Canada Pension Plan Investment Board lowered its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 13.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,107,080 shares of the technology company’s stock after selling 170,790 shares during the period. Canada Pension Plan Investment Board’s holdings in SBA Communications were worth $307,270,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBAC. Norges Bank purchased a new stake in shares of SBA Communications in the 4th quarter valued at $297,815,000. Cohen & Steers Inc. grew its stake in shares of SBA Communications by 26.4% during the first quarter. Cohen & Steers Inc. now owns 4,577,872 shares of the technology company’s stock valued at $1,270,571,000 after buying an additional 956,026 shares during the last quarter. Centersquare Investment Management LLC increased its holdings in shares of SBA Communications by 144.7% in the first quarter. Centersquare Investment Management LLC now owns 990,243 shares of the technology company’s stock worth $274,841,000 after buying an additional 585,623 shares during the period. Citigroup Inc. boosted its holdings in SBA Communications by 388.8% during the 1st quarter. Citigroup Inc. now owns 683,022 shares of the technology company’s stock valued at $189,573,000 after acquiring an additional 543,282 shares during the period. Finally, Diamond Hill Capital Management Inc. bought a new position in SBA Communications during the 1st quarter worth approximately $123,257,000. Institutional investors and hedge funds own 93.01% of the company’s stock.
A number of equities research analysts recently commented on the stock. KeyCorp upped their price target on shares of SBA Communications from $335.00 to $365.00 and gave the company an “overweight” rating in a report on Monday. They noted that the move was a valuation call. Raymond James increased their target price on shares of SBA Communications from $309.00 to $346.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 4th. Jefferies Financial Group assumed coverage on SBA Communications in a report on Monday, April 12th. They set a “buy” rating and a $335.00 price target on the stock. Wells Fargo & Company increased their price objective on SBA Communications from $325.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, May 3rd. Finally, Morgan Stanley raised SBA Communications from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $321.00 to $337.00 in a research note on Wednesday, June 2nd. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $329.18.
SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Sunday, April 25th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.45). SBA Communications had a net margin of 6.59% and a negative return on equity of 2.99%. The company had revenue of $548.70 million for the quarter, compared to analysts’ expectations of $540.79 million. During the same period in the previous year, the business earned ($1.14) EPS. The business’s revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts predict that SBA Communications Co. will post 9.84 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 15th. Shareholders of record on Thursday, May 20th were given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date was Wednesday, May 19th. SBA Communications’s payout ratio is 24.58%.
In other news, Director Duncan Cocroft sold 1,804 shares of the company’s stock in a transaction dated Tuesday, May 18th. The stock was sold at an average price of $290.27, for a total value of $523,647.08. Following the completion of the transaction, the director now owns 66,592 shares of the company’s stock, valued at $19,329,659.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark R. Ciarfella sold 6,000 shares of SBA Communications stock in a transaction that occurred on Thursday, June 10th. The shares were sold at an average price of $320.01, for a total value of $1,920,060.00. The disclosure for this sale can be found here. Insiders sold 8,300 shares of company stock worth $2,601,583 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.
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 and South Africa. By ÂBuilding Better Wireless,Â SBA generates revenue from two primary businesses Â- site leasing and site development services.
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