Harvest Management LLC Acquires New Position in UniFirst Corporation $UNF

Harvest Management LLC bought a new position in UniFirst Corporation (NYSE:UNF) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,071 shares of the textile maker’s stock, valued at approximately $1,606,000. UniFirst makes up about 0.6% of Harvest Management LLC’s holdings, making the stock its 21st biggest position.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Royal Bank of Canada grew its position in UniFirst by 7.8% during the 1st quarter. Royal Bank of Canada now owns 27,152 shares of the textile maker’s stock worth $4,724,000 after acquiring an additional 1,974 shares during the last quarter. AQR Capital Management LLC lifted its position in UniFirst by 13.4% in the first quarter. AQR Capital Management LLC now owns 5,069 shares of the textile maker’s stock valued at $882,000 after purchasing an additional 599 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in UniFirst by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,966 shares of the textile maker’s stock valued at $1,560,000 after purchasing an additional 397 shares during the last quarter. Millennium Management LLC boosted its stake in shares of UniFirst by 37.3% during the first quarter. Millennium Management LLC now owns 105,331 shares of the textile maker’s stock valued at $18,328,000 after purchasing an additional 28,589 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of UniFirst by 3.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 34,914 shares of the textile maker’s stock valued at $6,075,000 after purchasing an additional 1,326 shares during the period. 78.17% of the stock is currently owned by institutional investors.

UniFirst Stock Down 1.2%

Shares of UniFirst stock opened at $282.36 on Friday. The business has a 50 day moving average of $282.97 and a 200 day moving average of $265.59. UniFirst Corporation has a 52 week low of $147.66 and a 52 week high of $306.67. The company has a market cap of $5.11 billion, a PE ratio of 44.54 and a beta of 0.63.

UniFirst (NYSE:UNF) last released its quarterly earnings results on Wednesday, July 1st. The textile maker reported $1.09 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $627.66 million. During the same quarter last year, the firm earned $2.13 EPS. The business’s revenue was up 3.9% on a year-over-year basis. On average, research analysts anticipate that UniFirst Corporation will post 7.49 earnings per share for the current year.

UniFirst Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a dividend of $0.365 per share. The ex-dividend date is Friday, September 4th. This represents a $1.46 annualized dividend and a dividend yield of 0.5%. UniFirst’s payout ratio is currently 23.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Weiss Ratings lowered shares of UniFirst from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 9th. UBS Group set a $262.00 target price on shares of 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 has a consensus rating of “Hold” and an average target price of $246.67.

About UniFirst

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).