UniFirst (NYSE:UNF) Sees Strong Trading Volume – Here’s Why

UniFirst Corporation (NYSE:UNF) saw unusually-high trading volume on Thursday . Approximately 381,338 shares were traded during mid-day trading, an increase of 44% from the previous session’s volume of 265,065 shares.The stock last traded at $275.3550 and had previously closed at $272.60.

Analysts Set New Price Targets

UNF has been the topic of a number of research reports. UBS Group raised their price objective on shares of UniFirst from $206.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, April 2nd. Barclays raised their price objective on shares of UniFirst from $250.00 to $280.00 and gave the stock an “equal weight” rating in a report on Thursday, March 12th. Finally, Weiss Ratings raised shares of UniFirst from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, UniFirst presently has a consensus rating of “Hold” and a consensus price target of $228.25.

UniFirst Stock Down 3.8%

The firm has a market cap of $4.80 billion, a PE ratio of 35.94 and a beta of 0.63. The firm’s fifty day simple moving average is $261.39 and its two-hundred day simple moving average is $231.73.

UniFirst (NYSE:UNF) last issued its quarterly earnings results on Wednesday, April 1st. The textile maker reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.08). UniFirst had a net margin of 5.49% and a return on equity of 6.49%. The firm had revenue of $622.51 million for the quarter, compared to analysts’ expectations of $614.91 million. During the same period in the prior year, the firm earned $1.31 EPS. UniFirst’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, analysts anticipate that UniFirst Corporation will post 7.21 earnings per share for the current fiscal year.

UniFirst Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.365 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.46 annualized dividend and a yield of 0.6%. UniFirst’s payout ratio is currently 19.78%.

Hedge Funds Weigh In On UniFirst

Several large investors have recently added to or reduced their stakes in the company. Modus Advisors LLC bought a new stake in shares of UniFirst during the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC raised its position in shares of UniFirst by 378.1% during the second quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker’s stock valued at $29,000 after buying an additional 121 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of UniFirst by 474.1% during the first quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker’s stock valued at $27,000 after buying an additional 128 shares during the last quarter. Danske Bank A S bought a new stake in shares of UniFirst during the third quarter valued at approximately $33,000. Finally, Brown Brothers Harriman & Co. raised its position in shares of UniFirst by 1,244.0% during the third quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker’s stock valued at $56,000 after buying an additional 311 shares during the last quarter. Hedge funds and other institutional investors own 78.17% of the company’s stock.

UniFirst Company Profile

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).