Sit Investment Associates Inc. Has $5.60 Million Position in SBA Communications Corporation (SBAC)

Sit Investment Associates Inc. lowered its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 4.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 41,490 shares of the technology company’s stock after selling 2,125 shares during the period. Sit Investment Associates Inc.’s holdings in SBA Communications Corporation were worth $5,597,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Xact Kapitalforvaltning AB acquired a new stake in shares of SBA Communications Corporation during the second quarter valued at about $3,137,000. Korea Investment CORP raised its stake in shares of SBA Communications Corporation by 66,687.8% in the first quarter. Korea Investment CORP now owns 98,178 shares of the technology company’s stock valued at $11,818,000 after buying an additional 98,031 shares during the period. Norges Bank acquired a new stake in shares of SBA Communications Corporation during the fourth quarter valued at about $32,567,000. Schwab Charles Investment Management Inc. raised its stake in shares of SBA Communications Corporation by 8.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 257,200 shares of the technology company’s stock valued at $30,960,000 after buying an additional 19,369 shares during the period. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of SBA Communications Corporation during the first quarter valued at about $2,250,000. 96.33% of the stock is owned by hedge funds and other institutional investors.

Shares of SBA Communications Corporation (NASDAQ SBAC) traded down 0.14% during midday trading on Monday, hitting $137.45. 413,785 shares of the stock traded hands. SBA Communications Corporation has a 12-month low of $95.66 and a 12-month high of $140.38. The stock has a market cap of $16.67 billion, a price-to-earnings ratio of 285.17 and a beta of 0.73. The company’s 50 day moving average price is $134.56 and its 200-day moving average price is $122.97.

SBA Communications Corporation (NASDAQ:SBAC) last posted its earnings results on Monday, May 1st. The technology company reported $1.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $1.48. The company had revenue of $423.40 million for the quarter, compared to analyst estimates of $418.21 million. SBA Communications Corporation had a negative return on equity of 2.23% and a net margin of 3.69%. SBA Communications Corporation’s revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.45 earnings per share. On average, equities research analysts expect that SBA Communications Corporation will post $1.04 EPS for the current year.

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Several brokerages recently issued reports on SBAC. Citigroup Inc. boosted their target price on shares of SBA Communications Corporation from $124.00 to $134.00 and gave the company a “neutral” rating in a research report on Tuesday, April 25th. Deutsche Bank AG restated a “hold” rating and set a $133.00 target price (up from $121.00) on shares of SBA Communications Corporation in a research report on Saturday, April 22nd. Stifel Nicolaus set a $148.00 price target on shares of SBA Communications Corporation and gave the stock a “buy” rating in a research report on Tuesday, May 2nd. Barclays PLC upped their price target on shares of SBA Communications Corporation from $118.00 to $136.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 19th. Finally, BidaskClub lowered shares of SBA Communications Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 9th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $139.29.

In related news, CEO Jeffrey Stoops sold 94,289 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $133.76, for a total transaction of $12,612,096.64. Following the sale, the chief executive officer now owns 329,124 shares of the company’s stock, valued at $44,023,626.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Jack Langer sold 9,000 shares of the stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $137.04, for a total value of $1,233,360.00. Following the sale, the director now directly owns 2,280 shares in the company, valued at approximately $312,451.20. The disclosure for this sale can be found here. Insiders sold 171,028 shares of company stock worth $22,956,475 in the last three months. 2.40% of the stock is owned by corporate insiders.

SBA Communications Corporation 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.