SBA Communications Co. (SBAC) Position Reduced by Federated Investors Inc. PA
Federated Investors Inc. PA reduced its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 10.2% in the second quarter, Holdings Channel reports. The institutional investor owned 2,837 shares of the technology company’s stock after selling 322 shares during the quarter. Federated Investors Inc. PA’s holdings in SBA Communications were worth $468,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the stock. FNY Investment Advisers LLC purchased a new position in SBA Communications during the 2nd quarter valued at $165,000. Cornerstone Wealth Management LLC purchased a new position in SBA Communications during the 2nd quarter valued at $193,000. Element Capital Management LLC purchased a new position in SBA Communications during the 1st quarter valued at $201,000. Dupont Capital Management Corp increased its position in SBA Communications by 71.6% during the 2nd quarter. Dupont Capital Management Corp now owns 1,227 shares of the technology company’s stock valued at $203,000 after purchasing an additional 512 shares during the period. Finally, Alps Advisors Inc. purchased a new position in SBA Communications during the 2nd quarter valued at $206,000. Institutional investors own 94.64% of the company’s stock.
SBAC has been the topic of a number of research analyst reports. BidaskClub downgraded shares of SBA Communications from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. ValuEngine raised shares of SBA Communications from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Deutsche Bank boosted their price objective on shares of SBA Communications from $170.00 to $183.00 and gave the company a “hold” rating in a research report on Wednesday, August 1st. Morgan Stanley reduced their price objective on shares of SBA Communications from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Thursday, August 16th. Finally, Zacks Investment Research raised shares of SBA Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, August 1st. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. SBA Communications presently has an average rating of “Buy” and an average target price of $179.55.
SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, July 30th. The technology company reported ($0.50) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.68). The business had revenue of $456.30 million during the quarter, compared to analysts’ expectations of $457.43 million. SBA Communications had a negative return on equity of 1.26% and a net margin of 1.73%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.73 earnings per share. equities research analysts anticipate that SBA Communications Co. will post 7.07 earnings per share for the current fiscal year.
In other news, EVP Kurt L. Bagwell sold 126,605 shares of the company’s stock in a transaction dated Friday, June 29th. The shares were sold at an average price of $165.06, for a total value of $20,897,421.30. Following the sale, the executive vice president now directly owns 42,089 shares of the company’s stock, valued at approximately $6,947,210.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey Stoops sold 40,000 shares of the company’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $160.05, for a total transaction of $6,402,000.00. Following the completion of the sale, the chief executive officer now directly owns 252,180 shares in the company, valued at $40,361,409. The disclosure for this sale can be found here. Insiders sold a total of 207,410 shares of company stock worth $33,590,624 over the last ninety days. Insiders own 2.70% of the company’s stock.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By "Building Better Wireless," SBA generates revenue from two primary businesses ? site leasing and site development services.
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