Uniti Group (UNIT) Cut to Sell at Zacks Investment Research

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Uniti Group (NASDAQ:UNIT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Saturday.

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. “

UNIT has been the topic of several other research reports. BidaskClub downgraded Uniti Group from a “buy” rating to a “hold” rating in a research report on Saturday, July 21st. Cowen set a $28.00 target price on Uniti Group and gave the company a “buy” rating in a research report on Saturday, August 11th. ValuEngine raised Uniti Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 15th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $22.00 target price on shares of Uniti Group in a research report on Friday, August 17th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Uniti Group currently has a consensus rating of “Hold” and an average price target of $25.80.

NASDAQ:UNIT traded up $0.51 on Friday, hitting $19.22. The company’s stock had a trading volume of 987,528 shares, compared to its average volume of 1,502,230. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 7.66, a P/E/G ratio of 0.90 and a beta of 0.76. Uniti Group has a one year low of $13.94 and a one year high of $23.42.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02). The business had revenue of $252.60 million during the quarter, compared to the consensus estimate of $253.97 million. Uniti Group had a net margin of 1.76% and a negative return on equity of 1.33%. Uniti Group’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 EPS. On average, equities research analysts forecast that Uniti Group will post 2.45 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of UNIT. Angelo Gordon & CO. L.P. acquired a new stake in shares of Uniti Group in the 2nd quarter valued at $34,003,000. Cornerstone Wealth Management LLC acquired a new stake in shares of Uniti Group in the 2nd quarter valued at $629,000. First Trust Advisors LP acquired a new stake in shares of Uniti Group in the 2nd quarter valued at $425,000. Mackay Shields LLC acquired a new stake in shares of Uniti Group in the 2nd quarter valued at $12,237,000. Finally, Toscafund Asset Management LLP acquired a new stake in shares of Uniti Group in the 2nd quarter valued at $45,068,000. 70.09% of the stock is currently owned by institutional investors and hedge funds.

Uniti Group Company Profile

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 June 30, 2018, Uniti owns 5.4 million fiber strand miles, approximately 770 wireless towers, and other communications real estate throughout the United States and Latin America.

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