Research Analysts Set Expectations for UniFirst Co.’s FY2024 Earnings (NYSE:UNF)

UniFirst Co. (NYSE:UNF) – Equities research analysts at William Blair reduced their FY2024 earnings per share (EPS) estimates for shares of UniFirst in a research report issued on Thursday, March 28th. William Blair analyst T. Mulrooney now forecasts that the textile maker will post earnings of $7.44 per share for the year, down from their previous forecast of $7.56. The consensus estimate for UniFirst’s current full-year earnings is $6.98 per share. William Blair also issued estimates for UniFirst’s Q4 2024 earnings at $1.96 EPS.

UniFirst (NYSE:UNF) last released its quarterly earnings results on Wednesday, January 3rd. The textile maker reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.18 by $0.20. The company had revenue of $593.50 million during the quarter, compared to analysts’ expectations of $589.64 million. UniFirst had a return on equity of 6.19% and a net margin of 4.92%. UniFirst’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.21 EPS.

A number of other equities analysts also recently issued reports on UNF. UBS Group increased their price target on UniFirst from $184.00 to $186.00 and gave the stock a “neutral” rating in a research report on Thursday. Barclays increased their price target on UniFirst from $160.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 29th. StockNews.com cut UniFirst from a “buy” rating to a “hold” rating in a report on Saturday, March 23rd. Finally, Robert W. Baird reissued a “neutral” rating and set a $185.00 target price on shares of UniFirst in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $177.75.

UniFirst Trading Up 0.8 %

Shares of UNF stock opened at $173.43 on Friday. The company has a market capitalization of $3.24 billion, a P/E ratio of 28.38 and a beta of 0.82. The business’s 50 day moving average is $170.19 and its two-hundred day moving average is $170.15. UniFirst has a 12-month low of $150.50 and a 12-month high of $187.22.

UniFirst Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 8th will be issued a $0.33 dividend. The ex-dividend date is Thursday, March 7th. This represents a $1.32 annualized dividend and a dividend yield of 0.76%. UniFirst’s dividend payout ratio is presently 21.60%.

Insider Activity at UniFirst

In related news, EVP William Masters Ross sold 2,282 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $175.27, for a total value of $399,966.14. Following the completion of the sale, the executive vice president now owns 4,034 shares of the company’s stock, valued at $707,039.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On UniFirst

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UNF. Morgan Stanley increased its stake in UniFirst by 242.5% during the fourth quarter. Morgan Stanley now owns 346,190 shares of the textile maker’s stock worth $66,811,000 after acquiring an additional 245,102 shares during the last quarter. Norges Bank acquired a new stake in UniFirst during the fourth quarter worth $28,362,000. Comerica Bank acquired a new stake in UniFirst during the second quarter worth $22,256,000. T. Rowe Price Investment Management Inc. acquired a new stake in UniFirst during the fourth quarter worth $26,359,000. Finally, Victory Capital Management Inc. increased its stake in UniFirst by 14.6% during the fourth quarter. Victory Capital Management Inc. now owns 484,859 shares of the textile maker’s stock worth $93,573,000 after acquiring an additional 61,624 shares during the last quarter. Institutional investors and hedge funds own 78.17% of the company’s stock.

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.