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Does SBA Communications Corporation (SBAC) Face Near-Term Challenges?

Soumya Eswaran
·2-min read

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” first-quarter 2024 investor letter.  A copy of the letter can be downloaded here. Markets rose significantly in the first quarter of 2024, providing positive returns across most regions and countries. The strategy outperformed the Russell 1000 Index in Q1 and returned 10.64% (net) vs 10.30% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.

Diamond Hill Large Cap Strategy highlighted stocks like SBA Communications Corporation (NASDAQ:SBAC) in the first quarter 2024 investor letter. SBA Communications Corporation (NASDAQ:SBAC) is an independent owner and operator of wireless communications infrastructure. SBA Communications Corporation's (NASDAQ:SBAC) one-month return was 0.39%, and its shares lost 12.12% of their value over the last 52 weeks. On June 3, 2024, SBA Communications Corporation (NASDAQ:SBAC) stock closed at $196.76 per share with a market capitalization of $21.14 billion.

Diamond Hill Large Cap Strategy stated the following regarding SBA Communications Corporation (NASDAQ:SBAC) in its first quarter 2024 investor letter:

"Among our bottom Q1 contributors were real estate investment trusts (REITs) Extra Space Storage and SBA Communications Corporation (NASDAQ:SBAC), as well as Humana. SBA Communications, one of the largest tower REITs, faced a challenging interest-rate environment entering 2024. However, we believe towers remain a good long-term business despite some near-term headwinds."

Aerial view of tall antenna towers and the landscape around them.

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SBA Communications Corporation (NASDAQ:SBAC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held SBA Communications Corporation (NASDAQ:SBAC) at the end of the first quarter which was 41 in the previous quarter. SBA Communications Corporation (NASDAQ:SBAC) reported a 2.6% year-over-year decline in first-quarter revenue.

In another article, we discussed SBA Communications Corporation (NASDAQ:SBAC) and shared the list of biggest real estate companies in the US in 2024. In the first quarter, Carillon Eagle Mid Cap Growth Fund sold its stake in SBA Communications Corporation (NASDAQ:SBAC). In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.