SBA Communications Corporation (SBAC) : Triple Frond Partners scooped up 100,000 additional shares in SBA Communications Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 600,000 shares of SBA Communications Corporation which is valued at $60 Million.SBA Communications Corporation makes up approximately 9.60% of Triple Frond Partners’s portfolio.
Other Hedge Funds, Including , Marsico Capital Management reduced its stake in SBAC by selling 31,990 shares or 45.39% in the most recent quarter. The Hedge Fund company now holds 38,489 shares of SBAC which is valued at $3.8 Million. SBA Communications Corporation makes up approx 0.11% of Marsico Capital Management’s portfolio. Menta Capital added SBAC to its portfolio by purchasing 12,140 company shares during the most recent quarter which is valued at $1.2 Million. SBA Communications Corporation makes up approx 0.17% of Menta Capital’s portfolio. Waterfront Capital Partners sold out all of its stake in SBAC during the most recent quarter. The investment firm sold 215,250 shares of SBAC which is valued $21.5 Million.
SBA Communications Corporation opened for trading at $98.99 and hit $99.13 on the upside on Wednesday, eventually ending the session at $98.54, with a gain of 0.06% or 0.06 points. The heightened volatility saw the trading volume jump to 8,03,135 shares. Company has a market cap of $12,369 M.
On the company’s financial health, SBA Communications Corporation reported $1.45 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on May 2, 2016. Analyst had a consensus of $1.39. The company had revenue of $399.80 million for the quarter, compared to analysts expectations of $398.42 million. The company’s revenue was down -2.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.41 EPS.
Many Wall Street Analysts have commented on SBA Communications Corporation. SBA Communications Corporation was Downgraded by JP Morgan to ” Neutral” on May 3, 2016. Company shares were Reiterated by Stifel on May 3, 2016 to “Buy”, Firm has raised the Price Target to $ 117 from a previous price target of $112 .SBA Communications Corporation was Downgraded by Wells Fargo to ” Market Perform” on Mar 4, 2016.
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 operated through two segments namely site leasing and site development. The Companys primary business line is its site leasing business. In its site leasing business the Company leases antenna space to wireless service providers on towers that it owns or operates and manage rooftop and tower sites for property owners under various contractual arrangements. It also managed or leased approximately 5000 actual or potential towers. Its other business line is its site development business through which it assists wireless service providers in developing and maintaining their own wireless service networks. The Companys principal operations are in the United States and its territories. In addition it owns and operates towers in Canada Central America and South America.