Uniti Group Inc (UNIT) Short Interest Down 12.7% in November

Uniti Group Inc (NASDAQ:UNIT) saw a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 11,248,776 shares, a decrease of 12.7% from the October 31st total of 12,884,923 shares. Approximately 6.7% of the company’s stock are sold short. Based on an average trading volume of 1,448,022 shares, the days-to-cover ratio is presently 7.8 days.

UNIT has been the subject of a number of research reports. Royal Bank of Canada reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Uniti Group in a research note on Friday, August 17th. ValuEngine raised shares of Uniti Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 15th. BidaskClub raised shares of Uniti Group from a “hold” rating to a “buy” rating in a research note on Wednesday, August 15th. Zacks Investment Research lowered shares of Uniti Group from a “hold” rating to a “sell” rating in a research note on Wednesday, November 7th. Finally, Cowen set a $28.00 price objective on shares of Uniti Group and gave the stock a “buy” rating in a research note on Saturday, August 11th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $25.80.

UNIT stock opened at $19.93 on Friday. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 7.94, a PEG ratio of 0.93 and a beta of 0.76. Uniti Group has a one year low of $13.94 and a one year high of $23.42.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.02). The firm had revenue of $252.60 million for the quarter, compared to analysts’ expectations of $253.97 million. Uniti Group had a net margin of 1.76% and a negative return on equity of 1.33%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.55 earnings per share. As a group, equities research analysts predict that Uniti Group will post 2.45 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 12.04%. The ex-dividend date is Friday, December 28th. Uniti Group’s payout ratio is 95.62%.

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Uniti Group by 9.2% during the third quarter. Vanguard Group Inc. now owns 24,299,028 shares of the real estate investment trust’s stock valued at $489,626,000 after buying an additional 2,051,974 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Uniti Group by 39,066.7% during the second quarter. Canada Pension Plan Investment Board now owns 4,700,000 shares of the real estate investment trust’s stock valued at $94,141,000 after acquiring an additional 4,688,000 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Uniti Group by 3.0% during the third quarter. Dimensional Fund Advisors LP now owns 2,499,666 shares of the real estate investment trust’s stock valued at $50,368,000 after acquiring an additional 73,009 shares in the last quarter. Sylebra HK Co Ltd increased its holdings in shares of Uniti Group by 4.9% during the second quarter. Sylebra HK Co Ltd now owns 2,345,214 shares of the real estate investment trust’s stock valued at $46,975,000 after acquiring an additional 109,478 shares in the last quarter. Finally, Toscafund Asset Management LLP acquired a new position in shares of Uniti Group during the second quarter valued at about $45,068,000. 70.47% of the stock is owned by institutional investors and hedge funds.

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Uniti Group Company Profile

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of September 30, 2018, Uniti owns 5.4 million fiber strand miles, approximately 850 wireless towers, and other communications real estate throughout the United States and Latin America.

Further Reading: What are retained earnings?

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