Uniti Group (UNIT) Shares Gap Down to $10.82

Shares of Uniti Group Inc (NASDAQ:UNIT) gapped down prior to trading on Wednesday . The stock had previously closed at $11.92, but opened at $10.82. Uniti Group shares last traded at $10.21, with a volume of 8195567 shares trading hands.

Several research firms have commented on UNIT. Deutsche Bank lowered their price target on Uniti Group from $20.00 to $8.00 and set a “hold” rating for the company in a report on Friday, March 22nd. BidaskClub upgraded Uniti Group from a “hold” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research cut Uniti Group from a “hold” rating to a “sell” rating in a report on Friday, March 8th. ValuEngine cut Uniti Group from a “sell” rating to a “strong sell” rating in a report on Monday, April 1st. Finally, Morgan Stanley lowered their price target on Uniti Group from $16.00 to $7.00 and set an “underweight” rating for the company in a report on Tuesday, February 26th. Six equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $15.00.

The firm has a market capitalization of $2.11 billion, a PE ratio of 4.07, a PEG ratio of 1.72 and a beta of 1.04.

Uniti Group (NASDAQ:UNIT) last issued its earnings results on Thursday, May 9th. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.54). Uniti Group had a negative return on equity of 0.82% and a net margin of 1.16%. The firm had revenue of $261.03 million for the quarter, compared to analysts’ expectations of $270.25 million. As a group, analysts anticipate that Uniti Group Inc will post 2.22 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Thursday, June 27th. Uniti Group’s payout ratio is currently 7.97%.

Several large investors have recently modified their holdings of UNIT. Mason Capital Management LLC purchased a new stake in shares of Uniti Group during the 1st quarter worth about $60,917,000. Bank of Montreal Can grew its holdings in shares of Uniti Group by 15,343.2% during the 4th quarter. Bank of Montreal Can now owns 4,285,801 shares of the real estate investment trust’s stock worth $66,729,000 after purchasing an additional 4,258,049 shares during the period. Nomura Holdings Inc. purchased a new stake in shares of Uniti Group during the 4th quarter worth about $45,727,000. Vanguard Group Inc grew its holdings in shares of Uniti Group by 9.2% during the 3rd quarter. Vanguard Group Inc now owns 24,299,028 shares of the real estate investment trust’s stock worth $489,626,000 after purchasing an additional 2,051,974 shares during the period. Finally, Norges Bank purchased a new stake in shares of Uniti Group during the 4th quarter worth about $23,467,000. Institutional investors and hedge funds own 69.11% of the company’s stock.

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Uniti Group Company Profile (NASDAQ:UNIT)

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of December 31, 2018, Uniti owns 5.5 million fiber strand miles, approximately 928 wireless towers, and other communications real estate throughout the United States and Latin America.

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