Contrarian Capital Management L.L.C. Buys Shares of 454,810 Uniti Group Inc. $UNIT

Contrarian Capital Management L.L.C. bought a new position in shares of Uniti Group Inc. (NASDAQ:UNIT) during the 3rd quarter, HoldingsChannel reports. The firm bought 454,810 shares of the real estate investment trust’s stock, valued at approximately $2,783,000. Uniti Group comprises approximately 0.7% of Contrarian Capital Management L.L.C.’s holdings, making the stock its 17th largest holding.

A number of other large investors have also recently made changes to their positions in UNIT. Allworth Financial LP grew its position 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 valued at $34,000 after purchasing an additional 6,919 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in Uniti Group by 20.6% during the 2nd quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 1,795 shares in the last quarter. United Services Automobile Association bought a new position in Uniti Group in the 1st quarter worth about $80,000. Journey Strategic Wealth LLC boosted its stake in 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 worth $83,000 after purchasing an additional 1,924 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in Uniti Group by 602.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 22,634 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 19,414 shares in the last quarter. 87.51% of the stock is owned by institutional investors.

Uniti Group Stock Down 2.3%

NASDAQ:UNIT opened at $8.35 on Thursday. The stock has a market cap of $1.24 billion, a P/E ratio of 2.21 and a beta of 1.50. The business’s 50-day moving average price is $7.80 and its two-hundred day moving average price is $6.89. Uniti Group Inc. has a twelve month low of $5.30 and a twelve month high of $11.73.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on UNIT. Citigroup increased their price target on shares of Uniti Group from $8.80 to $9.00 and gave the stock a “neutral” rating in a report on Monday. Wall Street Zen cut shares of Uniti Group from a “hold” rating to a “sell” rating in a research note on Sunday, March 1st. Barclays set a $8.00 target price on shares of Uniti Group in a report on Thursday, January 29th. Zacks Research downgraded shares of Uniti Group from a “hold” rating to a “strong sell” rating in a report on Thursday, March 5th. Finally, Wells Fargo & Company boosted their price target on shares of Uniti Group from $7.00 to $8.00 and gave the company an “equal weight” rating in a research report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Uniti Group currently has a consensus rating of “Hold” and an average price target of $8.60.

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.