UniFirst (NYSE:UNF) Issues Earnings Results

UniFirst (NYSE:UNF) issued its earnings results on Wednesday. The textile maker reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.08), Briefing.com reports. UniFirst had a net margin of 5.70% and a return on equity of 6.68%. The business had revenue of $622.51 million during the quarter, compared to the consensus estimate of $614.91 million. During the same period last year, the business posted $1.31 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year.

UniFirst Stock Up 1.1%

Shares of UNF traded up $2.86 during trading hours on Wednesday, reaching $254.45. The stock had a trading volume of 55,605 shares, compared to its average volume of 304,450. The company has a market cap of $4.60 billion, a P/E ratio of 33.59 and a beta of 0.69. UniFirst has a 52 week low of $147.66 and a 52 week high of $283.77. The firm has a 50-day moving average of $237.78 and a 200 day moving average of $196.68.

UniFirst Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 6th were issued a $0.365 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.46 annualized dividend and a dividend yield of 0.6%. UniFirst’s payout ratio is 19.31%.

Analysts Set New Price Targets

UNF has been the topic of several analyst reports. UBS Group increased their price objective on shares of UniFirst from $182.00 to $206.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. Barclays upped their target price on shares of UniFirst from $250.00 to $280.00 and gave the company an “equal weight” rating in a research report on Thursday, March 12th. Weiss Ratings restated a “hold (c)” rating on shares of UniFirst in a research report on Wednesday, January 21st. Robert W. Baird set a $198.00 price objective on UniFirst in a report on Thursday, January 8th. Finally, Zacks Research upgraded UniFirst from a “strong sell” rating to a “hold” rating in a report on Monday, December 22nd. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, UniFirst currently has a consensus rating of “Reduce” and a consensus price target of $214.75.

Insiders Place Their Bets

In other UniFirst news, VP David Martin Katz sold 1,464 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $237.54, for a total value of $347,758.56. Following the completion of the transaction, the vice president directly owned 6,461 shares of the company’s stock, valued at approximately $1,534,745.94. The trade was a 18.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.86% of the company’s stock.

Hedge Funds Weigh In On UniFirst

Institutional investors have recently modified their holdings of the business. First Trust Advisors LP increased its stake in UniFirst by 46.8% during the 4th quarter. First Trust Advisors LP now owns 451,194 shares of the textile maker’s stock worth $87,035,000 after purchasing an additional 143,853 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in UniFirst in the fourth quarter valued at approximately $12,318,000. Qube Research & Technologies Ltd boosted its holdings in shares of UniFirst by 85.4% in the second quarter. Qube Research & Technologies Ltd now owns 105,005 shares of the textile maker’s stock valued at $19,764,000 after buying an additional 48,378 shares during the period. FIL Ltd acquired a new position in shares of UniFirst in the fourth quarter valued at approximately $8,198,000. Finally, Man Group plc increased its position in shares of UniFirst by 136.6% during the second quarter. Man Group plc now owns 68,724 shares of the textile maker’s stock worth $12,935,000 after acquiring an additional 39,682 shares in the last quarter. Institutional investors own 78.17% of the company’s stock.

About UniFirst

UniFirst Corporation (NYSE: UNF) is a leading provider of customized uniform rental and facility service programs in North America and Europe. The company specializes in the rental, laundering and maintenance of workwear, corporate apparel and protective garments for a broad range of industries, including manufacturing, automotive, hospitality, healthcare and food processing. UniFirst also offers a suite of facility service products such as entrance mats, restroom supplies, wipers, mops and hygienic services designed to help customers maintain clean and safe environments.

In addition to its core uniform rental business, UniFirst has expanded its product portfolio to include safety and first-responder gear, flame-resistant clothing, high-visibility apparel and personal protective equipment (PPE).