Advisors Asset Management Inc. Lowers Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Advisors Asset Management Inc. cut its holdings in SBA Communications Co. (NASDAQ:SBAC) by 86.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 354 shares of the technology company’s stock after selling 2,170 shares during the quarter. Advisors Asset Management Inc.’s holdings in SBA Communications were worth $71,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. raised its holdings in SBA Communications by 1,394.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 186,363 shares of the technology company’s stock worth $37,209,000 after purchasing an additional 173,893 shares during the period. Magellan Asset Management Ltd raised its holdings in SBA Communications by 14.2% in the first quarter. Magellan Asset Management Ltd now owns 89,669 shares of the technology company’s stock worth $17,903,000 after purchasing an additional 11,121 shares during the period. Neuburgh Advisers LLC raised its holdings in SBA Communications by 7.7% in the first quarter. Neuburgh Advisers LLC now owns 4,312 shares of the technology company’s stock worth $861,000 after purchasing an additional 308 shares during the period. Amica Retiree Medical Trust raised its holdings in SBA Communications by 79.6% in the first quarter. Amica Retiree Medical Trust now owns 503 shares of the technology company’s stock worth $100,000 after purchasing an additional 223 shares during the period. Finally, Tyers Asset Management LLC raised its holdings in SBA Communications by 7.7% in the first quarter. Tyers Asset Management LLC now owns 5,488 shares of the technology company’s stock worth $1,096,000 after purchasing an additional 392 shares during the period. Institutional investors own 94.24% of the company’s stock.

Several equities research analysts have weighed in on SBAC shares. Morgan Stanley increased their target price on shares of SBA Communications from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, March 11th. BidaskClub upgraded shares of SBA Communications from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 13th. Bank of America raised their price objective on shares of SBA Communications from $189.00 to $211.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. SunTrust Banks restated a “buy” rating and set a $217.00 price objective on shares of SBA Communications in a report on Thursday, April 11th. They noted that the move was a valuation call. Finally, KeyCorp raised their price objective on shares of SBA Communications from $195.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. SBA Communications currently has an average rating of “Buy” and an average target price of $204.91.

In other news, CEO Jeffrey Stoops sold 37,847 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $218.87, for a total value of $8,283,572.89. Following the completion of the transaction, the chief executive officer now directly owns 255,141 shares in the company, valued at approximately $55,842,710.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kurt L. Bagwell sold 14,320 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $225.53, for a total transaction of $3,229,589.60. Following the completion of the transaction, the executive vice president now owns 58,375 shares of the company’s stock, valued at $13,165,313.75. The disclosure for this sale can be found here. Insiders sold a total of 67,978 shares of company stock valued at $14,787,645 in the last three months. Insiders own 2.50% of the company’s stock.

Shares of SBAC stock traded down $4.83 during midday trading on Wednesday, hitting $223.50. 607,759 shares of the company were exchanged, compared to its average volume of 670,777. The stock has a market cap of $26.33 billion, a price-to-earnings ratio of 29.33, a P/E/G ratio of 3.00 and a beta of 0.68. The firm has a 50 day moving average price of $216.81. SBA Communications Co. has a 52 week low of $146.13 and a 52 week high of $236.56.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, April 29th. The technology company reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.89 by ($1.66). The business had revenue of $493.29 million during the quarter, compared to the consensus estimate of $481.06 million. SBA Communications had a net margin of 2.20% and a negative return on equity of 1.44%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.85 EPS. Equities research analysts forecast that SBA Communications Co. will post 7.75 EPS for the current year.

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. By “Building Better Wireless,” SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.

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

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