Conning Inc. Takes $327,000 Position in SBA Communications Co. (SBAC)
Conning Inc. purchased a new position in SBA Communications Co. (NASDAQ:SBAC) in the fourth quarter, HoldingsChannel reports. The firm purchased 2,000 shares of the technology company’s stock, valued at approximately $327,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Toronto Dominion Bank boosted its position in shares of SBA Communications by 9.5% in the second quarter. Toronto Dominion Bank now owns 1,487 shares of the technology company’s stock worth $201,000 after purchasing an additional 129 shares during the period. State Treasurer State of Michigan bought a new position in shares of SBA Communications in the third quarter worth approximately $5,258,000. Oakbrook Investments LLC bought a new position in shares of SBA Communications in the third quarter worth approximately $828,000. New York State Teachers Retirement System boosted its position in shares of SBA Communications by 26,162.1% in the third quarter. New York State Teachers Retirement System now owns 183,835 shares of the technology company’s stock worth $26,481,000 after purchasing an additional 183,135 shares during the period. Finally, Aurora Investment Counsel purchased a new position in shares of SBA Communications in the fourth quarter worth $1,474,000. Institutional investors and hedge funds own 95.98% of the company’s stock.
SBAC has been the topic of several research analyst reports. Morgan Stanley boosted their target price on shares of SBA Communications from $169.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday, November 14th. BidaskClub raised shares of SBA Communications from a “strong sell” rating to a “sell” rating in a report on Thursday, January 25th. Zacks Investment Research raised shares of SBA Communications from a “sell” rating to a “hold” rating in a report on Monday, October 16th. Royal Bank of Canada reissued a “buy” rating and issued a $200.00 target price on shares of SBA Communications in a report on Thursday, November 30th. Finally, KeyCorp reissued a “buy” rating and issued a $179.00 target price (up previously from $170.00) on shares of SBA Communications in a report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $165.07.
In related news, Director George R. Krouse, Jr. sold 1,999 shares of the company’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $169.51, for a total transaction of $338,850.49. Following the sale, the director now owns 11,999 shares of the company’s stock, valued at $2,033,950.49. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.10% of the stock is owned by corporate insiders.
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About SBA Communications
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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