Traders Buy High Volume of Call Options on UniFirst (NYSE:UNF)

UniFirst Corporation (NYSE:UNF) saw some unusual options trading activity on Wednesday. Stock investors bought 6,752 call options on the stock. This represents an increase of 2,836% compared to the typical daily volume of 230 call options.

UniFirst Stock Up 0.6%

Shares of UNF stock traded up $1.51 during trading hours on Wednesday, hitting $251.91. The company’s stock had a trading volume of 62,052 shares, compared to its average volume of 266,047. UniFirst has a 12-month low of $147.66 and a 12-month high of $306.67. The company has a 50 day moving average of $268.91 and a 200 day moving average of $259.34.

UniFirst (NYSE:UNF) last issued its quarterly earnings data on Wednesday, October 21st. The textile maker reported $1.90 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($0.14). The firm had revenue of $645.01 million for the quarter, compared to analyst estimates of $634.40 million. During the same quarter last year, the firm earned $2.23 earnings per share. UniFirst’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, equities research analysts forecast that UniFirst will post 8.52 earnings per share for the current year.

Institutional Investors Weigh In On UniFirst

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of UniFirst during the second quarter worth approximately $580,008,000. State Street Corp grew its position in UniFirst by 2.9% in the 2nd quarter. State Street Corp now owns 584,085 shares of the textile maker’s stock valued at $154,467,000 after buying an additional 16,208 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of UniFirst by 4.3% in the 2nd quarter. Bank of America Corp DE now owns 158,466 shares of the textile maker’s stock valued at $41,908,000 after buying an additional 6,541 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of UniFirst during the 2nd quarter worth approximately $30,584,000. Finally, Squarepoint Ops LLC increased its position in shares of UniFirst by 75.8% in the second quarter. Squarepoint Ops LLC now owns 107,196 shares of the textile maker’s stock valued at $28,349,000 after buying an additional 46,221 shares in the last quarter. Institutional investors and hedge funds own 78.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on UNF shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of UniFirst in a research note 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 shares of UniFirst from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 22nd. One equities research 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $246.67.

About UniFirst

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.