Public Employees Retirement System of Ohio Has $8.91 Million Stake in SBA Communications Co. (NASDAQ:SBAC)

Public Employees Retirement System of Ohio decreased its stake in SBA Communications Co. (NASDAQ:SBAC) by 8.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,117 shares of the technology company’s stock after selling 3,877 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in SBA Communications were worth $8,910,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its stake in SBA Communications by 3.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 986,487 shares of the technology company’s stock valued at $213,773,000 after buying an additional 33,507 shares during the period. Lazard Asset Management LLC lifted its stake in SBA Communications by 7.8% in the first quarter. Lazard Asset Management LLC now owns 148,687 shares of the technology company’s stock valued at $32,219,000 after buying an additional 10,753 shares during the period. LRI Investments LLC acquired a new position in SBA Communications in the first quarter valued at about $276,000. Canada Pension Plan Investment Board increased its holdings in shares of SBA Communications by 12.8% in the first quarter. Canada Pension Plan Investment Board now owns 471,565 shares of the technology company’s stock worth $102,188,000 after acquiring an additional 53,400 shares in the last quarter. Finally, EntryPoint Capital LLC increased its holdings in shares of SBA Communications by 798.6% in the first quarter. EntryPoint Capital LLC now owns 629 shares of the technology company’s stock worth $136,000 after acquiring an additional 559 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Price Performance

SBAC stock traded up $3.11 during mid-day trading on Monday, reaching $217.82. The company had a trading volume of 1,978,929 shares, compared to its average volume of 948,492. The company has a market capitalization of $23.40 billion, a price-to-earnings ratio of 42.31, a PEG ratio of 0.69 and a beta of 0.65. The stock has a 50 day simple moving average of $197.54 and a two-hundred day simple moving average of $207.06. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.21. The business had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period last year, the firm posted $3.13 EPS. On average, equities analysts predict that SBA Communications Co. will post 12.51 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SBAC. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a report on Friday. Wells Fargo & Company downgraded SBA Communications from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $230.00 to $220.00 in a report on Monday, July 15th. Citigroup lowered their price target on SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. TD Cowen lowered their price target on SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Finally, Barclays lowered their price target on SBA Communications from $241.00 to $240.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, SBA Communications has an average rating of “Moderate Buy” and an average target price of $248.31.

About SBA Communications

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.