Mackenzie Financial Corp Boosts Stake in Uniti Group Inc. (NASDAQ:UNIT)

Mackenzie Financial Corp grew its stake in Uniti Group Inc. (NASDAQ:UNIT) by 9.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,923 shares of the real estate investment trust’s stock after buying an additional 2,711 shares during the period. Mackenzie Financial Corp’s holdings in Uniti Group were worth $90,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in UNIT. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Uniti Group during the second quarter worth $28,000. Meeder Advisory Services Inc. purchased a new position in shares of Uniti Group during the second quarter worth $36,000. Everhart Financial Group Inc. purchased a new position in shares of Uniti Group during the second quarter worth $41,000. Choreo LLC purchased a new position in shares of Uniti Group during the second quarter worth $41,000. Finally, GAMMA Investing LLC raised its holdings in shares of 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 worth $53,000 after purchasing an additional 2,960 shares during the last quarter. Hedge funds and other institutional investors own 87.51% of the company’s stock.

Insider Activity

In other news, SVP Ronald J. Mudry sold 28,693 shares of Uniti Group stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $3.94, for a total value of $113,050.42. Following the sale, the senior vice president now owns 513,761 shares in the company, valued at $2,024,218.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

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

Uniti Group Stock Performance

UNIT opened at $5.45 on Wednesday. Uniti Group Inc. has a fifty-two week low of $2.57 and a fifty-two week high of $6.71. The company has a fifty day moving average of $4.79 and a two-hundred day moving average of $4.32. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 90.83 and a beta of 1.29.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share 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 firm had revenue of $294.90 million during the quarter, compared to analysts’ expectations of $289.97 million. During the same period in the previous year, the firm posted $0.34 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. On average, equities research analysts forecast 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.