Millennium Management LLC Increases Holdings in SBA Communications Co. (NASDAQ:SBAC)

Millennium Management LLC raised its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 79.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 438,902 shares of the technology company’s stock after buying an additional 194,663 shares during the quarter. Millennium Management LLC owned about 0.40% of SBA Communications worth $121,817,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also bought and sold shares of SBAC. Vantage Consulting Group Inc bought a new stake in SBA Communications during the fourth quarter worth about $28,000. SOA Wealth Advisors LLC. bought a new stake in shares of SBA Communications in the 4th quarter valued at about $29,000. CSat Investment Advisory L.P. lifted its stake in shares of SBA Communications by 57.1% in the 1st quarter. CSat Investment Advisory L.P. now owns 110 shares of the technology company’s stock valued at $31,000 after acquiring an additional 40 shares during the last quarter. Glassman Wealth Services lifted its stake in shares of SBA Communications by 70.8% in the 1st quarter. Glassman Wealth Services now owns 123 shares of the technology company’s stock valued at $34,000 after acquiring an additional 51 shares during the last quarter. Finally, Certified Advisory Corp bought a new stake in shares of SBA Communications in the 1st quarter valued at about $39,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

Shares of SBAC stock traded up $1.12 during midday trading on Thursday, reaching $333.08. 8,284 shares of the stock were exchanged, compared to its average volume of 544,902. SBA Communications Co. has a 1 year low of $232.88 and a 1 year high of $337.98. The company has a 50 day simple moving average of $314.44. The firm has a market cap of $36.42 billion, a price-to-earnings ratio of 269.28 and a beta of 0.21.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Sunday, April 25th. The technology company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.45). SBA Communications had a negative return on equity of 2.99% and a net margin of 6.59%. The firm had revenue of $548.70 million for the quarter, compared to analysts’ expectations of $540.79 million. During the same quarter last year, the company posted ($1.14) EPS. The firm’s revenue was up 6.1% on a year-over-year basis. Analysts predict that SBA Communications Co. will post 9.84 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 15th. Investors of record on Thursday, May 20th were paid a $0.58 dividend. The ex-dividend date of this dividend was Wednesday, May 19th. This represents a $2.32 annualized dividend and a dividend yield of 0.70%. SBA Communications’s payout ratio is currently 24.58%.

In related news, EVP Mark R. Ciarfella sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, June 10th. The stock was sold at an average price of $320.01, for a total value of $1,920,060.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director George R. Krouse, Jr. sold 471 shares of the company’s stock in a transaction that occurred on Thursday, June 10th. The stock was sold at an average price of $318.81, for a total value of $150,159.51. Following the completion of the sale, the director now owns 10,624 shares in the company, valued at approximately $3,387,037.44. The disclosure for this sale can be found here. Insiders sold a total of 8,300 shares of company stock worth $2,601,583 in the last 90 days. 2.20% of the stock is currently owned by company insiders.

SBAC has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on SBA Communications from $325.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, May 3rd. KeyCorp upped their price target on SBA Communications from $335.00 to $365.00 and gave the company an “overweight” rating in a research report on Monday. They noted that the move was a valuation call. Credit Suisse Group upped their price target on SBA Communications from $277.00 to $312.00 and gave the company a “neutral” rating in a research report on Tuesday, April 27th. Deutsche Bank Aktiengesellschaft upped their price target on SBA Communications from $325.00 to $353.00 and gave the company a “buy” rating in a research report on Thursday, July 8th. They noted that the move was a valuation call. Finally, Morgan Stanley raised SBA Communications from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $321.00 to $337.00 in a research report on Wednesday, June 2nd. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $329.18.

SBA Communications Profile

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By ÂBuilding Better Wireless, SBA generates revenue from two primary businesses Â- site leasing and site development services.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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