Trading Report: The SBA Communications Corp. (SBAC) Cut to “Hold” at Zacks Investment Research

The SBA Communications Corp. (SBAC) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of SBA Communications Corp. (NASDAQ:SBAC) from a strong-buy rating to a hold rating in a research note published on Friday morning.

According to Zacks, “SBA Communications Corp. is a leading independent owner and operator of wireless communications infrastructure in the United States. The company 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 towers to a variety of wireless service providers under long-term lease contracts. (PRESS RELEASE) “

SBAC has been the topic of several other reports. Morgan Stanley reaffirmed a buy rating and issued a $134.00 target price on shares of SBA Communications Corp. in a research note on Thursday, August 25th. SunTrust Banks Inc. started coverage on shares of SBA Communications Corp. in a report on Monday, September 12th. They issued a buy rating and a $129.00 price target on the stock. Barclays PLC lifted their price target on shares of SBA Communications Corp. from $115.00 to $118.00 and gave the company an overweight rating in a report on Thursday, July 21st. Jefferies Group lifted their price target on shares of SBA Communications Corp. from $115.00 to $133.00 and gave the company a buy rating in a report on Friday, July 29th. Finally, Citigroup Inc. reiterated a buy rating and issued a $132.00 price target (up previously from $112.00) on shares of SBA Communications Corp. in a report on Monday, July 11th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $122.69.

SBA Communications Corp. (NASDAQ:SBAC) opened at 110.50 on Friday. The firm’s market cap is $13.77 billion. SBA Communications Corp. has a 12-month low of $82.80 and a 12-month high of $121.45. The firm’s 50-day moving average is $111.97 and its 200 day moving average is $107.19.

SBA Communications Corp. (NASDAQ:SBAC) last issued its earnings results on Thursday, July 28th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.14 by $0.12. SBA Communications Corp. had a negative net margin of 2.41% and a negative return on equity of 3.93%. The company had revenue of $405.50 million for the quarter, compared to the consensus estimate of $403.37 million. During the same period in the previous year, the firm earned $1.42 earnings per share. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. Equities analysts forecast that SBA Communications Corp. will post $0.93 earnings per share for the current year.

In other news, Director Duncan Cocroft purchased 500 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The shares were bought at an average price of $109.14 per share, for a total transaction of $54,570.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jason V. Silberstein sold 22,192 shares of the company’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $115.83, for a total transaction of $2,570,499.36. Following the completion of the transaction, the executive vice president now owns 21,727 shares in the company, valued at approximately $2,516,638.41. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the company. Compagnie Lombard Odier SCmA purchased a new position in shares of SBA Communications Corp. during the second quarter worth about $124,000. Johnson Financial Group Inc. raised its position in shares of SBA Communications Corp. by 24,200.0% in the second quarter. Johnson Financial Group Inc. now owns 1,215 shares of the company’s stock worth $131,000 after buying an additional 1,210 shares during the period. Invictus RG acquired a new position in shares of SBA Communications Corp. during the second quarter worth $142,000. Global X Management Co. LLC raised its position in shares of SBA Communications Corp. by 83.2% in the second quarter. Global X Management Co. LLC now owns 1,378 shares of the company’s stock worth $149,000 after buying an additional 626 shares during the period. Finally, Advisor Group Inc. acquired a new position in shares of SBA Communications Corp. during the second quarter worth $149,000. Institutional investors own 95.54% of the company’s stock.

About SBA Communications Corp.

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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