Bank of New York Mellon Corp Lowers Stake in SBA Communications Corporation $SBAC

Bank of New York Mellon Corp cut its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 2.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 676,750 shares of the technology company’s stock after selling 14,621 shares during the quarter. Bank of New York Mellon Corp owned about 0.63% of SBA Communications worth $130,849,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of SBA Communications by 3.0% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 179,706 shares of the technology company’s stock valued at $42,202,000 after buying an additional 5,246 shares during the period. Impax Asset Management Group plc raised its position in SBA Communications by 58.2% in the second quarter. Impax Asset Management Group plc now owns 5,501 shares of the technology company’s stock worth $1,292,000 after acquiring an additional 2,023 shares in the last quarter. Donoghue Forlines LLC acquired a new stake in SBA Communications in the second quarter valued at $2,824,000. SteelPeak Wealth LLC purchased a new stake in shares of SBA Communications during the 3rd quarter worth $2,618,000. Finally, Vontobel Holding Ltd. acquired a new position in shares of SBA Communications during the 2nd quarter worth $453,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Performance

SBA Communications stock opened at $184.11 on Friday. SBA Communications Corporation has a fifty-two week low of $179.89 and a fifty-two week high of $245.16. The company has a market capitalization of $19.62 billion, a price-to-earnings ratio of 24.00, a PEG ratio of 1.78 and a beta of 0.87. The stock has a fifty day moving average of $189.84 and a two-hundred day moving average of $200.04.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, November 3rd. The technology company reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.21 by $0.09. The business had revenue of $732.33 million for the quarter, compared to analyst estimates of $715.65 million. SBA Communications had a negative return on equity of 16.60% and a net margin of 29.69%.The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter last year, the company earned $3.32 earnings per share. On average, analysts forecast that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on SBAC shares. Williams Trading set a $237.00 price objective on shares of SBA Communications in a research note on Tuesday, November 4th. Citigroup reduced their price target on shares of SBA Communications from $265.00 to $235.00 and set a “buy” rating for the company in a research report on Thursday, October 16th. JPMorgan Chase & Co. lowered their price target on SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. Morgan Stanley dropped their price objective on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Finally, Wells Fargo & Company decreased their target price on SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and an average target price of $235.18.

SBA Communications Company Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.