SBA Communications Corporation (SBAC) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $1.48 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.09. Analysts had a consensus of $1.39. The company posted revenue of $405.50 million in the period, compared to analysts expectations of $403.45 million. The company’s revenue was down -1.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 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 closed down -0.27 points or -0.24% at $112.48 with 9,72,202 shares getting traded on Thursday. Post opening the session at $112.48, the shares hit an intraday low of $111.63 and an intraday high of $113.34 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.
In a different news, on Jun 17, 2016, Duncan Cocroft (director) purchased 1,000 shares at $100.16 per share price. According to the SEC, on Mar 17, 2016, Mark R Ciarfella (EVP – Operations) sold 3,950 shares at $95.50 per share price. On Dec 18, 2015, Jason V Silberstein (EVP – Site Leasing) sold 49,491 shares at $101.20 per share price, according to the Form-4 filing with the securities and exchange commission.
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.