Unifi, Inc. (NYSE:UFI) saw a large drop in short interest in August. As of August 31st, there was short interest totalling 470,300 shares, a drop of 15.4% from the July 31st total of 555,800 shares. Based on an average daily volume of 81,100 shares, the short-interest ratio is presently 5.8 days. Currently, 2.9% of the company’s stock are sold short.

Separately, Zacks Investment Research upgraded Unifi from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Thursday, August 15th.

In other news, insider Spring Master Fund L. Valueact bought 115,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $18.80 per share, for a total transaction of $2,162,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kenneth G. Langone bought 20,711 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $18.27 per share, for a total transaction of $378,389.97. Following the completion of the acquisition, the director now owns 1,182,500 shares in the company, valued at $21,604,275. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 228,841 shares of company stock worth $4,385,065. 22.41% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UFI. Cutler Group LP increased its position in shares of Unifi by 39.0% during the 2nd quarter. Cutler Group LP now owns 2,138 shares of the textile maker’s stock valued at $38,000 after purchasing an additional 600 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its position in shares of Unifi by 15.9% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 8,810 shares of the textile maker’s stock valued at $160,000 after purchasing an additional 1,210 shares during the last quarter. Asset Planning Services Ltd. purchased a new stake in shares of Unifi during the 2nd quarter valued at $28,000. Bank of Montreal Can increased its position in shares of Unifi by 51.0% during the 2nd quarter. Bank of Montreal Can now owns 4,642 shares of the textile maker’s stock valued at $85,000 after purchasing an additional 1,568 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in shares of Unifi by 373.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,252 shares of the textile maker’s stock valued at $63,000 after purchasing an additional 2,565 shares during the last quarter. 80.99% of the stock is owned by institutional investors and hedge funds.

NYSE UFI traded up $0.91 on Friday, reaching $23.87. The company had a trading volume of 119,035 shares, compared to its average volume of 98,571. The stock has a market capitalization of $414.73 million, a P/E ratio of 183.62 and a beta of 0.70. The company’s fifty day moving average is $19.28 and its 200 day moving average is $19.53. Unifi has a 52-week low of $15.90 and a 52-week high of $30.20. The company has a quick ratio of 1.76, a current ratio of 3.55 and a debt-to-equity ratio of 0.28.

Unifi (NYSE:UFI) last released its quarterly earnings results on Wednesday, August 7th. The textile maker reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $179.49 million during the quarter, compared to analyst estimates of $186.90 million. Unifi had a return on equity of 0.14% and a net margin of 0.35%. On average, research analysts expect that Unifi will post 0.86 EPS for the current year.

Unifi Company Profile

Unifi, Inc, together with its subsidiaries, manufactures and sells synthetic and recycled products made from polyester and nylon in the United States, Brazil, China, and internationally. The company operates in three segments: Polyester, Nylon, and International. The Polyester segment manufactures and sells polyester plastic bottle flakes, polymer beads, partially oriented yarns, textured, solution and package dyed, twisted, beamed, and draw wound yarns to other yarn manufacturers, and knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, home furnishings, automotive, industrial, and other end-use markets.

Further Reading: Quick Ratio

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