QRG Capital Management Inc. Reduces Stock Position in Unifirst Corporation $UNF

QRG Capital Management Inc. lowered its position in shares of Unifirst Corporation (NYSE:UNF) by 14.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,949 shares of the textile maker’s stock after selling 497 shares during the quarter. QRG Capital Management Inc.’s holdings in Unifirst were worth $555,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in UNF. Jones Financial Companies Lllp boosted its position in Unifirst by 85,558.5% during the 1st quarter. Jones Financial Companies Lllp now owns 307,514 shares of the textile maker’s stock valued at $53,507,000 after buying an additional 307,155 shares during the period. Voss Capital LP purchased a new stake in Unifirst during the 1st quarter valued at $28,529,000. T. Rowe Price Investment Management Inc. boosted its position in Unifirst by 353.8% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 171,346 shares of the textile maker’s stock valued at $29,815,000 after buying an additional 133,588 shares during the period. Clearline Capital LP purchased a new stake in Unifirst during the 1st quarter valued at $11,219,000. Finally, Nuveen LLC purchased a new stake in Unifirst during the 1st quarter valued at $8,081,000. Hedge funds and other institutional investors own 78.17% of the company’s stock.

Unifirst Stock Performance

NYSE:UNF opened at $157.27 on Friday. The firm has a market cap of $2.92 billion, a P/E ratio of 19.32 and a beta of 0.86. Unifirst Corporation has a fifty-two week low of $156.34 and a fifty-two week high of $243.70. The firm has a 50-day simple moving average of $171.88 and a two-hundred day simple moving average of $176.55.

Unifirst Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Friday, September 5th. Unifirst’s dividend payout ratio (DPR) is currently 17.20%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Robert W. Baird set a $197.00 price objective on shares of Unifirst in a report on Monday, June 30th. JPMorgan Chase & Co. assumed coverage on shares of Unifirst in a report on Monday, July 14th. They issued an “underweight” rating and a $175.00 price objective for the company. UBS Group decreased their price objective on shares of Unifirst from $196.00 to $194.00 and set a “neutral” rating for the company in a report on Monday, June 30th. Weiss Ratings restated a “hold (c)” rating on shares of Unifirst in a report on Wednesday. Finally, Barclays set a $152.00 price objective on shares of Unifirst and gave the stock an “underweight” rating in a report on Monday, June 30th. Three equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Unifirst presently has a consensus rating of “Reduce” and an average price target of $179.50.

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.