Uniti Group (UNIT) Lowered to Underweight at JPMorgan Chase & Co.

Uniti Group (NASDAQ:UNIT) was downgraded by JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued to investors on Tuesday, The Fly reports.

UNIT has been the subject of several other research reports. BidaskClub cut Uniti Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 15th. Zacks Investment Research raised Uniti Group from a “strong sell” rating to a “hold” rating in a report on Saturday, January 5th. Cowen cut Uniti Group from an “outperform” rating to a “market perform” rating in a report on Tuesday. Morgan Stanley cut Uniti Group from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $24.00 to $16.00 in a report on Wednesday, December 12th. Finally, ValuEngine raised Uniti Group from a “sell” rating to a “hold” rating in a report on Friday, November 30th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Uniti Group currently has an average rating of “Hold” and a consensus price target of $23.00.

Uniti Group stock opened at $19.98 on Tuesday. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 7.96, a PEG ratio of 0.89 and a beta of 1.28. Uniti Group has a fifty-two week low of $14.53 and a fifty-two week high of $23.42.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UNIT. Renaissance Technologies LLC acquired a new position in Uniti Group in the 2nd quarter worth about $366,000. Bank of Montreal Can raised its holdings in shares of Uniti Group by 42.2% during the third quarter. Bank of Montreal Can now owns 27,752 shares of the real estate investment trust’s stock valued at $559,000 after acquiring an additional 8,229 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Uniti Group by 33.8% during the third quarter. Nisa Investment Advisors LLC now owns 86,300 shares of the real estate investment trust’s stock valued at $1,739,000 after acquiring an additional 21,800 shares during the last quarter. Oakbrook Investments LLC acquired a new position in shares of Uniti Group during the third quarter valued at approximately $217,000. Finally, Cornerstone Wealth Management LLC raised its holdings in shares of Uniti Group by 23.0% during the third quarter. Cornerstone Wealth Management LLC now owns 15,592 shares of the real estate investment trust’s stock valued at $1,005,000 after acquiring an additional 2,918 shares during the last quarter. 71.56% of the stock is owned by institutional investors.

About Uniti Group

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 wireless infrastructure solutions for the communications industry. As of September 30, 2018, Uniti owns 5.4 million fiber strand miles, approximately 850 wireless towers, and other communications real estate throughout the United States and Latin America.

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