State of Michigan Retirement System grew its position in SBA Communications Co. (NASDAQ:SBAC) by 10.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,541 shares of the technology company’s stock after acquiring an additional 2,741 shares during the period. State of Michigan Retirement System’s holdings in SBA Communications were worth $8,503,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in SBAC. Quadrant Capital Group LLC lifted its position in SBA Communications by 23.9% during the 4th quarter. Quadrant Capital Group LLC now owns 1,085 shares of the technology company’s stock worth $249,000 after buying an additional 209 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in shares of SBA Communications during the fourth quarter valued at approximately $6,266,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of SBA Communications in the fourth quarter valued at approximately $2,181,000. State of Alaska Department of Revenue raised its position in SBA Communications by 1.8% in the 1st quarter. State of Alaska Department of Revenue now owns 51,411 shares of the technology company’s stock worth $13,879,000 after purchasing an additional 923 shares during the last quarter. Finally, IBM Retirement Fund lifted its holdings in SBA Communications by 60.4% during the 1st quarter. IBM Retirement Fund now owns 2,661 shares of the technology company’s stock worth $718,000 after buying an additional 1,002 shares in the last quarter. 94.01% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ SBAC opened at $311.54 on Friday. SBA Communications Co. has a one year low of $205.20 and a one year high of $323.02. The firm has a market cap of $34.77 billion, a P/E ratio of -3,893.76 and a beta of 0.41. The stock’s 50-day moving average is $300.14 and its 200-day moving average is $284.42.
In other news, Director Duncan Cocroft sold 410 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $291.00, for a total transaction of $119,310.00. Following the completion of the transaction, the director now directly owns 69,537 shares of the company’s stock, valued at $20,235,267. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brendan Thomas Cavanagh sold 67,223 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $318.16, for a total value of $21,387,669.68. Following the transaction, the chief financial officer now owns 116,124 shares of the company’s stock, valued at $36,946,011.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 213,413 shares of company stock worth $65,957,183. 2.20% of the stock is currently owned by company insiders.
A number of equities research analysts have recently weighed in on the company. Moffett Nathanson upgraded SBA Communications from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $262.00 to $327.00 in a research report on Tuesday, April 7th. Royal Bank of Canada boosted their price objective on SBA Communications from $313.00 to $317.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Bank of America restated a “buy” rating and set a $325.00 target price (up from $290.00) on shares of SBA Communications in a research report on Wednesday, May 6th. Wells Fargo & Co increased their price objective on shares of SBA Communications from $325.00 to $340.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Finally, Morgan Stanley lifted their target price on shares of SBA Communications from $298.00 to $309.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target 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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