SBA Communications Corp. (NASDAQ:SBAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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) “
Several other equities analysts have also issued reports on the company. SunTrust Banks Inc. started coverage on SBA Communications Corp. in a research note on Monday, September 12th. They set a “buy” rating and a $129.00 target price on the stock. Morgan Stanley reissued a “buy” rating and set a $134.00 target price on shares of SBA Communications Corp. in a research note on Thursday, August 25th. Pacific Crest reissued a “hold” rating on shares of SBA Communications Corp. in a research note on Friday, July 29th. BTIG Research reissued a “buy” rating and set a $142.00 target price (up previously from $135.00) on shares of SBA Communications Corp. in a research note on Tuesday, July 19th. Finally, Barclays PLC increased their target price on SBA Communications Corp. from $115.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, July 21st. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $122.08.
Shares of SBA Communications Corp. (NASDAQ:SBAC) traded up 0.59% during midday trading on Tuesday, hitting $101.08. The stock had a trading volume of 282,339 shares. The firm has a 50 day moving average price of $107.39 and a 200 day moving average price of $108.46. SBA Communications Corp. has a one year low of $82.80 and a one year high of $118.57. The stock has a market cap of $12.54 billion, a PE ratio of 125.25 and a beta of 0.80.
SBA Communications Corp. (NASDAQ:SBAC) last posted its earnings results on Tuesday, November 1st. The company reported $1.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $1.44. SBA Communications Corp. had a negative return on equity of 2.24% and a net margin of 6.38%. The firm had revenue of $411.30 million for the quarter, compared to analyst estimates of $412.65 million. During the same quarter in the prior year, the company earned $1.43 EPS. SBA Communications Corp.’s revenue was up .1% on a year-over-year basis. On average, equities analysts forecast that SBA Communications Corp. will post $0.66 earnings per share for the current fiscal 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 purchased at an average price of $109.14 per share, for a total transaction of $54,570.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acrospire Investment Management LLC increased its position in SBA Communications Corp. by 12.5% in the third quarter. Acrospire Investment Management LLC now owns 900 shares of the company’s stock worth $101,000 after buying an additional 100 shares in the last quarter. MSI Financial Services Inc increased its position in SBA Communications Corp. by 0.7% in the third quarter. MSI Financial Services Inc now owns 920 shares of the company’s stock worth $103,000 after buying an additional 6 shares in the last quarter. Toronto Dominion Bank increased its position in SBA Communications Corp. by 57.2% in the third quarter. Toronto Dominion Bank now owns 1,083 shares of the company’s stock worth $121,000 after buying an additional 394 shares in the last quarter. Compagnie Lombard Odier SCmA purchased a new position in SBA Communications Corp. during the second quarter worth about $124,000. Finally, Johnson Financial Group Inc. increased its position in 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 in the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.
SBA Communications Corp. Company Profile
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.