Arrowstreet Capital Limited Partnership Has $59.02 Million Holdings in SBA Communications Corporation (SBAC)
Arrowstreet Capital Limited Partnership boosted its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 1,761.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 437,483 shares of the technology company’s stock after purchasing an additional 413,983 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.36% of SBA Communications Corporation worth $59,016,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in SBA Communications Corporation by 2.8% during the second quarter. Vanguard Group Inc. now owns 9,869,843 shares of the technology company’s stock worth $1,331,442,000 after purchasing an additional 272,381 shares during the period. BlackRock Inc. raised its stake in shares of SBA Communications Corporation by 2,233.0% in the 1st quarter. BlackRock Inc. now owns 8,450,685 shares of the technology company’s stock valued at $1,017,210,000 after acquiring an additional 8,088,459 shares during the period. William Blair Investment Management LLC raised its stake in shares of SBA Communications Corporation by 8.7% in the 2nd quarter. William Blair Investment Management LLC now owns 2,682,091 shares of the technology company’s stock valued at $361,814,000 after acquiring an additional 215,709 shares during the period. Iridian Asset Management LLC CT raised its stake in shares of SBA Communications Corporation by 88.1% in the 2nd quarter. Iridian Asset Management LLC CT now owns 2,641,198 shares of the technology company’s stock valued at $356,298,000 after acquiring an additional 1,237,008 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of SBA Communications Corporation by 41.4% in the 2nd quarter. American Century Companies Inc. now owns 2,230,739 shares of the technology company’s stock valued at $300,927,000 after acquiring an additional 652,647 shares during the period. 92.35% of the stock is currently owned by institutional investors.
SBAC has been the topic of a number of research analyst reports. Citigroup Inc. boosted their price target on shares of SBA Communications Corporation from $140.00 to $168.00 and gave the company a “neutral” rating in a research note on Monday, August 28th. Zacks Investment Research raised shares of SBA Communications Corporation from a “hold” rating to a “strong-buy” rating and set a $158.00 price target on the stock in a research note on Thursday, July 20th. Deutsche Bank AG reissued a “hold” rating and issued a $150.00 price target (up from $133.00) on shares of SBA Communications Corporation in a research note on Friday, July 14th. Morgan Stanley reissued an “overweight” rating and issued a $159.00 price target (up from $147.00) on shares of SBA Communications Corporation in a research note on Thursday, August 24th. Finally, Raymond James Financial, Inc. reissued an “outperform” rating on shares of SBA Communications Corporation in a research note on Monday, June 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $147.36.
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In other SBA Communications Corporation news, SVP Brian D. Lazarus sold 7,376 shares of SBA Communications Corporation stock in a transaction on Friday, August 25th. The shares were sold at an average price of $151.79, for a total value of $1,119,603.04. Following the completion of the transaction, the senior vice president now owns 17,525 shares of the company’s stock, valued at $2,660,119.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark R. Ciarfella sold 9,655 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $140.74, for a total transaction of $1,358,844.70. Following the transaction, the executive vice president now directly owns 21,403 shares of the company’s stock, valued at approximately $3,012,258.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,674 shares of company stock valued at $2,706,217. 2.40% of the stock is currently owned by corporate insiders.
Shares of SBA Communications Corporation (NASDAQ:SBAC) traded up 0.63% during midday trading on Monday, reaching $148.25. 138,482 shares of the company traded hands. The stock has a market capitalization of $17.84 billion, a price-to-earnings ratio of 509.45 and a beta of 0.69. SBA Communications Corporation has a 12 month low of $95.66 and a 12 month high of $154.71. The company’s 50 day moving average is $147.51 and its 200-day moving average is $135.35.
SBA Communications Corporation (NASDAQ:SBAC) last released its quarterly earnings data on Monday, July 31st. The technology company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The business had revenue of $427.30 million during the quarter, compared to analyst estimates of $426.10 million. SBA Communications Corporation had a negative return on equity of 2.64% and a net margin of 2.19%. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.48 EPS. Equities research analysts forecast that SBA Communications Corporation will post $0.94 earnings per share for the current fiscal year.
SBA Communications Corporation Company 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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