UniFirst (NYSE:UNF) Shares Down 5.4% – Here’s What Happened

UniFirst Corporation (NYSE:UNF)’s share price was down 5.4% on Tuesday. The stock traded as low as $276.02 and last traded at $264.4770. Approximately 37,697 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 257,424 shares. The stock had previously closed at $279.64.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of UniFirst in a report on Tuesday, October 6th. UBS Group set a $262.00 price objective on UniFirst in a report on Monday, July 6th. Finally, Zacks Research raised UniFirst from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, UniFirst has a consensus rating of “Moderate Buy” and an average price target of $246.67.

UniFirst Trading Down 8.1%

The company has a market cap of $4.64 billion, a PE ratio of 42.73 and a beta of 0.60. The firm’s fifty day moving average is $269.61 and its 200 day moving average is $259.07.

UniFirst (NYSE:UNF) last posted its quarterly earnings data on Wednesday, October 21st. The textile maker reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($0.14). The company had revenue of $645.01 million for the quarter, compared to analyst estimates of $634.40 million. UniFirst had a return on equity of 6.65% and a net margin of 4.34%. The business’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.23 earnings per share. As a group, sell-side analysts anticipate that UniFirst Corporation will post 8.52 EPS for the current fiscal year.

Institutional Trading of UniFirst

A number of institutional investors and hedge funds have recently modified their holdings of UNF. Integrated Wealth Concepts LLC acquired a new position in shares of UniFirst during the 2nd quarter worth about $31,000. Longfellow Investment Management Co. LLC acquired a new stake in UniFirst in the 2nd quarter worth about $69,000. Global Retirement Partners LLC acquired a new stake in UniFirst in the 2nd quarter worth about $77,000. Nykredit A S acquired a new position in shares of UniFirst during the second quarter valued at approximately $110,000. Finally, Abel Hall LLC purchased a new position in shares of UniFirst in the first quarter valued at approximately $215,000. Hedge funds and other institutional investors own 78.17% of the company’s stock.

UniFirst Company Profile

UniFirst Corporation (NYSE: UNF) provides workplace uniforms, workwear rental, and textile services to businesses and organizations. Its offerings include uniform rental and laundering, work garments, protective apparel, floor mats, restroom supplies, first-aid products, and other workplace service programs.

The company also provides specialized apparel and services for industries with particular cleanliness or safety requirements, including healthcare, manufacturing, food processing, and cleanroom environments.