TIAA CREF Investment Management LLC lowered its position in SBA Communications Co. (NASDAQ:SBAC) by 10.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 532,509 shares of the technology company’s stock after selling 60,157 shares during the period. TIAA CREF Investment Management LLC owned about 0.45% of SBA Communications worth $86,991,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its position in shares of SBA Communications by 5.8% in the second quarter. The Manufacturers Life Insurance Company now owns 4,497 shares of the technology company’s stock worth $607,000 after acquiring an additional 245 shares during the period. Pacer Advisors Inc. raised its position in shares of SBA Communications by 10.5% during the 3rd quarter. Pacer Advisors Inc. now owns 3,133 shares of the technology company’s stock worth $451,000 after purchasing an additional 297 shares during the last quarter. Stifel Financial Corp raised its position in shares of SBA Communications by 1.6% during the 3rd quarter. Stifel Financial Corp now owns 20,735 shares of the technology company’s stock worth $2,981,000 after purchasing an additional 336 shares during the last quarter. Checchi Capital Advisers LLC raised its position in shares of SBA Communications by 25.0% during the 4th quarter. Checchi Capital Advisers LLC now owns 1,984 shares of the technology company’s stock worth $324,000 after purchasing an additional 397 shares during the last quarter. Finally, Norinchukin Bank The raised its position in shares of SBA Communications by 4.9% during the 4th quarter. Norinchukin Bank The now owns 9,398 shares of the technology company’s stock worth $1,535,000 after purchasing an additional 441 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.
In other SBA Communications news, Director Duncan Cocroft acquired 500 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was bought at an average price of $167.29 per share, with a total value of $83,645.00. Following the purchase, the director now owns 87,966 shares in the company, valued at $14,715,832.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is currently owned by corporate insiders.
Several research analysts recently weighed in on the stock. BidaskClub upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Friday. Morgan Stanley reduced their price target on shares of SBA Communications from $190.00 to $182.00 and set an “overweight” rating for the company in a research report on Friday. Deutsche Bank upped their price target on shares of SBA Communications from $164.00 to $170.00 and gave the stock a “hold” rating in a research report on Tuesday, February 27th. Citigroup upped their price target on shares of SBA Communications from $168.00 to $183.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 28th. Finally, SunTrust Banks restated a “buy” rating on shares of SBA Communications in a research report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. SBA Communications currently has an average rating of “Buy” and an average price target of $172.50.
Shares of SBA Communications stock opened at $168.69 on Monday. SBA Communications Co. has a one year low of $115.40 and a one year high of $177.67. The stock has a market cap of $19,653.57, a PE ratio of 170.39, a P/E/G ratio of 16.22 and a beta of 0.92. The company has a debt-to-equity ratio of -3.57, a quick ratio of 0.93 and a current ratio of 0.93.
SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, February 26th. The technology company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $1.60. SBA Communications had a net margin of 6.00% and a negative return on equity of 5.43%. The company had revenue of $443.10 million during the quarter, compared to analysts’ expectations of $437.01 million. During the same quarter in the prior year, the company earned $0.04 EPS. SBA Communications’s revenue was up 6.4% compared to the same quarter last year. equities analysts expect that SBA Communications Co. will post 1.04 earnings per share for the current year.
SBA Communications announced that its Board of Directors has initiated a stock repurchase plan on Monday, February 26th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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About SBA Communications
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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