Zacks: Brokerages Anticipate Uniti Group Inc (UNIT) Will Post Quarterly Sales of $244.49 Million
Brokerages forecast that Uniti Group Inc (NASDAQ:UNIT) will report $244.49 million in sales for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Uniti Group’s earnings, with the highest sales estimate coming in at $245.69 million and the lowest estimate coming in at $241.60 million. Uniti Group reported sales of $200.24 million during the same quarter last year, which indicates a positive year-over-year growth rate of 22.1%. The firm is scheduled to issue its next quarterly earnings report on Monday, November 13th.
According to Zacks, analysts expect that Uniti Group will report full year sales of $244.49 million for the current fiscal year, with estimates ranging from $914.80 million to $917.35 million. For the next fiscal year, analysts anticipate that the company will post sales of $1.01 billion per share, with estimates ranging from $992.20 million to $1.06 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Uniti Group.
Uniti Group (NASDAQ:UNIT) last issued its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by $0.06. The company had revenue of $213.01 million during the quarter, compared to analyst estimates of $214.09 million. During the same period last year, the firm earned $0.56 earnings per share. Uniti Group’s quarterly revenue was up 13.0% compared to the same quarter last year.
Several analysts have commented on the stock. Zacks Investment Research upgraded shares of Uniti Group from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Wednesday, August 16th. Citigroup Inc. decreased their target price on shares of Uniti Group from $30.00 to $27.00 and set a “buy” rating for the company in a research note on Monday, August 7th. Cowen and Company reaffirmed a “buy” rating and set a $33.00 target price on shares of Uniti Group in a research note on Friday, July 28th. Deutsche Bank AG raised their target price on shares of Uniti Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, June 7th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $24.00 target price (down previously from $34.00) on shares of Uniti Group in a research note on Wednesday, August 23rd. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $29.44.
In related news, insider Kenny Gunderman bought 4,000 shares of the business’s stock in a transaction on Monday, August 21st. The stock was acquired at an average price of $18.88 per share, with a total value of $75,520.00. Following the transaction, the insider now owns 271,553 shares in the company, valued at approximately $5,126,920.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Daniel L. Heard bought 5,400 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was bought at an average cost of $18.54 per share, with a total value of $100,116.00. Following the transaction, the executive vice president now owns 40,793 shares in the company, valued at approximately $756,302.22. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 15,700 shares of company stock valued at $297,116. 0.39% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of UNIT. Bank of Montreal Can bought a new stake in Uniti Group in the 1st quarter worth approximately $1,284,000. Nisa Investment Advisors LLC bought a new stake in Uniti Group in the 1st quarter worth approximately $230,000. Profund Advisors LLC bought a new stake in Uniti Group in the 1st quarter worth approximately $610,000. ProShare Advisors LLC bought a new stake in Uniti Group in the 1st quarter worth approximately $1,288,000. Finally, Glen Harbor Capital Management LLC bought a new stake in Uniti Group in the 1st quarter worth approximately $134,000. 68.20% of the stock is owned by institutional investors and hedge funds.
Shares of Uniti Group (NASDAQ UNIT) opened at 18.66 on Friday. The company has a 50-day moving average price of $21.43 and a 200-day moving average price of $24.93. The company’s market capitalization is $3.27 billion. Uniti Group has a 12 month low of $18.14 and a 12 month high of $32.73.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 12.86%. The ex-dividend date is Thursday, September 28th. Uniti Group’s dividend payout ratio (DPR) is presently -750.00%.
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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