UniFirst (NYSE:UNF) Announces Quarterly Earnings Results

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

UniFirst Price Performance

Shares of NYSE UNF traded up $3.75 during mid-day trading on Wednesday, hitting $255.34. The company had a trading volume of 95,195 shares, compared to its average volume of 305,475. The company has a market capitalization of $4.61 billion, a PE ratio of 33.76 and a beta of 0.69. The business’s 50-day simple moving average is $237.78 and its 200 day simple moving average is $196.68. UniFirst has a 1-year low of $147.66 and a 1-year high of $283.77.

UniFirst Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 6th were paid a $0.365 dividend. This represents a $1.46 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Friday, March 6th. UniFirst’s dividend payout ratio (DPR) is presently 19.31%.

Insiders Place Their Bets

In other news, VP David Martin Katz sold 1,464 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $237.54, for a total value of $347,758.56. Following the sale, the vice president directly owned 6,461 shares in the company, valued at approximately $1,534,745.94. This trade represents a 18.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.86% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV purchased a new stake in UniFirst in the third quarter valued at $299,000. Entropy Technologies LP purchased a new position in shares of UniFirst during the third quarter worth about $268,000. Aristides Capital LLC acquired a new stake in shares of UniFirst during the third quarter worth about $259,000. Tower Research Capital LLC TRC lifted its holdings in shares of UniFirst by 248.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,488 shares of the textile maker’s stock valued at $280,000 after purchasing an additional 1,061 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of UniFirst in the 4th quarter valued at about $92,000. 78.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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