Guggenheim Capital LLC grew its holdings in SBA Communications (NASDAQ:SBAC) by 74.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 346,537 shares of the technology company’s stock after purchasing an additional 147,467 shares during the period. Guggenheim Capital LLC owned approximately 0.29% of SBA Communications worth $56,611,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. 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 valued at $607,000 after purchasing an additional 245 shares during the period. Pacer Advisors Inc. raised its position in shares of SBA Communications by 10.5% in the third quarter. Pacer Advisors Inc. now owns 3,133 shares of the technology company’s stock valued at $451,000 after purchasing an additional 297 shares during the period. Stifel Financial Corp raised its position in shares of SBA Communications by 1.6% in the third quarter. Stifel Financial Corp now owns 20,735 shares of the technology company’s stock valued at $2,981,000 after purchasing an additional 336 shares during the period. Checchi Capital Advisers LLC raised its position in shares of SBA Communications by 25.0% in the fourth quarter. Checchi Capital Advisers LLC now owns 1,984 shares of the technology company’s stock valued at $324,000 after purchasing an additional 397 shares during the period. Finally, Norinchukin Bank The raised its position in shares of SBA Communications by 4.9% in the fourth quarter. Norinchukin Bank The now owns 9,398 shares of the technology company’s stock valued at $1,535,000 after purchasing an additional 441 shares during the period. 92.87% of the stock is currently owned by institutional investors.
Shares of NASDAQ:SBAC opened at $169.73 on Friday. The company has a market cap of $19,845.80, a P/E ratio of 171.44, a PEG ratio of 17.88 and a beta of 0.86. SBA Communications has a 12 month low of $119.53 and a 12 month high of $177.67. The company has a debt-to-equity ratio of -3.57, a current ratio of 0.93 and a quick ratio of 0.93.
SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, February 26th. The technology company reported $1.78 EPS for the quarter, topping the Zacks’ 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 business had revenue of $443.10 million during the quarter, compared to analysts’ expectations of $437.01 million. During the same quarter in the previous year, the company earned $0.04 EPS. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. equities research analysts anticipate that SBA Communications will post 0.95 earnings per share for the current year.
SBA Communications declared that its board has approved a share buyback program on Monday, February 26th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, Director Duncan Cocroft purchased 500 shares of the business’s stock in a transaction on Monday, March 12th. The stock was acquired at an average price of $167.29 per share, with a total value of $83,645.00. Following the purchase, the director now directly owns 87,966 shares in the company, valued at $14,715,832.14. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is owned by insiders.
Several research firms have recently issued reports on SBAC. BidaskClub raised shares of SBA Communications from a “sell” rating to a “hold” rating in a research report on Friday, February 2nd. KeyCorp set a $188.00 price target on shares of SBA Communications and gave the company a “buy” rating in a research report on Tuesday, February 27th. Deutsche Bank boosted their price target on shares of SBA Communications from $164.00 to $170.00 and gave the company a “hold” rating in a research report on Tuesday, February 27th. Wells Fargo reaffirmed a “market perform” rating and set a $170.00 price objective (up previously from $150.00) on shares of SBA Communications in a research note on Tuesday, February 27th. Finally, Zacks Investment Research cut shares of SBA Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $172.50.
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About SBA Communications
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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