Contrarian Capital Management L.L.C. Purchases New Holdings in Uniti Group Inc. $UNIT

Contrarian Capital Management L.L.C. purchased a new position in shares of Uniti Group Inc. (NASDAQ:UNIT) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 454,810 shares of the real estate investment trust’s stock, valued at approximately $2,783,000. Uniti Group accounts for approximately 0.7% of Contrarian Capital Management L.L.C.’s portfolio, making the stock its 17th biggest holding. Contrarian Capital Management L.L.C. owned approximately 0.31% of Uniti Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Savant Capital LLC grew its stake in Uniti Group by 2.6% in the 2nd quarter. Savant Capital LLC now owns 63,592 shares of the real estate investment trust’s stock valued at $275,000 after purchasing an additional 1,601 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Uniti Group by 2.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 84,017 shares of the real estate investment trust’s stock worth $363,000 after buying an additional 1,629 shares during the last quarter. Osaic Holdings Inc. boosted its holdings in shares of Uniti Group by 20.6% in the 2nd quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 1,795 shares during the last quarter. Journey Strategic Wealth LLC grew its position in Uniti Group by 11.1% during the second quarter. Journey Strategic Wealth LLC now owns 19,236 shares of the real estate investment trust’s stock valued at $83,000 after buying an additional 1,924 shares during the period. Finally, Neuberger Berman Group LLC grew its position in Uniti Group by 12.1% during the second quarter. Neuberger Berman Group LLC now owns 35,156 shares of the real estate investment trust’s stock valued at $152,000 after buying an additional 3,806 shares during the period. Hedge funds and other institutional investors own 87.51% of the company’s stock.

Analyst Ratings Changes

UNIT has been the topic of several research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Uniti Group in a research report on Monday, December 29th. Raymond James Financial reissued a “strong-buy” rating and set a $11.00 target price on shares of Uniti Group in a research report on Tuesday, March 3rd. Wall Street Zen lowered shares of Uniti Group from a “hold” rating to a “sell” rating in a research note on Sunday, March 1st. Wells Fargo & Company lifted their price target on shares of Uniti Group from $7.00 to $8.00 and gave the stock an “equal weight” rating in a report on Thursday, March 5th. Finally, Zacks Research downgraded Uniti Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Uniti Group has an average rating of “Hold” and a consensus price target of $8.60.

Uniti Group Stock Performance

Shares of Uniti Group stock opened at $8.35 on Thursday. The stock has a market capitalization of $1.24 billion, a P/E ratio of 2.21 and a beta of 1.50. Uniti Group Inc. has a 52-week low of $5.30 and a 52-week high of $11.73. The stock’s 50-day simple moving average is $7.80 and its 200 day simple moving average is $6.89.

Uniti Group (NASDAQ:UNIT) last issued its earnings results 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 business had revenue of $917.30 million for the quarter, compared to the consensus estimate of $909.44 million. Uniti Group had a negative return on equity of 2.52% and a net margin of 55.60%.Uniti Group’s revenue for the quarter was up 212.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.35 EPS. Equities research analysts forecast that Uniti Group Inc. will post 1.28 EPS for the current fiscal year.

Uniti Group Company Profile

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.