UniFirst (NYSE:UNF) Issues Earnings Results

UniFirst (NYSE:UNF) released its earnings results on Wednesday. The textile maker reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.08), Briefing.com reports. UniFirst had a return on equity of 6.68% and a net margin of 5.70%.The firm had revenue of $622.51 million for the quarter, compared to the consensus estimate of $614.91 million. UniFirst’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the company posted $1.31 EPS.

UniFirst Price Performance

UNF stock traded up $2.86 during mid-day trading on Wednesday, reaching $254.45. The company had a trading volume of 55,605 shares, compared to its average volume of 304,450. The stock has a 50 day simple moving average of $237.78 and a two-hundred day simple moving average of $196.68. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of 33.59 and a beta of 0.69. UniFirst has a 52 week low of $147.66 and a 52 week high of $283.77.

UniFirst Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 6th were given a dividend of $0.365 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.46 annualized dividend and a yield of 0.6%. UniFirst’s dividend payout ratio is 19.31%.

Insider Activity

In other news, VP David Martin Katz sold 1,464 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $237.54, for a total value of $347,758.56. Following the completion of the sale, the vice president owned 6,461 shares of the company’s stock, valued at approximately $1,534,745.94. This represents a 18.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.86% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. raised its stake in UniFirst by 474.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker’s stock valued at $27,000 after acquiring an additional 128 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of UniFirst by 378.1% in the second quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker’s stock valued at $29,000 after purchasing an additional 121 shares during the period. Danske Bank A S acquired a new stake in shares of UniFirst during the 3rd quarter worth about $33,000. Brown Brothers Harriman & Co. boosted its holdings in shares of UniFirst by 1,244.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker’s stock worth $56,000 after buying an additional 311 shares during the period. Finally, Advisory Services Network LLC bought a new stake in shares of UniFirst during the 3rd quarter worth about $57,000. 78.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on UNF shares. Barclays upped their price objective on UniFirst from $250.00 to $280.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 12th. Zacks Research upgraded UniFirst from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. UBS Group upped their price target on UniFirst from $182.00 to $206.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of UniFirst in a report on Wednesday, January 21st. Finally, Robert W. Baird set a $198.00 price objective on shares of UniFirst in a research report on Thursday, January 8th. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $214.75.

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).