Uniti Group Inc (UNIT) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Uniti Group Inc (NASDAQ:UNIT) from a hold rating to a sell rating in a research report released on Tuesday, May 9th.

According to Zacks, “Uniti Group Inc. is a real estate investment trust company. It engaged in the acquisition and construction of mission critical infrastructure in the communications industry. The company focuses on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers. Uniti Group Inc. is headquartered in Little Rock, AR. “

A number of other brokerages have also recently weighed in on UNIT. Morgan Stanley initiated coverage on shares of Uniti Group in a research report on Tuesday, February 28th. They set an overweight rating on the stock. Wells Fargo & Co began coverage on shares of Uniti Group in a research report on Thursday, February 16th. They issued an outperform rating on the stock. One analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $32.80.

Uniti Group (NASDAQ:UNIT) traded up 2.6455% on Tuesday, hitting $24.4399. The stock had a trading volume of 498,635 shares. The company’s 50 day moving average is $25.85 and its 200 day moving average is $26.15. Uniti Group has a 12-month low of $22.50 and a 12-month high of $32.73. The firm’s market cap is $4.29 billion.

Uniti Group (NASDAQ:UNIT) last released its earnings results on Thursday, February 23rd. The real estate investment trust reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by $0.05. Uniti Group had a negative return on equity of 0.88% and a net margin of 1.54%. The business had revenue of $206.90 million for the quarter, compared to analyst estimates of $206.88 million. The firm’s revenue was up 19.0% on a year-over-year basis. On average, equities research analysts expect that Uniti Group will post ($0.05) EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.40 dividend on an annualized basis and a yield of 10.08%. Uniti Group’s dividend payout ratio (DPR) is currently 4,800.00%.

In related news, insider Kenny Gunderman purchased 14,500 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were acquired at an average price of $24.15 per share, for a total transaction of $350,175.00. Following the purchase, the insider now owns 262,053 shares in the company, valued at $6,328,579.95. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sei Investments Co. bought a new position in shares of Uniti Group during the first quarter worth approximately $107,000. Delta Asset Management LLC TN acquired a new stake in Uniti Group during the first quarter worth about $127,000. Glen Harbor Capital Management LLC acquired a new stake in Uniti Group during the first quarter worth about $134,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Uniti Group during the first quarter worth about $136,000. Finally, Tyers Asset Management LLC acquired a new stake in Uniti Group during the first quarter worth about $184,000. Institutional investors and hedge funds own 62.80% of the company’s stock.

Uniti Group Company Profile

Uniti Group Inc, formerly Communications Sales & Leasing, Inc, is an internally managed real estate investment trust engaged in the acquisition and construction of infrastructure in the communications industry. The Company focuses on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers.

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