UniFirst (NYSE:UNF) Reaches New 52-Week High – Here’s What Happened

Shares of UniFirst Corporation (NYSE:UNF) reached a new 52-week high on Monday . The company traded as high as $297.67 and last traded at $295.13, with a volume of 2445 shares traded. The stock had previously closed at $294.34.

Wall Street Analysts Forecast Growth

UNF has been the subject of a number of recent research reports. Weiss Ratings downgraded shares of UniFirst from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. UBS Group set a $262.00 price objective on shares of UniFirst in a research report on Monday, July 6th. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $246.67.

UniFirst Price Performance

The firm has a 50 day moving average of $270.65 and a two-hundred day moving average of $251.11. The stock has a market cap of $5.36 billion, a PE ratio of 46.82 and a beta of 0.63.

UniFirst (NYSE:UNF) last announced its quarterly earnings results on Wednesday, July 1st. The textile maker reported $1.09 EPS for the quarter, missing the consensus estimate of $1.93 by ($0.84). The company had revenue of $634.40 million during the quarter, compared to analysts’ expectations of $627.66 million. UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.13 earnings per share. As a group, equities analysts anticipate that UniFirst Corporation will post 7.49 EPS for the current fiscal year.

UniFirst Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a $0.365 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.46 annualized dividend and a dividend yield of 0.5%. UniFirst’s dividend payout ratio is presently 23.03%.

Institutional Investors Weigh In On UniFirst

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada boosted its stake in UniFirst by 7.8% in the first quarter. Royal Bank of Canada now owns 27,152 shares of the textile maker’s stock valued at $4,724,000 after acquiring an additional 1,974 shares in the last quarter. AQR Capital Management LLC increased its position in shares of UniFirst by 13.4% during the first quarter. AQR Capital Management LLC now owns 5,069 shares of the textile maker’s stock worth $882,000 after purchasing an additional 599 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of UniFirst by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,966 shares of the textile maker’s stock worth $1,560,000 after purchasing an additional 397 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of UniFirst by 37.3% in the 1st quarter. Millennium Management LLC now owns 105,331 shares of the textile maker’s stock valued at $18,328,000 after purchasing an additional 28,589 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of UniFirst by 3.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 34,914 shares of the textile maker’s stock valued at $6,075,000 after purchasing an additional 1,326 shares during the period. 78.17% of the stock is owned by hedge funds and other institutional investors.

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).