Meeder Asset Management Inc. raised its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 301.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,469 shares of the technology company’s stock after buying an additional 2,605 shares during the period. Meeder Asset Management Inc.’s holdings in SBA Communications were worth $693,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of SBA Communications in the fourth quarter valued at about $138,480,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in SBA Communications during the fourth quarter worth about $363,000. Flinton Capital Management LLC grew its position in SBA Communications by 11.7% during the fourth quarter. Flinton Capital Management LLC now owns 6,188 shares of the technology company’s stock worth $1,001,000 after buying an additional 646 shares in the last quarter. RFG Advisory LLC acquired a new stake in SBA Communications during the fourth quarter worth about $522,000. Finally, First Bank & Trust grew its position in SBA Communications by 1.8% during the fourth quarter. First Bank & Trust now owns 5,361 shares of the technology company’s stock worth $868,000 after buying an additional 93 shares in the last quarter. Institutional investors own 94.90% of the company’s stock.
A number of equities research analysts recently weighed in on the company. SunTrust Banks reissued a “buy” rating and set a $217.00 target price on shares of SBA Communications in a research report on Thursday, April 11th. They noted that the move was a valuation call. BidaskClub raised SBA Communications from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. Bank of America lifted their target price on SBA Communications from $189.00 to $211.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Morgan Stanley lifted their target price on SBA Communications from $190.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, March 11th. Finally, KeyCorp lifted their target price on SBA Communications from $176.00 to $195.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. SBA Communications currently has a consensus rating of “Hold” and an average price target of $193.33.
SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Thursday, February 21st. The technology company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($1.33). The business had revenue of $483.85 million for the quarter, compared to the consensus estimate of $472.87 million. SBA Communications had a negative return on equity of 1.71% and a net margin of 2.54%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.78 EPS. On average, equities analysts expect that SBA Communications Co. will post 7.82 EPS for the current year.
In other SBA Communications news, EVP Jason V. Silberstein sold 51,369 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $190.71, for a total transaction of $9,796,581.99. Following the completion of the transaction, the executive vice president now owns 60,154 shares in the company, valued at $11,471,969.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kurt L. Bagwell sold 22,400 shares of the firm’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $181.53, for a total transaction of $4,066,272.00. Following the transaction, the executive vice president now owns 82,878 shares of the company’s stock, valued at approximately $15,044,843.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 246,558 shares of company stock valued at $45,484,249. Corporate insiders own 2.70% of the company’s stock.
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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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