Renaissance Technologies LLC grew its position in SBA Communications Co. (NASDAQ:SBAC) by 156.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,224,149 shares of the technology company’s stock after buying an additional 745,900 shares during the period. Renaissance Technologies LLC owned approximately 1.04% of SBA Communications worth $199,977,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Acadian Asset Management LLC bought a new stake in SBA Communications in the 4th quarter valued at $108,000. Tower Research Capital LLC TRC lifted its position in SBA Communications by 168.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock worth $132,000 after buying an additional 508 shares in the last quarter. Sun Life Financial INC bought a new stake in SBA Communications during the 3rd quarter worth about $127,000. MAI Capital Management bought a new stake in SBA Communications during the 4th quarter worth about $204,000. Finally, Alps Advisors Inc. bought a new stake in shares of SBA Communications in the 4th quarter valued at about $206,000. 92.97% of the stock is owned by institutional investors.
In other SBA Communications news, Director Duncan Cocroft purchased 500 shares of the stock in a transaction dated Monday, March 12th. The shares were bought at an average price of $167.29 per share, with a total value of $83,645.00. Following the completion of the transaction, the director now directly owns 87,966 shares in the company, valued at approximately $14,715,832.14. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.40% of the company’s stock.
SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, February 26th. The technology company reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $1.60. The company had revenue of $443.10 million for the quarter, compared to analyst estimates of $437.01 million. SBA Communications had a net margin of 6.00% and a negative return on equity of 5.43%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same period last year, the firm earned $0.04 earnings per share. research analysts forecast that SBA Communications Co. will post 1.04 EPS for the current year.
SBA Communications announced that its board has initiated a stock repurchase plan on Monday, February 26th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
A number of brokerages have recently issued reports on SBAC. BidaskClub raised shares of SBA Communications from a “sell” rating to a “hold” rating in a report on Friday, February 2nd. KeyCorp set a $188.00 price target on shares of SBA Communications and gave the company a “buy” rating in a research note on Tuesday, February 27th. Deutsche Bank increased their target price on shares of SBA Communications from $164.00 to $170.00 and gave the stock a “hold” rating in a research report on Tuesday, February 27th. Wells Fargo & Co restated a “market perform” rating and set a $170.00 target price (up previously from $150.00) on shares of SBA Communications in a research report on Tuesday, February 27th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $200.00 price target on shares of SBA Communications in a research report on Thursday, November 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company. SBA Communications has an average rating of “Buy” and an average target price of $173.07.
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SBA Communications 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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