Pinnacle Associates Ltd. Decreases Stake in Uniti Group Inc. $UNIT

Pinnacle Associates Ltd. lessened its stake in shares of Uniti Group Inc. (NASDAQ:UNIT) by 41.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 798,848 shares of the real estate investment trust’s stock after selling 563,434 shares during the period. Pinnacle Associates Ltd. owned approximately 0.54% of Uniti Group worth $4,889,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Allworth Financial LP raised its holdings in shares of Uniti Group by 775.7% in the second quarter. Allworth Financial LP now owns 7,811 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 6,919 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of Uniti Group by 20.6% during the second quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 1,795 shares during the last quarter. United Services Automobile Association purchased a new stake in shares of Uniti Group during the first quarter valued at $80,000. Journey Strategic Wealth LLC increased its position in shares of Uniti Group by 11.1% in the 2nd quarter. Journey Strategic Wealth LLC now owns 19,236 shares of the real estate investment trust’s stock valued at $83,000 after acquiring an additional 1,924 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in Uniti Group by 602.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 22,634 shares of the real estate investment trust’s stock worth $98,000 after acquiring an additional 19,414 shares during the last quarter. Hedge funds and other institutional investors own 87.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on UNIT shares. Zacks Research cut Uniti Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 5th. Wall Street Zen lowered Uniti Group from a “hold” rating to a “sell” rating in a report on Sunday, March 1st. Citigroup raised their price objective on Uniti Group from $8.80 to $9.00 and gave the stock a “neutral” rating in a research note on Monday. Barclays set a $8.00 target price on Uniti Group in a research report on Thursday, January 29th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Uniti Group in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $8.60.

Uniti Group Stock Performance

NASDAQ:UNIT opened at $8.24 on Tuesday. The firm’s fifty day moving average is $7.74 and its two-hundred day moving average is $6.86. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 2.18 and a beta of 1.50. Uniti Group Inc. has a one year low of $5.30 and a one year high of $11.73.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings data on Monday, March 2nd. The real estate investment trust reported ($1.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.73). The company had revenue of $917.30 million for the quarter, compared to analysts’ expectations of $909.44 million. Uniti Group had a net margin of 55.60% and a negative return on equity of 2.52%. The business’s quarterly revenue was up 212.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 EPS. As a group, equities research analysts predict that Uniti Group Inc. will post 1.28 earnings per share for the current fiscal year.

About Uniti Group

Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company’s assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.

Uniti’s portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.