Kenny Gunderman Acquires 225,000 Shares of Uniti Group Inc. (NASDAQ:UNIT) Stock

Posted by Defense World Staff on Mar 11th, 2023

Uniti Group Inc. (NASDAQ:UNIT – Get Rating) CEO Kenny Gunderman bought 225,000 shares of the business’s stock in a transaction that occurred on Thursday, March 9th. The shares were bought at an average cost of $4.37 per share, for a total transaction of $983,250.00. Following the transaction, the chief executive officer now owns 1,372,596 shares of the company’s stock, valued at $5,998,244.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Uniti Group Price Performance

Shares of NASDAQ UNIT opened at $4.28 on Friday. Uniti Group Inc. has a one year low of $4.20 and a one year high of $14.25. The business’s fifty day moving average price is $5.84 and its 200-day moving average price is $6.87. The stock has a market capitalization of $1.02 billion, a PE ratio of -38.91, a P/E/G ratio of 0.20 and a beta of 1.31.

Uniti Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, March 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 14.02%. Uniti Group’s dividend payout ratio is presently -545.40%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in UNIT. Natixis Advisors L.P. raised its stake in shares of Uniti Group by 31.3% during the 1st quarter. Natixis Advisors L.P. now owns 37,929 shares of the real estate investment trust’s stock valued at $522,000 after purchasing an additional 9,033 shares during the period. Bank of Montreal Can raised its stake in shares of Uniti Group by 2.4% during the 1st quarter. Bank of Montreal Can now owns 70,320 shares of the real estate investment trust’s stock valued at $985,000 after purchasing an additional 1,629 shares during the period. MetLife Investment Management LLC raised its stake in shares of Uniti Group by 57.9% during the 1st quarter. MetLife Investment Management LLC now owns 101,997 shares of the real estate investment trust’s stock valued at $1,403,000 after purchasing an additional 37,410 shares during the period. Rhumbline Advisers raised its stake in shares of Uniti Group by 0.7% during the 1st quarter. Rhumbline Advisers now owns 644,474 shares of the real estate investment trust’s stock valued at $8,868,000 after purchasing an additional 4,590 shares during the period. Finally, Great West Life Assurance Co. Can raised its stake in shares of Uniti Group by 1.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 206,675 shares of the real estate investment trust’s stock valued at $2,917,000 after purchasing an additional 2,481 shares during the period. Hedge funds and other institutional investors own 83.82% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on UNIT shares. Royal Bank of Canada cut their price objective on Uniti Group from $10.00 to $7.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 22nd. Morgan Stanley cut their price objective on Uniti Group from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 7th. Cowen cut their price objective on Uniti Group from $15.00 to $9.00 and set an “outperform” rating on the stock in a research report on Monday, February 27th. Barclays cut their price objective on Uniti Group from $9.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Monday, February 27th. Finally, The Goldman Sachs Group cut their price objective on Uniti Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Monday, February 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $7.46.

Uniti Group Company Profile

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Uniti Group, Inc is a real estate investment trust company, which is engaged in the acquisition and construction of mission infrastructure in the communications industry. It operates through the following business segments: Leasing, Fiber Infrastructure, Towers, Consumer CLEC, and Corporate. The Leasing segment represents the real estate investment trust operations of the company and includes the results from leasing business, Uniti leasing, which engages in the acquisition of mission-critical communications assets and leasing them to anchor customers on either and exclusive or shared-tenant basis.