UniFirst (NYSE:UNF) Price Target Lowered to $194.00 at UBS Group

UniFirst (NYSE:UNF) had its target price decreased by UBS Group from $235.00 to $194.00 in a report published on Tuesday morning,Benzinga reports. UBS Group currently has a neutral rating on the textile maker’s stock.

Separately, StockNews.com downgraded UniFirst from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 8th.

UniFirst Price Performance

UniFirst stock opened at $169.30 on Tuesday. The business has a 50 day simple moving average of $213.31 and a 200 day simple moving average of $198.98. The company has a market capitalization of $3.14 billion, a PE ratio of 21.65 and a beta of 0.89. UniFirst has a one year low of $149.58 and a one year high of $243.70.

UniFirst (NYSE:UNF) last issued its quarterly earnings data on Wednesday, January 8th. The textile maker reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.22 by $0.09. UniFirst had a return on equity of 7.40% and a net margin of 6.00%. The company had revenue of $604.91 million during the quarter, compared to analysts’ expectations of $606.60 million. During the same period last year, the business earned $2.26 earnings per share. The business’s revenue was up 1.9% on a year-over-year basis. Equities analysts anticipate that UniFirst will post 7.71 earnings per share for the current fiscal year.

UniFirst Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date is Friday, March 7th. UniFirst’s dividend payout ratio is currently 17.90%.

Insider Buying and Selling

In other news, VP David Martin Katz sold 1,299 shares of UniFirst stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $210.95, for a total transaction of $274,024.05. Following the completion of the sale, the vice president now owns 6,455 shares in the company, valued at $1,361,682.25. The trade was a 16.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.86% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On UniFirst

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of UniFirst in the 4th quarter valued at $31,133,000. Raymond James Financial Inc. bought a new stake in UniFirst in the fourth quarter valued at about $24,576,000. Cerity Partners LLC acquired a new position in UniFirst in the third quarter valued at about $10,270,000. Ulysses Management LLC bought a new position in UniFirst during the fourth quarter worth about $8,318,000. Finally, Millennium Management LLC grew its position in shares of UniFirst by 148.4% during the 4th quarter. Millennium Management LLC now owns 76,742 shares of the textile maker’s stock worth $13,130,000 after buying an additional 45,850 shares during the period. 78.17% of the stock is owned by 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.