Invenomic Capital Management LP Acquires New Position in Uniti Group Inc. (NASDAQ:UNIT)

Invenomic Capital Management LP bought a new stake in Uniti Group Inc. (NASDAQ:UNIT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 578,903 shares of the real estate investment trust's stock, valued at approximately $3,184,000. Invenomic Capital Management LP owned 0.24% of Uniti Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in Uniti Group by 4.0% in the fourth quarter. Principal Financial Group Inc. now owns 1,344,312 shares of the real estate investment trust's stock valued at $7,394,000 after acquiring an additional 51,241 shares during the period. Franklin Resources Inc. increased its stake 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 acquiring an additional 2,328 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Uniti Group by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,937,013 shares of the real estate investment trust's stock valued at $43,654,000 after acquiring an additional 62,377 shares during the period. State of Alaska Department of Revenue grew its stake in Uniti Group by 0.9% during 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 buying an additional 2,397 shares during the last quarter. Finally, Prudential Financial Inc. grew its stake in Uniti Group by 9.2% during the fourth quarter. Prudential Financial Inc. now owns 589,789 shares of the real estate investment trust's stock worth $3,244,000 after buying an additional 49,537 shares during the last quarter. Institutional investors own 87.51% of the company's stock.

Wall Street Analyst Weigh In

UNIT has been the topic of several research analyst reports. Citigroup reaffirmed a "neutral" rating and set a $5.30 price objective on shares of Uniti Group in a research note on Friday. Raymond James raised shares of Uniti Group from an "outperform" rating to a "strong-buy" rating and upped their price objective for the stock from $6.00 to $8.00 in a research note on Monday, February 24th. Finally, Wells Fargo & Company decreased their price objective on shares of Uniti Group from $5.00 to $4.50 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th.

Uniti Group Price Performance

Shares of UNIT stock traded down $0.21 during trading hours on Friday, reaching $4.64. 2,076,615 shares of the company were exchanged, compared to its average volume of 2,524,406. Uniti Group Inc. has a fifty-two week low of $2.57 and a fifty-two week high of $6.31. The stock's fifty day moving average is $4.75 and its two-hundred day moving average is $5.33. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 11.32 and a beta of 1.59.

Uniti Group (NASDAQ:UNIT - Get Free Report) last announced 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. Uniti Group had a net margin of 8.82% and a negative return on equity of 4.12%. The company had revenue of $293.91 million for the quarter, compared to analyst estimates of $295.39 million. During the same period in the prior year, the business earned $0.32 earnings per share. Uniti Group's quarterly revenue was up 2.6% on a year-over-year basis. On average, research analysts anticipate that Uniti Group Inc. will post 1.28 earnings per share 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.