UBS Group Forecasts Strong Price Appreciation for UniFirst (NYSE:UNF) Stock

UniFirst (NYSE:UNF) had its price target upped by UBS Group from $194.00 to $196.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the textile maker’s stock.

Other equities analysts have also issued research reports about the stock. Robert W. Baird cut their price objective on shares of UniFirst from $218.00 to $197.00 and set a “neutral” rating on the stock in a research report on Thursday. StockNews.com cut shares of UniFirst from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 8th.

UniFirst Price Performance

NYSE UNF opened at $171.94 on Thursday. The company has a 50 day simple moving average of $206.02 and a 200-day simple moving average of $198.29. UniFirst has a 52-week low of $149.58 and a 52-week high of $243.70. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of 21.99 and a beta of 0.89.

UniFirst (NYSE:UNF) last issued its earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.03). UniFirst had a net margin of 6.00% and a return on equity of 7.40%. The company had revenue of $602.20 million for the quarter, compared to analyst estimates of $602.81 million. During the same period last year, the business earned $1.09 EPS. The company’s quarterly revenue was up 1.9% on a year-over-year basis. On average, analysts predict that UniFirst will post 7.71 EPS for the current year.

UniFirst Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a $0.35 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.81%. UniFirst’s dividend payout ratio is currently 17.90%.

Insider Transactions at UniFirst

In related news, VP David Martin Katz sold 1,299 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $210.95, for a total value of $274,024.05. Following the completion of the transaction, the vice president now directly owns 6,455 shares of the company’s stock, valued at $1,361,682.25. This trade represents a 16.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.86% of the stock is owned by insiders.

Hedge Funds Weigh In On UniFirst

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in UniFirst by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 1,708,242 shares of the textile maker’s stock valued at $292,263,000 after acquiring an additional 6,393 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of UniFirst by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 763,689 shares of the textile maker’s stock valued at $130,660,000 after purchasing an additional 15,517 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of UniFirst by 5.5% in the 4th quarter. JPMorgan Chase & Co. now owns 387,326 shares of the textile maker’s stock worth $66,268,000 after buying an additional 20,056 shares in the last quarter. Copeland Capital Management LLC lifted its position in shares of UniFirst by 9.9% during the 4th quarter. Copeland Capital Management LLC now owns 365,047 shares of the textile maker’s stock worth $62,456,000 after buying an additional 32,860 shares during the period. Finally, Geode Capital Management LLC boosted its stake in UniFirst by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 349,298 shares of the textile maker’s stock valued at $69,401,000 after buying an additional 4,136 shares in the last quarter. Institutional investors and hedge funds own 78.17% of the company’s stock.

UniFirst Company Profile

UniFirst Corporation provides workplace uniforms and protective work wear clothing in the United States, Europe, and Canada. The company operates through U.S. and Canadian Rental and Cleaning, Manufacturing, Specialty Garments Rental and Cleaning, and First Aid segments. It designs, manufactures, personalizes, rents, cleans, delivers, and sells a range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, lab coats, smocks, and aprons; and specialized protective wear, such as flame resistant and high visibility garments.