An issue of Communications Sales & Leasing,Inc. (NASDAQ:UNIT) bonds rose 1.3% against their face value during trading on Friday. The high-yield debt issue has a 7.125% coupon and will mature on December 15, 2024. The bonds in the issue are now trading at $92.25 and were trading at $92.13 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its share price.
UNIT has been the topic of a number of research reports. Zacks Investment Research upgraded Communications Sales & Leasing,Inc. from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Wednesday, August 16th. Citigroup Inc. lowered their price objective on Communications Sales & Leasing,Inc. from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday, August 7th. Cowen and Company restated a “buy” rating and issued a $33.00 price objective on shares of Communications Sales & Leasing,Inc. in a research note on Friday, July 28th. Deutsche Bank AG boosted their price objective on Communications Sales & Leasing,Inc. from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, June 7th. Finally, Royal Bank Of Canada initiated coverage on Communications Sales & Leasing,Inc. in a research note on Monday, June 19th. They issued an “outperform” rating and a $32.00 price objective on the stock. Two analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $29.44.
Shares of Communications Sales & Leasing,Inc. (NASDAQ UNIT) traded up 1.24% during midday trading on Friday, reaching $19.65. The company had a trading volume of 819,802 shares. The company has a 50 day moving average of $23.18 and a 200 day moving average of $25.44. Communications Sales & Leasing,Inc. has a 12-month low of $18.14 and a 12-month high of $32.73. The firm’s market capitalization is $3.45 billion.
Communications Sales & Leasing,Inc. (NASDAQ:UNIT) last issued its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by $0.06. The firm had revenue of $213.01 million during the quarter, compared to analysts’ expectations of $214.09 million. During the same quarter last year, the firm earned $0.56 EPS. The firm’s revenue was up 13.0% on a year-over-year basis. Analysts anticipate that Communications Sales & Leasing,Inc. will post ($0.20) EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be paid a $0.60 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 12.21%. Communications Sales & Leasing,Inc.’s payout ratio is -750.00%.
In related news, insider Kenny Gunderman bought 2,500 shares of the stock in a transaction dated Monday, August 14th. The shares were purchased at an average price of $19.48 per share, for a total transaction of $48,700.00. Following the completion of the purchase, the insider now directly owns 266,553 shares of the company’s stock, valued at $5,192,452.44. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Daniel L. Heard bought 5,400 shares of the stock in a transaction dated Tuesday, August 15th. The stock was bought at an average price of $18.54 per share, for a total transaction of $100,116.00. Following the purchase, the executive vice president now directly owns 40,793 shares of the company’s stock, valued at $756,302.22. The disclosure for this purchase can be found here. Insiders bought 15,700 shares of company stock worth $297,116 in the last 90 days. Company insiders own 0.39% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. acquired a new position in Communications Sales & Leasing,Inc. during the first quarter worth $339,519,000. BlackRock Inc. acquired a new position in Communications Sales & Leasing,Inc. during the first quarter worth $298,032,000. Bank of New York Mellon Corp acquired a new position in Communications Sales & Leasing,Inc. during the first quarter worth $230,840,000. State Street Corp acquired a new position in Communications Sales & Leasing,Inc. during the first quarter worth $91,615,000. Finally, Ameriprise Financial Inc. acquired a new position in Communications Sales & Leasing,Inc. during the first quarter worth $53,870,000. Hedge funds and other institutional investors own 58.14% of the company’s stock.
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Communications Sales & Leasing,Inc. Company Profile
Uniti Group Inc, formerly Communications Sales & Leasing, Inc, is an internally managed real estate investment trust engaged in the acquisition and construction of infrastructure in the communications industry. The Company focuses on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers.
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