Nomura Asset Management Co. Ltd. lifted its holdings in SBA Communications Co. (NASDAQ:SBAC) by 2.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,213 shares of the technology company’s stock after buying an additional 321 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in SBA Communications were worth $2,771,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its position in SBA Communications by 168.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock valued at $132,000 after purchasing an additional 508 shares during the last quarter. Bronfman E.L. Rothschild L.P. grew its position in SBA Communications by 53.7% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 936 shares of the technology company’s stock valued at $160,000 after purchasing an additional 327 shares during the last quarter. Bray Capital Advisors purchased a new stake in SBA Communications during the 1st quarter valued at about $171,000. Alps Advisors Inc. purchased a new stake in SBA Communications during the 4th quarter valued at about $206,000. Finally, D.A. Davidson & CO. purchased a new stake in SBA Communications during the 4th quarter valued at about $206,000. 94.33% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director George R. Krouse, Jr. sold 2,202 shares of the firm’s stock in a transaction dated Thursday, May 17th. The shares were sold at an average price of $157.56, for a total transaction of $346,947.12. Following the sale, the director now owns 12,733 shares of the company’s stock, valued at approximately $2,006,211.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark R. Ciarfella sold 10,617 shares of the firm’s stock in a transaction dated Tuesday, June 5th. The shares were sold at an average price of $160.12, for a total transaction of $1,699,994.04. Following the sale, the executive vice president now directly owns 20,341 shares in the company, valued at approximately $3,257,000.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,989 shares of company stock worth $2,547,009. Insiders own 2.70% of the company’s stock.
SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 30th. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. The firm had revenue of $458.30 million for the quarter, compared to the consensus estimate of $453.50 million. SBA Communications had a net margin of 5.54% and a negative return on equity of 4.79%. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.69 EPS. equities research analysts forecast that SBA Communications Co. will post 0.92 earnings per share for the current fiscal year.
SBA Communications declared that its Board of Directors has authorized a stock buyback program on Monday, February 26th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
Several brokerages recently commented on SBAC. Morgan Stanley cut their price objective on shares of SBA Communications from $182.00 to $180.00 and set an “overweight” rating on the stock in a research report on Thursday, May 31st. BidaskClub downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, May 16th. ValuEngine raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Citigroup increased their price objective on shares of SBA Communications from $168.00 to $183.00 and gave the company a “neutral” rating in a research report on Wednesday, February 28th. Finally, Guggenheim set a $190.00 price objective on shares of SBA Communications and gave the company a “buy” rating in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $175.54.
SBA Communications Company 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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