Lone Pine Capital Discloses New 6.4% Stake in SBA Communications Corporation (SBAC)

Steve Mandel‘s Lone Pine Capital has disclosed adding SBA Communications Corporation (NASDAQ:SBAC) to its equity portfolio. The fund revealed holding 8.20 million class A shares, which are equivalent to 6.4% of the class A common stock.

LONE PINE CAPITAL

SBA Communications Corporation (NASDAQ:SBAC) owns and operates wireless communication towers in the United Sates and Brazil. It expanded into Brazil in December 2012 with the purchase of 800 freestanding wireless towers. Recently the company triggered the Conversion rights on its 4% Convertible Senior Notes issued in April, 2009. Each holder of the notes is be eligible to receive 32.9164 shares of its Class A common stock per $1,000 principal amount, as announced by the company.

Among the hedge funds tracked by us at Insider Monkey, Ken Griffin’s Citadel Investment Group held 3.06 million shares worth $246.62 million in the company. It is followed by Paul Hudson’s Glade Brook Capital Partners with 1.23 million shares, worth $99.24 million and Matthew Iorio’s, White Elm Capital with approximately 916,000 shares, worth $73.68 million as at the end of the third quarter of last year.

Lone Pine Capital is managed by Steve Mandel, a Tiger cub. He is renowned for his stock picking abilities and is a ‘bottom-up’ investor. The fund has retuned 23% during the past 11 years beating the S&P 500 index by almost 20 percentage points per year. With almost $22.40 billion in its equity portfolio, the hedge fund focuses on Services, Technology and Basic Materials sectors mainly though it invests in other sectors as well. Its major investments include Dollar General Corp (NYSE:DG) with $998.47 million riding on 17.68 million shares. The other investments include 11.96 million shares worth $981.89 million in Cognizant Technology Sols Corp (NASDAQ:CTSH) and 969.57 million shares worth $980.19 million in Priceline Com Inc (NASDAQ:PCLN). The fund increased its holdings in Wyndham Worldwide Corporation (NYSE:WYN) to 6.77 million shares from 5.71 million shares held earlier.

Disclosure: none

Recommended Reading:

Dan Loeb, Third Point 2013 Q4 Investor Letter

Jeff Smith Trims Holdings in Integrated Device Technology Inc (IDTI) and Carbon Corporation (CCC)

Hedge Fund Highlights: Warren Buffett, Carl Icahn & Paul Tudor Jones

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