Uniti Group (NASDAQ:UNIT) Price Target Lowered to $11.00 at TD Cowen

Uniti Group (NASDAQ:UNIT) had its price target dropped by analysts at TD Cowen from $12.00 to $11.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. TD Cowen’s price target suggests a potential upside of 12.99% from the company’s previous close.

A number of other research firms have also recently issued reports on UNIT. Zacks Research raised shares of Uniti Group from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Citigroup upped their price target on Uniti Group from $9.00 to $11.75 and gave the stock a “neutral” rating in a research note on Tuesday, May 19th. JPMorgan Chase & Co. increased their price target on Uniti Group from $8.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, May 12th. Barclays boosted their price objective on Uniti Group from $11.00 to $13.00 and gave the company an “equal weight” rating in a report on Wednesday, July 1st. Finally, UBS Group set a $12.00 target price on Uniti Group in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $11.03.

Uniti Group Price Performance

Shares of Uniti Group stock traded up $0.45 during trading on Friday, reaching $9.73. 1,595,561 shares of the company traded hands, compared to its average volume of 2,351,433. The firm has a market capitalization of $2.36 billion, a PE ratio of 2.92 and a beta of 1.40. Uniti Group has a 1-year low of $5.30 and a 1-year high of $12.94. The company has a 50 day moving average price of $11.24 and a 200-day moving average price of $9.88.

Uniti Group (NASDAQ:UNIT) last posted its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.25). The business had revenue of $909.70 million for the quarter, compared to analyst estimates of $884.82 million. Equities research analysts expect that Uniti Group will post -1.56 earnings per share for the current year.

Institutional Investors Weigh In On Uniti Group

Several institutional investors have recently bought and sold shares of UNIT. Vanguard Group Inc. raised its position in Uniti Group by 38.9% in the 4th quarter. Vanguard Group Inc. now owns 23,202,733 shares of the real estate investment trust’s stock valued at $162,651,000 after buying an additional 6,494,001 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Uniti Group by 103.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 14,656,558 shares of the real estate investment trust’s stock worth $102,743,000 after acquiring an additional 7,441,044 shares in the last quarter. State Street Corp grew its stake in shares of Uniti Group by 7.9% in the 4th quarter. State Street Corp now owns 7,116,934 shares of the real estate investment trust’s stock worth $49,890,000 after acquiring an additional 523,054 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Uniti Group by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 4,604,599 shares of the real estate investment trust’s stock valued at $23,207,000 after purchasing an additional 877,911 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Uniti Group by 8.0% in the fourth quarter. Geode Capital Management LLC now owns 4,352,729 shares of the real estate investment trust’s stock valued at $30,518,000 after purchasing an additional 323,845 shares during the last quarter. Institutional investors own 87.51% of the company’s stock.

About Uniti Group

Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company’s assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.

Uniti’s portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.