on shares of SBA Communications Corporation in a research report on Tuesday, August 1st. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $148.00 target price on shares of SBA Communications Corporation in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. SBA Communications Corporation presently has an average rating of “Buy” and an average price target of $147.36.
In other news, EVP Mark R. Ciarfella sold 9,655 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $140.74, for a total transaction of $1,358,844.70. Following the completion of the sale, the executive vice president now owns 21,403 shares in the company, valued at $3,012,258.22. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director George R. Krouse, Jr. sold 1,643 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $138.63, for a total value of $227,769.09. Following the sale, the director now owns 11,643 shares of the company’s stock, valued at approximately $1,614,069.09. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,674 shares of company stock valued at $2,706,217. Corporate insiders own 2.10% of the company’s stock.
SBA Communications Corporation (NASDAQ:SBAC) traded down 0.04% on Friday, hitting $146.81. The stock had a trading volume of 244,571 shares. SBA Communications Corporation has a 1-year low of $95.66 and a 1-year high of $154.71. The firm has a market cap of $17.67 billion, a P/E ratio of 504.50 and a beta of 0.69. The firm’s 50-day moving average price is $147.36 and its 200-day moving average price is $135.13.
SBA Communications Corporation (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, July 31st. The technology company reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.01). SBA Communications Corporation had a net margin of 2.19% and a negative return on equity of 2.64%. The business had revenue of $427.30 million during the quarter, compared to the consensus estimate of $426.10 million. During the same quarter in the previous year, the firm posted $1.48 EPS. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, equities research analysts predict that SBA Communications Corporation will post $0.94 earnings per share for the current year.
SBA Communications Corporation 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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