UniFirst Co. (NYSE:UNF) Shares Bought by Park Avenue Securities LLC

Park Avenue Securities LLC grew its holdings in shares of UniFirst Co. (NYSE:UNF) by 8.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,032 shares of the textile maker’s stock after purchasing an additional 239 shares during the quarter. Park Avenue Securities LLC’s holdings in UniFirst were worth $528,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in UNF. Blue Trust Inc. increased its holdings in shares of UniFirst by 1,105.3% during the 4th quarter. Blue Trust Inc. now owns 229 shares of the textile maker’s stock worth $39,000 after buying an additional 210 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of UniFirst by 252.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker’s stock valued at $59,000 after purchasing an additional 247 shares during the period. Jones Financial Companies Lllp grew its stake in shares of UniFirst by 187.2% in the fourth quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker’s stock worth $61,000 after acquiring an additional 234 shares in the last quarter. Sterling Capital Management LLC grew its stake in UniFirst by 811.5% during the 4th quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker’s stock worth $81,000 after purchasing an additional 422 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of UniFirst during the fourth quarter worth about $104,000. 78.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on UNF shares. Robert W. Baird dropped their target price on UniFirst from $218.00 to $197.00 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Barclays reiterated an “underweight” rating and issued a $152.00 price target (down previously from $180.00) on shares of UniFirst in a research report on Friday, April 4th. Finally, UBS Group lifted their target price on UniFirst from $194.00 to $196.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $180.00.

UniFirst Trading Down 1.7%

Shares of UNF opened at $184.31 on Friday. UniFirst Co. has a twelve month low of $150.83 and a twelve month high of $243.70. The firm has a market capitalization of $3.42 billion, a P/E ratio of 23.57 and a beta of 0.87. The firm’s 50-day moving average is $181.46 and its two-hundred day moving average is $194.00.

UniFirst (NYSE:UNF) last announced its earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.03). The business had revenue of $602.20 million for the quarter, compared to analyst estimates of $602.81 million. UniFirst had a return on equity of 7.40% and a net margin of 6.00%. The business’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 EPS. Analysts predict that UniFirst Co. will post 7.71 EPS for the current year.

UniFirst Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.76%. UniFirst’s dividend payout ratio (DPR) is 17.41%.

UniFirst announced that its board has initiated a stock repurchase program on Tuesday, April 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the textile maker to buy up to 3.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

UniFirst Company Profile

UniFirst Corporation provides workplace uniforms and protective work wear clothing in the United States, Europe, and Canada. The company operates through U.S. and Canadian Rental and Cleaning, Manufacturing, Specialty Garments Rental and Cleaning, and First Aid segments. It designs, manufactures, personalizes, rents, cleans, delivers, and sells a range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, lab coats, smocks, and aprons; and specialized protective wear, such as flame resistant and high visibility garments.