King Street Capital Management L.P. Acquires 1,040,000 Shares of Uniti Group Inc. (NASDAQ:UNIT)

King Street Capital Management L.P. raised its holdings in shares of Uniti Group Inc. (NASDAQ:UNIT) by 66.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,600,000 shares of the real estate investment trust’s stock after acquiring an additional 1,040,000 shares during the period. Uniti Group makes up about 2.2% of King Street Capital Management L.P.’s portfolio, making the stock its 7th biggest position. King Street Capital Management L.P.’s holdings in Uniti Group were worth $14,300,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Signaturefd LLC raised its position in Uniti Group by 51.3% during the fourth quarter. Signaturefd LLC now owns 8,460 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 2,870 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Uniti Group during the 4th quarter valued at approximately $68,000. Handelsbanken Fonder AB acquired a new position in shares of Uniti Group in the 4th quarter valued at $71,000. Diversified Trust Co purchased a new stake in Uniti Group during the fourth quarter worth $74,000. Finally, Ballentine Partners LLC grew its position in Uniti Group by 35.1% during the fourth quarter. Ballentine Partners LLC now owns 15,257 shares of the real estate investment trust’s stock valued at $84,000 after buying an additional 3,966 shares during the period. 87.51% of the stock is owned by hedge funds and other institutional investors.

Uniti Group Stock Performance

NASDAQ:UNIT opened at $4.52 on Friday. The stock has a market capitalization of $1.11 billion, a PE ratio of 11.02 and a beta of 1.59. Uniti Group Inc. has a fifty-two week low of $2.57 and a fifty-two week high of $6.31. The company has a fifty day moving average of $4.80 and a two-hundred day moving average of $5.35.

Uniti Group (NASDAQ:UNIT) last released its quarterly 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. Uniti Group had a net margin of 8.82% and a negative return on equity of 4.12%. The firm had revenue of $293.91 million during the quarter, compared to the consensus estimate of $295.39 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. Research analysts forecast that Uniti Group Inc. will post 1.28 earnings per share for the current year.

Wall Street Analyst Weigh In

UNIT has been the subject of a number of analyst reports. Raymond James upgraded shares of Uniti Group from an “outperform” rating to a “strong-buy” rating and upped their price objective for the stock from $6.00 to $8.00 in a research report on Monday, February 24th. Wells Fargo & Company reduced their price target on Uniti Group from $5.00 to $4.50 and set an “equal weight” rating for the company in a report on Thursday.

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.