Uniti Group (NASDAQ:UNIT) Releases Quarterly Earnings Results

by · The Cerbat Gem

Uniti Group (NASDAQ:UNIT – Get Free Report) released its quarterly earnings results on Monday. The real estate investment trust reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.01, Briefing.com reports. Uniti Group had a net margin of 55.60% and a negative return on equity of 2.52%. During the same period last year, the firm earned $0.35 EPS. The firm’s revenue for the quarter was up 236.0% compared to the same quarter last year.

Uniti Group Price Performance

UNIT stock opened at $11.28 on Monday. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 2.99 and a beta of 1.44. Uniti Group has a 52-week low of $5.30 and a 52-week high of $12.18. The stock’s fifty day simple moving average is $9.54 and its 200-day simple moving average is $7.91.

Institutional Trading of Uniti Group

A number of hedge funds have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. increased its stake in shares of Uniti Group by 103.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 14,656,558 shares of the real estate investment trust’s stock valued at $102,743,000 after acquiring an additional 7,441,044 shares during the last quarter. State Street Corp increased its position in Uniti Group by 7.9% during the fourth quarter. State Street Corp now owns 7,116,934 shares of the real estate investment trust’s stock worth $49,890,000 after purchasing an additional 523,054 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Uniti Group by 23.6% during the first quarter. Goldman Sachs Group Inc. now owns 4,604,599 shares of the real estate investment trust’s stock worth $23,207,000 after purchasing an additional 877,911 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Uniti Group by 8.0% in the 4th quarter. Geode Capital Management LLC now owns 4,352,729 shares of the real estate investment trust’s stock valued at $30,518,000 after purchasing an additional 323,845 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Uniti Group by 8.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,646,355 shares of the real estate investment trust’s stock valued at $25,561,000 after purchasing an additional 280,763 shares during the last quarter. 87.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on UNIT. Barclays lifted their price objective on Uniti Group from $8.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Zacks Research raised Uniti Group from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Raymond James Financial restated a “strong-buy” rating and issued a $11.00 price objective on shares of Uniti Group in a research report on Tuesday, March 3rd. Citigroup increased their price objective on Uniti Group from $8.80 to $9.00 and gave the company a “neutral” rating in a research note on Monday, March 9th. Finally, Weiss Ratings raised shares of Uniti Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $8.92.

Get Our Latest Analysis on UNIT

About Uniti Group

(Get Free Report)

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.

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