Lazard Asset Management LLC Acquires Shares of 2,576 UniFirst Corporation $UNF

Lazard Asset Management LLC bought a new position in shares of UniFirst Corporation (NYSE:UNF) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,576 shares of the textile maker’s stock, valued at approximately $648,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. River Road Asset Management LLC grew its stake in UniFirst by 9.6% in the fourth quarter. River Road Asset Management LLC now owns 865,014 shares of the textile maker’s stock worth $166,861,000 after purchasing an additional 75,524 shares during the period. Dimensional Fund Advisors LP lifted its position in UniFirst by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 787,418 shares of the textile maker’s stock valued at $151,895,000 after buying an additional 14,751 shares during the period. Engine Capital Management LP boosted its holdings in shares of UniFirst by 640.5% during the 4th quarter. Engine Capital Management LP now owns 459,871 shares of the textile maker’s stock valued at $88,709,000 after buying an additional 397,772 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of UniFirst by 46.8% during the 4th quarter. First Trust Advisors LP now owns 451,194 shares of the textile maker’s stock valued at $87,035,000 after buying an additional 143,853 shares in the last quarter. Finally, Brandes Investment Partners LP grew its position in shares of UniFirst by 164.2% in the 4th quarter. Brandes Investment Partners LP now owns 367,786 shares of the textile maker’s stock worth $70,946,000 after buying an additional 228,586 shares during the period. Hedge funds and other institutional investors own 78.17% of the company’s stock.

UniFirst Stock Down 0.1%

NYSE:UNF opened at $289.56 on Friday. The company’s 50 day moving average price is $275.88 and its 200-day moving average price is $256.86. UniFirst Corporation has a 52 week low of $147.66 and a 52 week high of $306.67. The stock has a market cap of $5.24 billion, a price-to-earnings ratio of 45.67 and a beta of 0.63.

UniFirst (NYSE:UNF) last announced 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). The firm had revenue of $634.40 million for the quarter, compared to the consensus estimate of $627.66 million. UniFirst had a net margin of 4.65% and a return on equity of 6.44%. UniFirst’s revenue was up 3.9% on a year-over-year basis. During the same period last year, the business earned $2.13 EPS. As a group, sell-side analysts anticipate that UniFirst Corporation will post 7.49 earnings per share for the current year.

UniFirst Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a $0.365 dividend. 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%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Weiss Ratings cut shares of UniFirst from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 9th. UBS Group set a $262.00 price objective on UniFirst in a research note on Monday, July 6th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, UniFirst presently has an average rating of “Hold” and an average price target of $246.67.

UniFirst Company Profile

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).