UniFirst (NYSE:UNF) Sets New 12-Month High – What’s Next?

UniFirst Corporation (NYSE:UNF)’s share price hit a new 52-week high on Wednesday . The company traded as high as $286.91 and last traded at $284.4760, with a volume of 31522 shares changing hands. The stock had previously closed at $275.26.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Weiss Ratings downgraded UniFirst from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 9th. UBS Group set a $262.00 price target on UniFirst in a report on Monday, July 6th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $246.67.

UniFirst Price Performance

The business’s 50 day simple moving average is $265.22 and its 200-day simple moving average is $245.81. The stock has a market capitalization of $5.09 billion, a P/E ratio of 44.48 and a beta of 0.63.

UniFirst (NYSE:UNF) last posted its quarterly earnings results on Wednesday, July 1st. The textile maker reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.84). UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The company had revenue of $634.40 million during the quarter, compared to analyst estimates of $627.66 million. During the same period last year, the company earned $2.13 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. Research analysts anticipate that UniFirst Corporation will post 7.49 earnings per share for the current fiscal year.

UniFirst Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.365 per share. The ex-dividend date is Friday, September 4th. This represents a $1.46 dividend on an annualized basis and a yield of 0.5%. UniFirst’s dividend payout ratio (DPR) is 23.03%.

Institutional Trading of UniFirst

Hedge funds have recently modified their holdings of the company. Modus Advisors LLC acquired a new position in UniFirst during the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC raised its holdings in UniFirst by 378.1% in the second quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker’s stock worth $29,000 after purchasing an additional 121 shares during the period. Geneos Wealth Management Inc. boosted 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 worth $27,000 after purchasing an additional 128 shares in the last quarter. Danske Bank A S bought a new position in shares of UniFirst during the third quarter worth $33,000. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of UniFirst by 1,244.0% in the 3rd 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 period. 78.17% of the stock is currently owned by institutional investors and hedge funds.

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).