Uniti Group (NASDAQ:UNIT) Downgraded by Zacks Investment Research to Strong Sell

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Zacks Investment Research cut shares of Uniti Group (NASDAQ:UNIT) from a hold rating to a strong sell rating in a report released on Thursday morning, Zacks.com reports.

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. “

Separately, BidaskClub raised shares of Uniti Group from a sell rating to a hold rating in a report on Tuesday, August 13th. Six equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Uniti Group has a consensus rating of Sell and an average target price of $12.57.

UNIT stock opened at $8.52 on Thursday. The company has a market capitalization of $1.60 billion, a P/E ratio of 3.39, a PEG ratio of 1.37 and a beta of 1.02. The company has a 50-day simple moving average of $8.78 and a 200 day simple moving average of $11.03. Uniti Group has a fifty-two week low of $7.84 and a fifty-two week high of $21.33.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.35%. The ex-dividend date is Friday, September 27th. Uniti Group’s payout ratio is currently 7.97%.

Hedge funds have recently bought and sold shares of the stock. Toscafund Asset Management LLP increased its holdings in Uniti Group by 37.5% in the second quarter. Toscafund Asset Management LLP now owns 1,757,393 shares of the real estate investment trust’s stock worth $14,534,000 after buying an additional 479,702 shares during the last quarter. Zimmer Partners LP acquired a new position in Uniti Group in the second quarter worth approximately $12,392,000. Nuveen Asset Management LLC acquired a new position in Uniti Group in the second quarter worth approximately $11,006,000. Price T Rowe Associates Inc. MD increased its holdings in Uniti Group by 1.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 65,481 shares of the real estate investment trust’s stock worth $622,000 after buying an additional 1,213 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in Uniti Group by 522.8% in the second quarter. Jane Street Group LLC now owns 311,091 shares of the real estate investment trust’s stock worth $2,955,000 after buying an additional 261,137 shares during the last quarter. 78.83% of the stock is owned by institutional investors and hedge funds.

About Uniti Group

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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Analyst Recommendations for Uniti Group (NASDAQ:UNIT)

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