Mackenzie Financial Corp Acquires 276,774 Shares of Uniti Group Inc. (NASDAQ:UNIT)

Key Points

• Mackenzie Financial Corp increased its stake in Uniti Group Inc. by 921.4% in the first quarter, acquiring 276,774 shares and bringing its total holdings to 306,812 shares valued at approximately $1.55 million.
• Institutional investors now own 87.51% of Uniti Group's stock, indicating significant backing from large funds and suggesting a strong confidence in the company's potential.
• The company reported earnings of $0.35 per share for the last quarter, meeting analysts' expectations, with revenue up 2.6% year-over-year at approximately $293.91 million.

Mackenzie Financial Corp raised its holdings in Uniti Group Inc. (NASDAQ:UNIT - Free Report) by 921.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 306,812 shares of the real estate investment trust's stock after acquiring an additional 276,774 shares during the quarter. Mackenzie Financial Corp owned approximately 0.12% of Uniti Group worth $1,546,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. KBC Group NV bought a new position in Uniti Group in the 1st quarter valued at $28,000. Inspire Advisors LLC bought a new position in shares of Uniti Group during the 1st quarter worth $66,000. Corton Capital Inc. bought a new position in shares of Uniti Group during the 1st quarter worth $86,000. GAMMA Investing LLC grew its position in shares of Uniti Group by 486.7% during the 1st quarter. GAMMA Investing LLC now owns 18,522 shares of the real estate investment trust's stock worth $93,000 after buying an additional 15,365 shares in the last quarter. Finally, Tidal Investments LLC bought a new position in shares of Uniti Group during the 4th quarter worth $98,000. Institutional investors own 87.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on UNIT. Citigroup reissued a "neutral" rating and set a $5.30 price target on shares of Uniti Group in a research report on Friday, May 16th. Wells Fargo & Company dropped their price target on Uniti Group from $5.00 to $4.50 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th.

Uniti Group Price Performance

Shares of UNIT stock opened at $8.09 on Tuesday. Uniti Group Inc. has a 1-year low of $7.02 and a 1-year high of $12.62. The stock's 50-day moving average is $4.65 and its 200 day moving average is $4.90. The company has a market cap of $1.99 billion, a P/E ratio of 31.12 and a beta of 1.47.

Uniti Group (NASDAQ:UNIT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The real estate investment trust reported $0.35 earnings per share for the quarter, meeting analysts' consensus estimates of $0.35. Uniti Group had a negative return on equity of 1.43% and a net margin of 2.96%. The company had revenue of $293.91 million for the quarter, compared to the consensus estimate of $295.39 million. During the same quarter last year, the company earned $0.32 earnings per share. The firm's revenue for the quarter was up 2.6% compared to the same quarter last year. On average, analysts anticipate that Uniti Group Inc. will post 1.28 EPS for the current year.

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.

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