Algert Global LLC Increases Stake in Uniti Group Inc. (NASDAQ:UNIT)

Algert Global LLC increased its holdings in shares of Uniti Group Inc. (NASDAQ:UNIT - Free Report) by 11.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 836,178 shares of the real estate investment trust's stock after acquiring an additional 85,857 shares during the period. Algert Global LLC owned about 0.34% of Uniti Group worth $4,599,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Golden State Equity Partners lifted its position in shares of Uniti Group by 9.5% in the 4th quarter. Golden State Equity Partners now owns 23,105 shares of the real estate investment trust's stock worth $127,000 after purchasing an additional 2,000 shares during the period. Franklin Resources Inc. boosted its position in Uniti Group by 2.2% in the third quarter. Franklin Resources Inc. now owns 106,104 shares of the real estate investment trust's stock valued at $572,000 after buying an additional 2,328 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Uniti Group by 0.9% in the fourth quarter. State of Alaska Department of Revenue now owns 255,119 shares of the real estate investment trust's stock worth $1,402,000 after acquiring an additional 2,397 shares during the period. Arizona State Retirement System raised its stake in shares of Uniti Group by 3.6% during the 4th quarter. Arizona State Retirement System now owns 70,798 shares of the real estate investment trust's stock valued at $389,000 after buying an additional 2,460 shares during the last quarter. Finally, Inspire Investing LLC raised its position in Uniti Group by 3.6% during the fourth quarter. Inspire Investing LLC now owns 73,651 shares of the real estate investment trust's stock valued at $405,000 after acquiring an additional 2,563 shares in the last quarter. 87.51% of the stock is currently owned by institutional investors.

Uniti Group Stock Performance

Shares of UNIT traded up $0.08 during trading hours on Thursday, hitting $4.43. 1,887,748 shares of the stock were exchanged, compared to its average volume of 2,537,922. The stock's 50-day moving average price is $4.84 and its two-hundred day moving average price is $5.37. Uniti Group Inc. has a 12-month low of $2.57 and a 12-month high of $6.31. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 10.81 and a beta of 1.59.

Uniti Group (NASDAQ:UNIT - Get Free Report) last released its earnings results on Tuesday, May 6th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.35. The business had revenue of $293.91 million during the quarter, compared to analyst estimates of $295.39 million. Uniti Group had a net margin of 8.82% and a negative return on equity of 4.12%. The company's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.32 earnings per share. On average, research analysts expect that Uniti Group Inc. will post 1.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on UNIT. Wells Fargo & Company decreased their price objective on shares of Uniti Group from $5.00 to $4.50 and set an "equal weight" rating for the company in a research report on Thursday. Raymond James raised shares of Uniti Group from an "outperform" rating to a "strong-buy" rating and increased their price objective for the company from $6.00 to $8.00 in a report on Monday, February 24th.

Uniti Group Company Profile

Uniti Group, Inc is a real estate investment trust company, which engages in the acquisition, construction, and leasing of properties. It operates through the following business segments: Uniti Leasing, Uniti Fiber, and Corporate. The Uniti Leasing segment involves mission-critical communications assets on exclusive or shared-tenant basis, and dark fiber network.