Echo Street Capital Management LLC lessened its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 63.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,826 shares of the technology company’s stock after selling 67,258 shares during the period. Echo Street Capital Management LLC’s holdings in SBA Communications were worth $6,636,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. Acadian Asset Management LLC bought a new position in shares of SBA Communications in the 4th quarter worth $108,000. Tower Research Capital LLC TRC increased its holdings in shares of SBA Communications by 168.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock worth $132,000 after buying an additional 508 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its holdings in shares of SBA Communications by 53.7% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 936 shares of the technology company’s stock worth $160,000 after buying an additional 327 shares during the last quarter. Bray Capital Advisors bought a new position in shares of SBA Communications in the 1st quarter worth $171,000. Finally, Alps Advisors Inc. bought a new position in shares of SBA Communications in the 4th quarter worth $206,000. 94.04% of the stock is currently owned by institutional investors and hedge funds.
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 value of $346,947.12. Following the completion of the sale, the director now directly owns 12,733 shares of the company’s stock, valued at approximately $2,006,211.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark R. Ciarfella sold 10,617 shares of the firm’s stock in a transaction dated Tuesday, June 5th. The stock was sold at an average price of $160.12, for a total transaction of $1,699,994.04. Following the completion of the sale, the executive vice president now directly owns 20,341 shares of the company’s stock, valued at $3,257,000.92. The disclosure for this sale can be found here. Insiders have sold a total of 44,106 shares of company stock valued at $7,046,010 in the last three months. 2.70% of the stock is currently owned by corporate insiders.
Shares of SBAC opened at $162.06 on Friday. The firm has a market cap of $18.50 billion, a price-to-earnings ratio of 169.02, a PEG ratio of 17.45 and a beta of 0.86. The company has a debt-to-equity ratio of -3.62, a current ratio of 1.21 and a quick ratio of 1.21. SBA Communications Co. has a twelve month low of $131.32 and a twelve month high of $177.67.
SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 30th. The technology company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The business had revenue of $458.30 million during the quarter, compared to analysts’ expectations of $453.50 million. SBA Communications had a net margin of 5.54% and a negative return on equity of 4.79%. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.69 EPS. equities research analysts forecast that SBA Communications Co. will post 0.92 EPS for the current fiscal year.
SBA Communications announced that its board has approved a stock 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 purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
SBAC has been the topic of a number of research analyst reports. Guggenheim set a $190.00 price target on shares of SBA Communications and gave the stock a “buy” rating in a report on Tuesday, February 27th. Cowen reaffirmed a “buy” rating on shares of SBA Communications in a research note on Tuesday, February 27th. SunTrust Banks reaffirmed a “buy” rating on shares of SBA Communications in a research note on Tuesday, February 27th. KeyCorp set a $188.00 price objective on shares of SBA Communications and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, BidaskClub raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Friday, March 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $175.54.
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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