Is SBA Communications Corporation (SBAC) Going to Burn These Hedge Funds?

Insider Monkey finished processing more than 700 13F filings made by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of September 30. In this article we are going to take a look at smart money sentiment towards SBA Communications Corporation (NASDAQ:SBAC).

SBA Communications Corporation (NASDAQ:SBAC) shareholders have witnessed an increase in support from the world’s most elite money managers of late. At the end of this article we will also compare SBAC to other stocks, including Vale SA (ADR) (NYSE:VALE), Symantec Corporation (NASDAQ:SYMC), and NVIDIA Corporation (NASDAQ:NVDA) to get a better sense of its popularity.

In the 21st century investor’s toolkit there are dozens of gauges stock traders can use to assess stocks. A pair of the best gauges are hedge fund and insider trading sentiment. Our researchers have shown that, historically, those who follow the top picks of the best money managers can beat their index-focused peers by a healthy margin (see the details here).

Now, let’s review the recent action surrounding SBA Communications Corporation (NASDAQ:SBAC).

Hedge fund activity in SBA Communications Corporation (NASDAQ:SBAC)

Heading into Q4, a total of 49 of the hedge funds tracked by Insider Monkey held long positions in this stock, an increase of 9% from the second quarter. With hedge funds’ sentiment swirling, there exists a select group of notable hedge fund managers who were increasing their holdings significantly (or already accumulated large positions).

According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Stephen Mandel’s Lone Pine Capital has the biggest position in SBA Communications Corporation (NASDAQ:SBAC), worth close to $293.5 million, comprising 1.2% of its total 13F portfolio. The second largest stake is held by Citadel Investment Group, managed by Ken Griffin, which holds a $243.7 million position; 0.2% of its 13F portfolio is allocated to the company. Remaining professional money managers that hold long positions consist of Eric Mindich’s Eton Park Capital, Israel Englander’s Millennium Management and Charles Akre’s Akre Capital Management.