Fred Alger Management Inc. Buys Shares of 62,494 SBA Communications Corporation (SBAC)
Fred Alger Management Inc. bought a new position in SBA Communications Corporation (NASDAQ:SBAC) during the second quarter, according to its most recent filing with the SEC. The firm bought 62,494 shares of the technology company’s stock, valued at approximately $8,430,000. Fred Alger Management Inc. owned approximately 0.05% of SBA Communications Corporation as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Xact Kapitalforvaltning AB bought a new position in shares of SBA Communications Corporation in the 2nd quarter worth $3,137,000. Delta Lloyd Asset Management N.V. bought a new position in shares of SBA Communications Corporation in the 2nd quarter worth $3,475,000. Atlantic Trust Group LLC lifted its holdings in shares of SBA Communications Corporation by 7.7% in the 2nd quarter. Atlantic Trust Group LLC now owns 134,404 shares of the technology company’s stock worth $18,131,000 after purchasing an additional 9,661 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of SBA Communications Corporation by 160.5% in the 2nd quarter. SG Americas Securities LLC now owns 12,629 shares of the technology company’s stock worth $1,704,000 after purchasing an additional 7,781 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its holdings in shares of SBA Communications Corporation by 14.1% in the 2nd quarter. Eagle Asset Management Inc. now owns 361,554 shares of the technology company’s stock worth $48,773,000 after purchasing an additional 44,693 shares in the last quarter. Institutional investors own 92.35% of the company’s stock.
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In other news, SVP Brian D. Lazarus sold 7,376 shares of the company’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $151.79, for a total transaction of $1,119,603.04. Following the transaction, the senior vice president now directly owns 17,525 shares of the company’s stock, valued at $2,660,119.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director George R. Krouse, Jr. sold 1,643 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $138.63, for a total value of $227,769.09. Following the transaction, the director now directly owns 11,643 shares in the company, valued at $1,614,069.09. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,674 shares of company stock worth $2,706,217. Insiders own 2.10% of the company’s stock.
A number of brokerages recently issued reports on SBAC. Royal Bank Of Canada reiterated a “buy” rating on shares of SBA Communications Corporation in a report on Wednesday, August 2nd. Citigroup Inc. cut SBA Communications Corporation to an “outperform” rating and set a $153.00 target price on the stock. in a report on Monday, June 12th. BidaskClub cut SBA Communications Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, June 9th. Stifel Nicolaus reiterated a “buy” rating and issued a $160.00 target price (up from $148.00) on shares of SBA Communications Corporation in a report on Tuesday, August 1st. Finally, Barclays PLC reiterated an “overweight” rating and issued a $148.00 target price on shares of SBA Communications Corporation in a report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. SBA Communications Corporation currently has a consensus rating of “Buy” and a consensus target price of $147.36.
SBA Communications Corporation (SBAC) opened at 145.36 on Friday. The company has a market capitalization of $17.50 billion, a PE ratio of 499.52 and a beta of 0.69. SBA Communications Corporation has a 52 week low of $95.66 and a 52 week high of $154.71. 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 released its earnings results on Monday, July 31st. The technology company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). SBA Communications Corporation had a negative return on equity of 2.64% and a net margin of 2.19%. The company had revenue of $427.30 million during the quarter, compared to analysts’ expectations of $426.10 million. During the same period in the prior year, the company posted $1.48 earnings per share. The company’s revenue was up 5.4% on a year-over-year basis. Equities research analysts expect 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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