Uniti Group Inc. (NASDAQ:UNIT) Given Average Rating of “Hold” by Brokerages

Uniti Group Inc. (NASDAQ:UNIT) has been given an average recommendation of “Hold” by the seven ratings firms that are currently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $7.06.

Several research analysts have commented on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Uniti Group in a report on Monday, December 29th. Wall Street Zen cut shares of Uniti Group from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Barclays set a $8.00 target price on Uniti Group in a report on Thursday, January 29th. Wells Fargo & Company cut their price target on Uniti Group from $7.50 to $7.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Finally, JPMorgan Chase & Co. started coverage on Uniti Group in a report on Thursday, October 23rd. They set a “neutral” rating and a $7.00 price target for the company.

Uniti Group Stock Performance

Shares of UNIT opened at $8.36 on Monday. The stock has a 50-day simple moving average of $7.45 and a 200-day simple moving average of $6.67. The stock has a market capitalization of $1.24 billion, a PE ratio of 1.64 and a beta of 1.47. Uniti Group has a 1 year low of $5.30 and a 1 year high of $12.34.

Hedge Funds Weigh In On Uniti Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in UNIT. The Manufacturers Life Insurance Company raised its holdings in Uniti Group by 23.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 87,961 shares of the real estate investment trust’s stock worth $617,000 after purchasing an additional 16,914 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Uniti Group by 8.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,646,355 shares of the real estate investment trust’s stock valued at $25,561,000 after buying an additional 280,763 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in shares of Uniti Group by 12.8% in the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 44,783 shares of the real estate investment trust’s stock valued at $314,000 after buying an additional 5,099 shares during the last quarter. State Street Corp raised its stake in Uniti Group by 7.9% during the 4th quarter. State Street Corp now owns 7,116,934 shares of the real estate investment trust’s stock worth $49,890,000 after acquiring an additional 523,054 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Uniti Group in the fourth quarter valued at $2,675,000. 87.51% of the stock is owned by institutional investors and hedge funds.

About Uniti Group

Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company’s assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.

Uniti’s portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.