Ausbil Investment Management Ltd, an institutional investor, has raised its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 15.2% during the second quarter of this year. According to the most recent 13F filing with the Securities and Exchange Commission (SEC), Ausbil Investment Management Ltd now owns 49,128 shares of SBA Communications’ stock after acquiring an additional 6,486 shares during the period.
As a result of this increase, SBA Communications now accounts for 7.1% of Ausbil Investment Management Ltd’s holdings, making it their fourth largest position. The total value of Ausbil Investment Management Ltd’s holdings in SBA Communications is estimated to be $11,386,000 as per their most recent SEC filing dated September 18, 2023.
SBA Communications recently released its quarterly earnings results on Monday, July 31st. During this period, the technology company reported earnings per share (EPS) of $1.87 for the quarter. However, this figure fell short of the consensus estimate by ($1.04), highlighting a marginal underperformance. The company’s net margin stood at 18.71%, while return on equity was negative at 9.68%.
In terms of revenue, SBA Communications generated $678.50 million during the quarter, slightly surpassing analyst estimates that projected revenue at $676.87 million. The quarterly revenue also marked a positive growth of 4.1% compared to the same period last year when the firm posted higher earnings per share at $3.07.
Moving forward into the current fiscal year, research analysts anticipate that SBA Communications will ultimately post EPS figures amounting to approximately $12.15.
Please note that these figures and estimations are based on available information up until September 18th, 2023 and are subject to change depending on future market conditions and the company’s performance. Investors are advised to conduct their own analysis and seek professional advice before making any investment decisions.
For more detailed information on SBA Communications and its performance, interested parties can refer to our latest report on SBAC.
[bs_slider_forecast ticker=”CSX”]
Institutional Investors Show Growing Interest in SBA Communications’ Potential Growth
SBA Communications, a leading technology company in the communications infrastructure industry, has seen significant activity from institutional investors in recent months. Ruedi Wealth Management Inc., for instance, purchased a new position in SBA Communications in the fourth quarter of last year, amounting to roughly $27,000. This move highlights the growing interest of institutional investors in the company and its potential for growth.
Another example is Massmutual Trust Co. FSB ADV, which increased its stake in SBA Communications by an impressive 127.7% during the first quarter of this year. The company now owns 107 shares of SBA Communications’ stock valued at around $28,000 after purchasing an additional 60 shares. Carolinas Wealth Consulting LLC also raised its holdings in SBA Communications by a significant 248% during the first quarter, owning 87 shares worth approximately $30,000.
Furthermore, Resurgent Financial Advisors LLC acquired a new position in SBA Communications during the fourth quarter of last year. This move demonstrates not only increasing interest but also confidence among investors regarding the future prospects of the company.
Allworth Financial LP, another institutional investor, recently raised its position in SBA Communications by 54.4% during the first quarter of this year. With an additional 49 shares purchased, Allworth Financial LP now holds a total of 139 shares worth $36,000.
These strategic investments by various institutional players indicate a high level of confidence and belief in the potential growth of SBA Communications as a leading technology company within the communications infrastructure industry.
In terms of market performance, shares of SBAC stock traded lower on Monday at $216.92 per share. This figure is slightly lower than its average volume of 832,167 shares exchanged. The business currently has a 50-day moving average value of $224.80 and a 200-day moving average value of $236.16.
The fifty-two week low for SBA Communications is $210.93, while the fifty-two week high is $312.34. The market capitalization of SBA Communications stands at an impressive $23.51 billion, reflecting its strong position in the industry.
On another note, SBA Communications recently declared a quarterly dividend that will be paid on Wednesday, September 20th. Shareholders of record as of Thursday, August 24th will receive a dividend of $0.85 per share. This dividend represents an annualized basis payment of $3.40 with a yield of 1.57%. The ex-dividend date for this payment was on Wednesday, August 23rd.
Analysts have been closely following SBA Communications and have issued reports on the company’s performance and outlook. Some noteworthy recommendations include Barclays’ lowering of the price target from $306 to $296 and assigning an “overweight” rating to the stock in a research note dated August 1st.
The Royal Bank of Canada also revised its price objective downward from $276 to $265 but maintained an “outperform” rating in their research note dated August 14th. TD Cowen reduced their price objective from $329 to $327 while maintaining an “outperform” rating in a report released on August 1st.
StockNews.com initiated coverage on SBA Communications and gave it a “hold” rating on Thursday, August 17th. Raymond James also lowered its price target from $297 to $285 but assigned a “strong-buy” rating for the company on Tuesday, August 22nd.
With four analysts giving SBA Communications a hold rating, fifteen assigning it a buy rating, and one issuing a strong buy rating, it is evident that experts are generally optimistic about the company’s future prospects.
Based on data from Bloomberg, SBA Communications currently has an average rating of “Moderate Buy,” with an average target price of $301.22.
In conclusion, SBA Communications has attracted significant attention from institutional investors in recent months, indicating a high level of confidence and interest in its potential growth. The company’s market performance and dividends make it an attractive investment option for many, as reflected in the various analysts’ reports and ratings. With its robust market capitalization, SBA Communications is well-positioned to capitalize on opportunities within the communications infrastructure industry.
