CIBC Asset Management Inc Buys Shares of 1,017 UniFirst Co. (NYSE:UNF)

CIBC Asset Management Inc bought a new position in shares of UniFirst Co. (NYSE:UNF) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,017 shares of the textile maker’s stock, valued at approximately $202,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Susquehanna Fundamental Investments LLC lifted its position in shares of UniFirst by 67.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 6,704 shares of the textile maker’s stock valued at $1,150,000 after acquiring an additional 2,707 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in UniFirst by 164.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 8,387 shares of the textile maker’s stock valued at $1,666,000 after purchasing an additional 5,213 shares in the last quarter. XTX Topco Ltd boosted its stake in shares of UniFirst by 255.1% during the 2nd quarter. XTX Topco Ltd now owns 4,542 shares of the textile maker’s stock worth $779,000 after purchasing an additional 3,263 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of UniFirst by 8.9% in the second quarter. Victory Capital Management Inc. now owns 622,048 shares of the textile maker’s stock valued at $106,700,000 after buying an additional 51,088 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in shares of UniFirst during the second quarter valued at approximately $471,000. Hedge funds and other institutional investors own 78.17% of the company’s stock.

UniFirst Stock Performance

UNF opened at $200.23 on Friday. UniFirst Co. has a 1 year low of $149.58 and a 1 year high of $205.38. The company’s 50 day simple moving average is $191.32 and its 200 day simple moving average is $179.88. The stock has a market capitalization of $3.72 billion, a PE ratio of 25.77 and a beta of 0.82.

UniFirst Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date of this dividend is Friday, December 6th. This is a positive change from UniFirst’s previous quarterly dividend of $0.33. UniFirst’s dividend payout ratio (DPR) is 18.02%.

Insider Transactions at UniFirst

In other news, major shareholder The Ronald D. Croatti Trust – 1 sold 9,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $190.97, for a total transaction of $1,814,215.00. Following the completion of the sale, the insider now owns 17,390 shares in the company, valued at approximately $3,320,968.30. The trade was a 35.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steven S. Sintros sold 3,207 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $193.04, for a total transaction of $619,079.28. Following the completion of the transaction, the chief executive officer now owns 22,571 shares in the company, valued at $4,357,105.84. The trade was a 12.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,294 shares of company stock worth $2,546,632 in the last ninety days. Insiders own 0.74% of the company’s stock.

Wall Street Analyst Weigh In

UNF has been the topic of a number of analyst reports. StockNews.com upgraded shares of UniFirst from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Robert W. Baird lifted their price objective on UniFirst from $199.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, UniFirst currently has a consensus rating of “Hold” and an average target price of $186.25.

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.