Sutton Square Management L.P. bought a new position in shares of Uniti Group Inc (NASDAQ:UNIT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 243,770 shares of the real estate investment trust’s stock, valued at approximately $4,337,000. Uniti Group comprises approximately 2.7% of Sutton Square Management L.P.’s investment portfolio, making the stock its 19th largest position. Sutton Square Management L.P. owned about 0.14% of Uniti Group at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. PVG Asset Management Corp lifted its stake in shares of Uniti Group by 31.5% in the 3rd quarter. PVG Asset Management Corp now owns 173,868 shares of the real estate investment trust’s stock valued at $2,549,000 after acquiring an additional 41,666 shares during the last quarter. Gabelli Funds LLC raised its position in Uniti Group by 188.9% during the 3rd quarter. Gabelli Funds LLC now owns 156,000 shares of the real estate investment trust’s stock worth $2,287,000 after purchasing an additional 102,000 shares during the last quarter. State of Alaska Department of Revenue raised its position in Uniti Group by 9.9% during the 4th quarter. State of Alaska Department of Revenue now owns 103,350 shares of the real estate investment trust’s stock worth $1,837,000 after purchasing an additional 9,270 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in Uniti Group by 39.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 70,200 shares of the real estate investment trust’s stock worth $1,249,000 after acquiring an additional 19,800 shares during the period. Finally, Gamco Investors INC. ET AL grew its holdings in Uniti Group by 636.3% during the 3rd quarter. Gamco Investors INC. ET AL now owns 67,000 shares of the real estate investment trust’s stock worth $982,000 after acquiring an additional 57,900 shares during the period. Hedge funds and other institutional investors own 69.16% of the company’s stock.
A number of brokerages have weighed in on UNIT. Royal Bank of Canada decreased their price target on Uniti Group from $32.00 to $18.00 and set an “outperform” rating for the company in a report on Monday, November 6th. ValuEngine downgraded Uniti Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 2nd. BidaskClub cut shares of Uniti Group from a “sell” rating to a “strong sell” rating in a research report on Wednesday, January 31st. Finally, Cowen reaffirmed a “buy” rating and issued a $30.00 price target on shares of Uniti Group in a research report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Uniti Group has a consensus rating of “Hold” and a consensus price target of $26.14.
Uniti Group Inc (NASDAQ UNIT) traded down $0.44 during trading on Wednesday, reaching $14.90. 3,089,000 shares of the company were exchanged, compared to its average volume of 2,321,926. The stock has a market cap of $2,610.00 and a price-to-earnings ratio of -54.67. The company has a debt-to-equity ratio of -0.05, a current ratio of 0.03 and a quick ratio of 0.03. Uniti Group Inc has a fifty-two week low of $13.81 and a fifty-two week high of $29.65.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be given a dividend of $0.60 per share. The ex-dividend date is Wednesday, March 28th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 16.11%. Uniti Group’s dividend payout ratio (DPR) is currently -888.89%.
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About Uniti Group
Uniti Group Inc, formerly Communications Sales & Leasing, Inc, is an internally managed real estate investment trust engaged in the acquisition and construction of 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.
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