Uniti Group Inc. (NASDAQ:UNIT) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Posted by Defense World Staff on May 28th, 2023

Mirae Asset Global Investments Co. Ltd. cut its holdings in Uniti Group Inc. (NASDAQ:UNIT – Get Rating) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 325,099 shares of the real estate investment trust’s stock after selling 15,308 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.14% of Uniti Group worth $1,798,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new position in Uniti Group in the first quarter valued at approximately $42,000. PenderFund Capital Management Ltd. acquired a new position in Uniti Group during the first quarter worth $48,000. Exchange Traded Concepts LLC lifted its stake in Uniti Group by 71.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 9,157 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 3,815 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new position in Uniti Group during the fourth quarter worth $51,000. Finally, Duality Advisers LP acquired a new position in Uniti Group during the fourth quarter worth $57,000. 83.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Royal Bank of Canada decreased their price target on Uniti Group from $7.00 to $5.00 in a research note on Friday, May 12th. Barclays decreased their price target on Uniti Group from $8.00 to $4.00 in a research note on Friday, May 5th. The Goldman Sachs Group decreased their price target on Uniti Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Monday, February 27th. Morgan Stanley decreased their price target on Uniti Group from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 7th. Finally, Raymond James reduced their price objective on Uniti Group from $12.00 to $8.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Uniti Group presently has an average rating of “Hold” and a consensus price target of $6.61.

Uniti Group Trading Up 4.9 %

Shares of NASDAQ UNIT opened at $3.63 on Friday. The stock has a market cap of $866.01 million, a P/E ratio of -9.07 and a beta of 1.28. Uniti Group Inc. has a 12-month low of $2.94 and a 12-month high of $11.71. The business’s fifty day simple moving average is $3.45 and its 200-day simple moving average is $5.15.

Uniti Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 16.53%. The ex-dividend date of this dividend is Thursday, June 15th. Uniti Group’s dividend payout ratio (DPR) is presently -150.00%.

Insider Activity at Uniti Group

In other Uniti Group news, CEO Kenny Gunderman bought 225,000 shares of the company’s stock in a transaction that occurred on Thursday, March 9th. The shares were purchased at an average price of $4.37 per share, with a total value of $983,250.00. Following the completion of the acquisition, the chief executive officer now directly 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 Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

About Uniti Group

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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.