Bank of Montreal Can Sells 944,441 Shares of Uniti Group Inc. (NASDAQ:UNIT)

Bank of Montreal Can decreased its position in shares of Uniti Group Inc. (NASDAQ:UNIT) by 58.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 660,117 shares of the real estate investment trust’s stock after selling 944,441 shares during the period. Bank of Montreal Can owned 0.27% of Uniti Group worth $1,934,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in UNIT. Nomura Holdings Inc. raised its position in shares of Uniti Group by 94.1% during the 4th quarter. Nomura Holdings Inc. now owns 588,078 shares of the real estate investment trust’s stock valued at $3,399,000 after purchasing an additional 285,112 shares during the period. GAMMA Investing LLC raised its holdings in Uniti Group by 49.8% during the first quarter. GAMMA Investing LLC now owns 8,906 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 2,960 shares during the period. Diversified Trust Co lifted its position in shares of Uniti Group by 66.0% in the first quarter. Diversified Trust Co now owns 72,155 shares of the real estate investment trust’s stock valued at $426,000 after acquiring an additional 28,697 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Uniti Group by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 80,661 shares of the real estate investment trust’s stock worth $476,000 after acquiring an additional 6,798 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of Uniti Group by 7.2% during the first quarter. Principal Financial Group Inc. now owns 1,333,486 shares of the real estate investment trust’s stock worth $7,868,000 after purchasing an additional 89,402 shares in the last quarter. Hedge funds and other institutional investors own 87.51% of the company’s stock.

Analysts Set New Price Targets

Separately, Royal Bank of Canada reissued a “sector perform” rating and issued a $5.50 price target on shares of Uniti Group in a report on Thursday, August 29th.

Insider Buying and Selling

In other Uniti Group news, SVP Ronald J. Mudry sold 28,693 shares of Uniti Group stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $3.94, for a total value of $113,050.42. Following the completion of the transaction, the senior vice president now directly owns 513,761 shares of the company’s stock, valued at $2,024,218.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.39% of the stock is currently owned by company insiders.

Uniti Group Stock Up 1.1 %

UNIT opened at $5.58 on Friday. The company has a market capitalization of $1.34 billion, a PE ratio of 93.00 and a beta of 1.29. The firm has a 50-day simple moving average of $4.72 and a two-hundred day simple moving average of $4.36. Uniti Group Inc. has a 52 week low of $2.57 and a 52 week high of $6.71.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.28). The firm had revenue of $294.90 million for the quarter, compared to analysts’ expectations of $289.97 million. Uniti Group had a net margin of 0.79% and a negative return on equity of 0.37%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 EPS. As a group, sell-side analysts expect that Uniti Group Inc. will post 1.31 earnings per share for the current year.

Uniti Group 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 fiber and other wireless solutions for the communications industry. As of December 31, 2023, Uniti owns approximately 140,000 fiber route miles, 8.5 million fiber strand miles, and other communications real estate throughout the United States.