An issue of Communications Sales & Leasing,Inc. (NASDAQ:UNIT) debt fell 3.8% against its face value during trading on Tuesday. The high-yield issue of debt has a 7.125% coupon and is set to mature on December 15, 2024. The bonds in the issue are now trading at $88.00 and were trading at $92.00 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.

A number of research firms have recently issued reports on UNIT. Bank of America Corporation cut Communications Sales & Leasing,Inc. from a “buy” rating to a “neutral” rating in a research report on Tuesday, August 15th. Cowen and Company reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Communications Sales & Leasing,Inc. in a research report on Friday, July 28th. Morgan Stanley reaffirmed an “overweight” rating and issued a $24.00 price objective (down from $34.00) on shares of Communications Sales & Leasing,Inc. in a research report on Wednesday, August 23rd. Royal Bank of Canada began coverage on Communications Sales & Leasing,Inc. in a research report on Monday, June 19th. They issued an “outperform” rating and a $32.00 price objective for the company. Finally, Zacks Investment Research raised Communications Sales & Leasing,Inc. from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 6th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Communications Sales & Leasing,Inc. presently has a consensus rating of “Buy” and an average target price of $29.44.

Shares of Communications Sales & Leasing,Inc. (NASDAQ:UNIT) traded down 4.46% during trading on Tuesday, hitting $16.69. The stock had a trading volume of 7,515,685 shares. The company’s 50 day moving average price is $18.17 and its 200 day moving average price is $18.17. The company’s market capitalization is $2.93 billion. Communications Sales & Leasing,Inc. has a 52 week low of $16.15 and a 52 week high of $32.73.

Communications Sales & Leasing,Inc. (NASDAQ:UNIT) last posted its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.06). The company had revenue of $213.01 million during the quarter, compared to analyst estimates of $214.09 million. During the same quarter last year, the firm posted $0.56 EPS. The company’s revenue was up 13.0% compared to the same quarter last year. Analysts predict that Communications Sales & Leasing,Inc. will post ($0.20) earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.40 annualized dividend and a yield of 14.38%. Communications Sales & Leasing,Inc.’s payout ratio is -750.00%.

In related news, EVP Daniel L. Heard bought 5,400 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were purchased at an average price of $18.54 per share, for a total transaction of $100,116.00. Following the completion of the transaction, the executive vice president now directly owns 40,793 shares in the company, valued at approximately $756,302.22. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Kenny Gunderman bought 4,000 shares of the company’s stock in a transaction on Monday, August 21st. The shares were bought at an average price of $18.88 per share, for a total transaction of $75,520.00. Following the transaction, the insider now owns 271,553 shares of the company’s stock, valued at $5,126,920.64. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 15,700 shares of company stock worth $297,116. Company insiders own 0.39% of the company’s stock.

Large investors have recently bought and sold shares of the business. Sei Investments Co. purchased a new stake in shares of Communications Sales & Leasing,Inc. during the first quarter worth $107,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Communications Sales & Leasing,Inc. during the first quarter worth $136,000. Snow Capital Management LP purchased a new stake in shares of Communications Sales & Leasing,Inc. during the first quarter worth $212,000. World Asset Management Inc purchased a new stake in shares of Communications Sales & Leasing,Inc. during the first quarter worth $219,000. Finally, Nisa Investment Advisors LLC purchased a new stake in shares of Communications Sales & Leasing,Inc. during the first quarter worth $230,000. Hedge funds and other institutional investors own 68.19% 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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