State of Michigan Retirement System increased its position in SBA Communications Co. (NASDAQ:SBAC) by 10.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 28,541 shares of the technology company’s stock after acquiring an additional 2,741 shares during the quarter. State of Michigan Retirement System’s holdings in SBA Communications were worth $8,503,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Global Retirement Partners LLC lifted its holdings in SBA Communications by 725.0% during the 2nd quarter. Global Retirement Partners LLC now owns 99 shares of the technology company’s stock worth $29,000 after buying an additional 87 shares during the period. Sunbelt Securities Inc. bought a new position in shares of SBA Communications during the fourth quarter worth about $6,266,000. Meeder Asset Management Inc. lifted its stake in shares of SBA Communications by 157.1% in the first quarter. Meeder Asset Management Inc. now owns 108 shares of the technology company’s stock worth $29,000 after acquiring an additional 66 shares during the period. Key Financial Inc bought a new stake in SBA Communications in the first quarter valued at approximately $31,000. Finally, Ameritas Investment Company LLC bought a new stake in SBA Communications in the first quarter valued at approximately $33,000. Institutional investors and hedge funds own 94.01% of the company’s stock.
In other news, CFO Brendan Thomas Cavanagh sold 67,223 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $318.16, for a total value of $21,387,669.68. Following the completion of the sale, the chief financial officer now owns 116,124 shares in the company, valued at approximately $36,946,011.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kurt L. Bagwell sold 65,009 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $298.02, for a total transaction of $19,373,982.18. Following the completion of the sale, the executive vice president now owns 69,842 shares of the company’s stock, valued at approximately $20,814,312.84. The disclosure for this sale can be found here. Insiders sold 213,413 shares of company stock worth $65,957,183 in the last 90 days. Corporate insiders own 2.20% of the company’s stock.
SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported ($1.14) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.08 by ($3.22). The business had revenue of $517.10 million during the quarter, compared to the consensus estimate of $512.93 million. SBA Communications had a negative net margin of 0.30% and a negative return on equity of 4.24%. SBA Communications’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.07 EPS. On average, research analysts forecast that SBA Communications Co. will post 8.72 EPS for the current year.
A number of brokerages have recently issued reports on SBAC. Credit Suisse Group dropped their price target on shares of SBA Communications from $365.00 to $361.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Royal Bank of Canada upped their price target on shares of SBA Communications from $313.00 to $317.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Barclays initiated coverage on SBA Communications in a research report on Wednesday, July 15th. They issued an “equal weight” rating and a $308.00 price objective for the company. BidaskClub raised SBA Communications from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Moffett Nathanson raised SBA Communications from a “neutral” rating to a “buy” rating and boosted their price target for the company from $262.00 to $327.00 in a research note on Tuesday, April 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $316.75.
SBA Communications 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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