SBA Communications Corporation (SBAC) Shares Sold by Rhumbline Advisers
Rhumbline Advisers reduced its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 1.2% during the second quarter, Holdings Channel reports. The fund owned 179,171 shares of the technology company’s stock after selling 2,242 shares during the period. Rhumbline Advisers’ holdings in SBA Communications Corporation were worth $24,170,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Creative Planning increased its position in SBA Communications Corporation by 40.7% in the second quarter. Creative Planning now owns 874 shares of the technology company’s stock valued at $118,000 after buying an additional 253 shares during the period. Van ECK Associates Corp increased its position in SBA Communications Corporation by 17.0% in the first quarter. Van ECK Associates Corp now owns 1,217 shares of the technology company’s stock valued at $146,000 after buying an additional 177 shares during the period. Acadian Asset Management LLC acquired a new position in SBA Communications Corporation during the second quarter valued at approximately $159,000. Toronto Dominion Bank increased its position in SBA Communications Corporation by 25.7% in the first quarter. Toronto Dominion Bank now owns 1,358 shares of the technology company’s stock valued at $163,000 after buying an additional 278 shares during the period. Finally, Kings Point Capital Management acquired a new position in SBA Communications Corporation during the first quarter valued at approximately $200,000. 99.23% of the stock is currently owned by institutional investors.
Shares of SBA Communications Corporation (NASDAQ:SBAC) opened at 141.30 on Wednesday. SBA Communications Corporation has a 12 month low of $95.66 and a 12 month high of $142.07. The company’s 50-day moving average is $136.81 and its 200-day moving average is $126.06. The firm has a market cap of $17.01 billion, a price-to-earnings ratio of 485.57 and a beta of 0.73.
SBA Communications Corporation (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, July 31st. The technology company reported $0.19 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.01. SBA Communications Corporation had a net margin of 2.19% and a negative return on equity of 2.64%. The company had revenue of $427.30 million for the quarter, compared to analysts’ expectations of $426.10 million. During the same period in the previous year, the firm posted $1.48 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, equities research analysts forecast that SBA Communications Corporation will post $0.94 earnings per share for the current fiscal year.
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Several equities analysts have commented on SBAC shares. Deutsche Bank AG restated a “hold” rating and issued a $133.00 price target (up previously from $121.00) on shares of SBA Communications Corporation in a research note on Saturday, April 22nd. Zacks Investment Research upgraded shares of SBA Communications Corporation from a “hold” rating to a “strong-buy” rating and set a $158.00 target price for the company in a research note on Thursday, July 20th. Barclays PLC boosted their target price on shares of SBA Communications Corporation from $136.00 to $137.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 3rd. Cowen and Company boosted their target price on shares of SBA Communications Corporation from $131.00 to $141.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 2nd. Finally, Citigroup Inc. downgraded shares of SBA Communications Corporation to an “outperform” rating and set a $153.00 target price for the company. in a research note on Monday, June 12th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $141.57.
In other news, Director Brian C. Carr sold 3,475 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $132.54, for a total value of $460,576.50. Following the completion of the sale, the director now directly owns 3,051 shares in the company, valued at $404,379.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director George R. Krouse, Jr. sold 1,643 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $138.63, for a total transaction of $227,769.09. Following the completion of the sale, the director now owns 11,643 shares of the company’s stock, valued at $1,614,069.09. The disclosure for this sale can be found here. Insiders sold 72,890 shares of company stock valued at $9,976,574 over the last three months. Insiders own 2.40% of the company’s stock.
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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