Communications Sales & Leasing,Inc. (UNIT) Bonds Drop 1.8% During Trading Analyst

An issue of Communications Sales & Leasing,Inc. (NASDAQ:UNIT) debt fell 1.8% as a percentage of its face value during trading on Tuesday after Royal Bank Of Canada lowered their price target on the stock from $32.00 to $18.00. The debt issue has a 8.25% coupon and will mature on October 15, 2023. The bonds in the issue are now trading at $95.50 and were trading at $96.25 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.

UNIT has been the topic of several other research reports. J P Morgan Chase & Co lowered Communications Sales & Leasing,Inc. from an “overweight” rating to a “neutral” rating in a research note on Monday, October 2nd. Zacks Investment Research lowered Communications Sales & Leasing,Inc. from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. Cowen and Company reaffirmed a “buy” rating and issued a $30.00 price target on shares of Communications Sales & Leasing,Inc. in a research note on Thursday, October 19th. ValuEngine raised Communications Sales & Leasing,Inc. from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, Citigroup Inc. lowered Communications Sales & Leasing,Inc. from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 26th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Communications Sales & Leasing,Inc. currently has a consensus rating of “Buy” and a consensus target price of $26.63.

In related news, EVP Daniel L. Heard purchased 5,400 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were bought at an average price of $18.54 per share, for a total transaction of $100,116.00. Following the acquisition, the executive vice president now directly owns 40,793 shares in the company, valued at $756,302.22. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kenny Gunderman purchased 2,500 shares of the business’s stock in a transaction on Monday, August 14th. The shares were bought at an average price of $19.48 per share, for a total transaction of $48,700.00. Following the acquisition, the insider now owns 266,553 shares in the company, valued at $5,192,452.44. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 15,700 shares of company stock worth $297,116. 0.39% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. purchased a new stake in Communications Sales & Leasing,Inc. during the 1st quarter worth about $242,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Communications Sales & Leasing,Inc. in the 2nd quarter valued at about $265,000. Crossmark Global Holdings Inc. purchased a new position in shares of Communications Sales & Leasing,Inc. in the 3rd quarter valued at about $316,000. IFP Advisors Inc increased its holdings in shares of Communications Sales & Leasing,Inc. by 12.6% in the 2nd quarter. IFP Advisors Inc now owns 14,132 shares of the real estate investment trust’s stock valued at $355,000 after acquiring an additional 1,585 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in shares of Communications Sales & Leasing,Inc. in the 1st quarter valued at about $479,000. Institutional investors own 67.46% of the company’s stock.

The firm has a market capitalization of $2,900.00 and a price-to-earnings ratio of 6.81. The company has a debt-to-equity ratio of -0.05, a quick ratio of 0.03 and a current ratio of 0.03.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 29th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 14.52%. Communications Sales & Leasing,Inc.’s payout ratio is currently -888.89%.

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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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