UniFirst (NYSE:UNF) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of UniFirst (NYSE:UNF) to a hold rating in a report issued on Saturday,Wall Street Zen reports.

A number of other equities analysts also recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of UniFirst in a research note on Tuesday, October 6th. Zacks Research raised 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 assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $246.67.

UniFirst Stock Performance

NYSE:UNF traded down $5.71 during trading hours on Friday, hitting $235.78. 323,681 shares of the company’s stock traded hands, compared to its average volume of 403,150. The firm has a market cap of $4.27 billion, a P/E ratio of 39.23 and a beta of 0.65. UniFirst has a twelve month low of $154.00 and a twelve month high of $306.67. The stock’s fifty day moving average price is $259.01 and its two-hundred day moving average price is $261.97.

UniFirst (NYSE:UNF) last posted its quarterly earnings results on Wednesday, October 21st. The textile maker reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($0.14). UniFirst had a return on equity of 6.65% and a net margin of 4.34%. The company had revenue of $645.01 million during the quarter, compared to analysts’ expectations of $634.40 million. During the same period last year, the company earned $2.23 earnings per share. UniFirst’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities research analysts predict that UniFirst will post 8.52 earnings per share for the current year.

UniFirst Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Friday, November 13th will be paid a $0.3750 dividend. The ex-dividend date is Friday, November 13th. This is a positive change from UniFirst’s previous quarterly dividend of $0.3650. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.6%. UniFirst’s dividend payout ratio is presently 24.29%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in UniFirst during the 2nd quarter valued at approximately $580,008,000. State Street Corp grew its stake in shares of UniFirst by 2.9% in the second quarter. State Street Corp now owns 584,085 shares of the textile maker’s stock worth $154,467,000 after acquiring an additional 16,208 shares during the last quarter. Bank of America Corp DE increased its position in UniFirst by 4.3% during the second quarter. Bank of America Corp DE now owns 158,466 shares of the textile maker’s stock worth $41,908,000 after acquiring an additional 6,541 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in UniFirst by 27.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 155,916 shares of the textile maker’s stock worth $39,060,000 after acquiring an additional 33,636 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in UniFirst during the 2nd quarter valued at $30,584,000. 78.17% of the stock is currently owned by institutional investors and hedge funds.

About UniFirst

UniFirst Corporation provides uniform rental and workplace services to businesses across a range of industries. Its programs include workwear selection, laundering, inspection, repair, and scheduled delivery, as well as sales of uniforms and related apparel. The company also supplies facility services such as floor mats, towels, restroom products, and first aid and safety supplies. Through specialized operations, UniFirst provides cleanroom garments and related services for businesses that require controlled environments.