Pinnacle Associates Ltd. Boosts Holdings in Uniti Group Inc. (NASDAQ:UNIT)

Key Points

• Pinnacle Associates Ltd. increased its stake in Uniti Group Inc. by 7.3%, owning approximately 0.70% of the company after acquiring 118,095 additional shares.
• The stock price of Uniti Group recently traded at $5.80 with a market capitalization of $1.42 billion, reflecting a 12-month fluctuation between $3.51 and $6.31.
• Analysts have mixed views on Uniti Group, with Citigroup maintaining a "neutral" rating and a price target of $5.30, while Wells Fargo cut its target to $4.50.

Pinnacle Associates Ltd. grew its stake in Uniti Group Inc. (NASDAQ:UNIT - Free Report) by 7.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,726,917 shares of the real estate investment trust's stock after acquiring an additional 118,095 shares during the period. Pinnacle Associates Ltd. owned about 0.70% of Uniti Group worth $8,704,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. KBC Group NV purchased a new stake in Uniti Group during the 1st quarter worth approximately $28,000. Proficio Capital Partners LLC acquired a new position in Uniti Group during the 4th quarter worth approximately $68,000. GAMMA Investing LLC grew its holdings in 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 acquiring an additional 15,365 shares in the last quarter. Tidal Investments LLC acquired a new position in Uniti Group during the 4th quarter worth approximately $98,000. Finally, Fox Run Management L.L.C. acquired a new position in Uniti Group during the 4th quarter worth approximately $99,000. 87.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Citigroup reiterated a "neutral" rating and set a $5.30 price target on shares of Uniti Group in a report on Friday, May 16th. Wells Fargo & Company lowered their target price on shares of Uniti Group from $5.00 to $4.50 and set an "equal weight" rating for the company in a report on Thursday, May 8th.

Uniti Group Stock Performance

NASDAQ:UNIT traded down $0.01 during mid-day trading on Monday, hitting $5.80. 500,365 shares of the company's stock traded hands, compared to its average volume of 2,150,865. The firm's 50 day simple moving average is $4.46 and its 200 day simple moving average is $4.89. Uniti Group Inc. has a 1 year low of $3.51 and a 1 year high of $6.31. The company has a market cap of $1.42 billion, a PE ratio of 22.25 and a beta of 1.46.

Uniti Group (NASDAQ:UNIT - Get Free Report) last posted its earnings results on Tuesday, May 6th. The real estate investment trust reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35. The firm had revenue of $293.91 million during the quarter, compared to the consensus estimate of $295.39 million. Uniti Group had a net margin of 5.45% and a negative return on equity of 2.60%. The firm's revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the firm posted $0.32 EPS. On average, research analysts expect that Uniti Group Inc. will post 1.28 earnings per share for the current fiscal year.

About Uniti Group

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.