Invenomic Capital Management LP Takes Position in Uniti Group Inc. (NASDAQ:UNIT)

Invenomic Capital Management LP purchased a new stake in shares of Uniti Group Inc. (NASDAQ:UNIT) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 578,903 shares of the real estate investment trust’s stock, valued at approximately $3,184,000.

A number of other large investors also recently bought and sold shares of UNIT. King Street Capital Management L.P. grew its stake in shares of Uniti Group by 66.7% in the fourth quarter. King Street Capital Management L.P. now owns 2,600,000 shares of the real estate investment trust’s stock worth $14,300,000 after acquiring an additional 1,040,000 shares during the period. Strategic Financial Concepts LLC lifted its holdings in shares of Uniti Group by 449.8% in the fourth quarter. Strategic Financial Concepts LLC now owns 970,590 shares of the real estate investment trust’s stock worth $5,338,000 after buying an additional 794,049 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of Uniti Group by 136.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,363,732 shares of the real estate investment trust’s stock valued at $7,501,000 after purchasing an additional 787,319 shares in the last quarter. Quinn Opportunity Partners LLC bought a new stake in Uniti Group in the 4th quarter worth approximately $3,249,000. Finally, JPMorgan Chase & Co. increased its stake in Uniti Group by 42.0% in the 4th quarter. JPMorgan Chase & Co. now owns 1,787,257 shares of the real estate investment trust’s stock worth $9,830,000 after acquiring an additional 529,050 shares during the last quarter. 87.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on UNIT. Raymond James upgraded Uniti Group from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $6.00 to $8.00 in a report on Monday, February 24th. Wells Fargo & Company lowered their target price on Uniti Group from $5.00 to $4.50 and set an “equal weight” rating for the company in a report on Thursday.

Uniti Group Trading Up 2.0%

Shares of UNIT stock opened at $4.52 on Monday. Uniti Group Inc. has a twelve month low of $2.57 and a twelve month high of $6.31. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 11.02 and a beta of 1.59. The stock has a fifty day simple moving average of $4.80 and a two-hundred day simple moving average of $5.35.

Uniti Group (NASDAQ:UNIT) last issued its earnings results on Tuesday, May 6th. The real estate investment trust reported $0.35 earnings per share for the quarter, hitting the consensus estimate of $0.35. The business had revenue of $293.91 million during the quarter, compared to analysts’ expectations of $295.39 million. Uniti Group had a negative return on equity of 4.12% and a net margin of 8.82%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.32 EPS. Research analysts predict that Uniti Group Inc. will post 1.28 EPS for the current fiscal year.

About Uniti Group

Uniti Group, Inc is a real estate investment trust company, which engages in the acquisition, construction, and leasing of properties. It operates through the following business segments: Uniti Leasing, Uniti Fiber, and Corporate. The Uniti Leasing segment involves mission-critical communications assets on exclusive or shared-tenant basis, and dark fiber network.