UniFirst (NYSE:UNF) Releases Earnings Results, Misses Expectations By $0.84 EPS

UniFirst (NYSE:UNF) announced its earnings results on Wednesday. The textile maker reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.84), FiscalAI reports. UniFirst had a net margin of 5.49% and a return on equity of 6.49%. The company had revenue of $634.40 million for the quarter, compared to the consensus estimate of $627.66 million.

UniFirst Trading Up 0.3%

Shares of NYSE:UNF opened at $264.83 on Wednesday. The stock has a fifty day simple moving average of $262.45 and a two-hundred day simple moving average of $239.51. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of 35.89 and a beta of 0.63. UniFirst has a 12-month low of $147.66 and a 12-month high of $283.77.

UniFirst Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Friday, June 5th. UniFirst’s dividend payout ratio (DPR) is 19.78%.

Analyst Ratings Changes

Several analysts have commented on the stock. 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. UBS Group upped their target price on UniFirst from $206.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, April 2nd. Finally, Weiss Ratings raised UniFirst from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $228.25.

Institutional Investors Weigh In On UniFirst

Institutional investors have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV raised its position in shares of UniFirst by 20.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 2,153 shares of the textile maker’s stock worth $415,000 after purchasing an additional 367 shares during the last quarter. Empowered Funds LLC purchased a new stake in UniFirst during the 4th quarter valued at about $92,000. XTX Topco Ltd purchased a new stake in UniFirst during the 4th quarter valued at about $1,891,000. SummitTX Capital L.P. bought a new stake in UniFirst during the 4th quarter valued at about $228,000. Finally, Summit Securities Group LLC bought a new stake in UniFirst during the 4th quarter valued at about $135,000. 78.17% of the stock is owned by hedge funds and other institutional investors.

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).