Davidson Kempner Capital Management LP Increases Stock Holdings in Uniti Group Inc. (NASDAQ:UNIT)

Davidson Kempner Capital Management LP lifted its stake in shares of Uniti Group Inc. (NASDAQ:UNIT) by 17.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,480,000 shares of the real estate investment trust’s stock after purchasing an additional 825,000 shares during the quarter. Davidson Kempner Capital Management LP owned about 2.28% of Uniti Group worth $16,002,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of UNIT. Meeder Advisory Services Inc. acquired a new position in Uniti Group in the 2nd quarter valued at $36,000. Everhart Financial Group Inc. acquired a new position in shares of Uniti Group during the second quarter worth about $41,000. Choreo LLC purchased a new position in Uniti Group during the second quarter worth about $41,000. GAMMA Investing LLC lifted its position in Uniti Group by 49.8% in the first quarter. GAMMA Investing LLC now owns 8,906 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 2,960 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its position in Uniti Group by 138.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 21,194 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 12,291 shares during the period. 87.51% of the stock is owned by institutional investors and hedge funds.

Uniti Group Stock Down 2.1 %

Shares of UNIT opened at $5.22 on Monday. Uniti Group Inc. has a 52-week low of $2.57 and a 52-week high of $6.71. The company has a 50-day simple moving average of $4.35 and a 200-day simple moving average of $4.38. The company has a market capitalization of $1.25 billion, a PE ratio of 87.00 and a beta of 1.28.

Uniti Group (NASDAQ:UNIT) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.28). Uniti Group had a net margin of 0.79% and a negative return on equity of 0.37%. The company had revenue of $294.90 million for the quarter, compared to analyst estimates of $289.97 million. During the same quarter in the previous year, the business posted $0.34 earnings per share. Uniti Group’s revenue was up 3.9% on a year-over-year basis. On average, research analysts anticipate that Uniti Group Inc. will post 1.31 EPS for the current year.

Analysts Set New Price Targets

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

Insider Buying and Selling at Uniti Group

In other news, SVP Ronald J. Mudry sold 28,693 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $3.94, for a total value of $113,050.42. Following the sale, the senior vice president now directly owns 513,761 shares in the company, valued at $2,024,218.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.39% of the stock is owned by corporate insiders.

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.