UniFirst (NYSE:UNF) Releases FY 2024 Earnings Guidance

UniFirst (NYSE:UNF) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 6.800-7.160 for the period, compared to the consensus earnings per share estimate of 7.540. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. UniFirst also updated its FY24 guidance to $6.80-7.16 EPS.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on UNF. Robert W. Baird reiterated a neutral rating and issued a $185.00 price objective on shares of UniFirst in a report on Thursday, January 4th. Barclays increased their price objective on UniFirst from $160.00 to $180.00 and gave the stock an equal weight rating in a report on Thursday, February 29th. Finally, StockNews.com cut UniFirst from a buy rating to a hold rating in a report on Saturday, March 23rd. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $177.50.

UniFirst Stock Up 2.9 %

UNF stock opened at $172.07 on Thursday. UniFirst has a twelve month low of $150.50 and a twelve month high of $193.52. The firm has a market cap of $3.22 billion, a PE ratio of 28.82 and a beta of 0.82. The business has a 50 day moving average of $170.03 and a 200 day moving average of $170.12.

UniFirst (NYSE:UNF) last posted its quarterly earnings data on Wednesday, January 3rd. The textile maker reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.18 by $0.20. The company had revenue of $593.50 million during the quarter, compared to analyst estimates of $589.64 million. UniFirst had a return on equity of 6.01% and a net margin of 4.90%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the company earned $2.21 EPS. On average, research analysts expect that UniFirst will post 7.6 earnings per share for the current fiscal year.

UniFirst Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 8th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date is Thursday, March 7th. UniFirst’s payout ratio is 22.11%.

Insiders Place Their Bets

In other UniFirst news, EVP William Masters Ross sold 2,282 shares of UniFirst stock in a transaction on Monday, February 12th. The stock was sold at an average price of $175.27, for a total value of $399,966.14. Following the completion of the sale, the executive vice president now owns 4,034 shares of the company’s stock, valued at approximately $707,039.18. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On UniFirst

Institutional investors and hedge funds have recently bought and sold shares of the stock. Covestor Ltd lifted its position in UniFirst by 187.4% during the first quarter. Covestor Ltd now owns 273 shares of the textile maker’s stock valued at $50,000 after purchasing an additional 178 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in UniFirst during the first quarter valued at $69,000. Tower Research Capital LLC TRC lifted its position in UniFirst by 28.9% during the third quarter. Tower Research Capital LLC TRC now owns 393 shares of the textile maker’s stock valued at $64,000 after purchasing an additional 88 shares in the last quarter. Quantbot Technologies LP purchased a new position in UniFirst during the first quarter valued at $103,000. Finally, SRS Capital Advisors Inc. lifted its position in UniFirst by 16.7% during the second quarter. SRS Capital Advisors Inc. now owns 579 shares of the textile maker’s stock valued at $90,000 after purchasing an additional 83 shares in the last quarter. 78.17% of the stock is currently owned by hedge funds and other institutional investors.

About UniFirst

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.