SBA Communications Corp. (NASDAQ:SBAC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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) “
A number of other equities research analysts have also recently issued reports on the stock. SunTrust Banks Inc. started coverage on shares of SBA Communications Corp. in a research note on Monday, September 12th. They issued a “buy” rating and a $129.00 price target on the stock. Morgan Stanley restated a “buy” rating and issued a $134.00 price objective on shares of SBA Communications Corp. in a report on Thursday, August 25th. Pacific Crest restated a “hold” rating on shares of SBA Communications Corp. in a report on Friday, July 29th. BTIG Research restated a “buy” rating and issued a $142.00 price objective (up previously from $135.00) on shares of SBA Communications Corp. in a report on Tuesday, July 19th. Finally, Barclays PLC raised their price objective on SBA Communications Corp. from $115.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, July 21st. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $122.69.
Shares of SBA Communications Corp. (NASDAQ:SBAC) opened at 109.56 on Friday. The company’s 50-day moving average is $112.43 and its 200-day moving average is $106.86. SBA Communications Corp. has a 1-year low of $82.80 and a 1-year high of $121.45. The stock’s market cap is $13.65 billion.
SBA Communications Corp. (NASDAQ:SBAC) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $405.50 million for the quarter, compared to analysts’ expectations of $403.37 million. During the same quarter last year, the company earned $1.42 EPS. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. Equities analysts expect that SBA Communications Corp. will post $0.93 EPS for the current fiscal year.
In other SBA Communications Corp. news, EVP Jason V. Silberstein sold 22,192 shares of SBA Communications Corp. stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $115.83, for a total value of $2,570,499.36. Following the completion of the transaction, the executive vice president now directly owns 21,727 shares of the company’s stock, valued at approximately $2,516,638.41. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Duncan Cocroft bought 500 shares of the company’s stock in a transaction on Thursday, September 15th. The stock was purchased at an average cost of $109.14 per share, with a total value of $54,570.00. The disclosure for this purchase can be found here. 2.10% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Compagnie Lombard Odier SCmA purchased a new position in SBA Communications Corp. during the second quarter valued at $124,000. 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 valued at $131,000 after buying an additional 1,210 shares in the last quarter. Invictus RG purchased a new position in SBA Communications Corp. during the second quarter valued at $142,000. Global X Management Co. LLC increased its position in 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 valued at $149,000 after buying an additional 626 shares in the last quarter. Finally, Advisor Group Inc. purchased a new position in SBA Communications Corp. during the second quarter valued at $149,000. 95.54% of the stock is owned by institutional investors.
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.
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