Fisher Asset Management LLC Purchases New Shares in Uniti Group Inc. (NASDAQ:UNIT)

Posted by Defense World Staff on Apr 26th, 2023

Fisher Asset Management LLC purchased a new stake in shares of Uniti Group Inc. (NASDAQ:UNIT – Get Rating) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,350,904 shares of the real estate investment trust’s stock, valued at approximately $7,471,000. Fisher Asset Management LLC owned approximately 0.57% of Uniti Group as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Bank of Montreal Can raised its stake in shares of Uniti Group by 2.4% in the first quarter. Bank of Montreal Can now owns 70,320 shares of the real estate investment trust’s stock valued at $985,000 after acquiring an additional 1,629 shares during the period. Mackenzie Financial Corp raised its stake in shares of Uniti Group by 14.9% in the first quarter. Mackenzie Financial Corp now owns 12,966 shares of the real estate investment trust’s stock valued at $178,000 after acquiring an additional 1,681 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of Uniti Group by 10.7% in the third quarter. Commonwealth Equity Services LLC now owns 18,148 shares of the real estate investment trust’s stock valued at $126,000 after acquiring an additional 1,758 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Uniti Group by 0.8% in the fourth quarter. State of Alaska Department of Revenue now owns 284,547 shares of the real estate investment trust’s stock valued at $1,572,000 after acquiring an additional 2,183 shares during the period. Finally, Great West Life Assurance Co. Can raised its stake in shares of Uniti Group by 1.2% in the first 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 acquiring an additional 2,481 shares during the period. Hedge funds and other institutional investors own 83.82% of the company’s stock.

Insider Transactions at Uniti Group

In related news, CEO Kenny Gunderman acquired 225,000 shares of the stock in a transaction dated Thursday, March 9th. The stock was acquired at an average cost of $4.37 per share, for a total transaction of $983,250.00. Following the completion of the purchase, the chief executive officer now owns 1,372,596 shares of the company’s stock, valued at approximately $5,998,244.52. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.72% of the company’s stock.

Uniti Group Stock Down 5.3 %

Shares of UNIT opened at $3.02 on Wednesday. The company has a market cap of $720.54 million, a price-to-earnings ratio of -27.45 and a beta of 1.28. Uniti Group Inc. has a twelve month low of $3.02 and a twelve month high of $13.17. The company has a 50 day moving average of $4.12 and a two-hundred day moving average of $5.72.

Uniti Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Friday, March 31st were paid a $0.15 dividend. The ex-dividend date was Thursday, March 30th. This represents a $0.60 annualized dividend and a yield of 19.87%. Uniti Group’s dividend payout ratio (DPR) is -545.40%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Cowen reduced their target price on shares of Uniti Group from $15.00 to $9.00 and set an “outperform” rating on the stock in a research note on Monday, February 27th. Royal Bank of Canada reduced their target price on shares of 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. The Goldman Sachs Group reduced their target price on shares of Uniti Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Monday, February 27th. Raymond James reduced their target price on shares of Uniti Group from $12.00 to $8.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 1st. Finally, Citigroup reduced their target price on shares of Uniti Group from $9.00 to $7.25 and set a “neutral” rating on the stock in a research report on Wednesday, February 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.46.

Uniti Group 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.