Envestnet Portfolio Solutions Inc. Sells 678 Shares of Unifirst Corporation (NYSE:UNF)

Envestnet Portfolio Solutions Inc. decreased its stake in shares of Unifirst Corporation (NYSE:UNF) by 21.1% during the 1st quarter, HoldingsChannel.com reports. The firm owned 2,528 shares of the textile maker’s stock after selling 678 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Unifirst were worth $440,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its position in shares of Unifirst by 2.8% during the 4th quarter. Principal Financial Group Inc. now owns 72,807 shares of the textile maker’s stock valued at $12,457,000 after acquiring an additional 1,981 shares in the last quarter. Truist Financial Corp boosted its position in shares of Unifirst by 5.5% during the 4th quarter. Truist Financial Corp now owns 1,924 shares of the textile maker’s stock valued at $329,000 after acquiring an additional 100 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its position in shares of Unifirst by 68.7% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 2,553 shares of the textile maker’s stock valued at $437,000 after acquiring an additional 1,040 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Unifirst by 1.8% during the 4th quarter. Bank of New York Mellon Corp now owns 127,700 shares of the textile maker’s stock valued at $21,848,000 after acquiring an additional 2,198 shares in the last quarter. Finally, Illinois Municipal Retirement Fund boosted its position in shares of Unifirst by 0.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 8,140 shares of the textile maker’s stock valued at $1,393,000 after acquiring an additional 73 shares in the last quarter. Institutional investors own 78.17% of the company’s stock.

Unifirst Trading Up 0.3%

Shares of UNF stock opened at $186.58 on Friday. Unifirst Corporation has a 1 year low of $156.34 and a 1 year high of $243.70. The firm’s 50 day moving average is $184.13 and its 200-day moving average is $193.10. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 23.21 and a beta of 0.87.

Unifirst (NYSE:UNF) last announced its earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.03). Unifirst had a return on equity of 7.46% and a net margin of 6.13%. The company had revenue of $602.20 million for the quarter, compared to analyst estimates of $602.81 million. During the same quarter in the previous year, the company posted $1.09 earnings per share. Unifirst’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities research analysts forecast that Unifirst Corporation will post 7.71 earnings per share for the current fiscal year.

Unifirst Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.75%. Unifirst’s payout ratio is 17.41%.

Unifirst declared that its Board of Directors has initiated a share buyback program on Tuesday, April 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the textile maker to repurchase up to 3.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Robert W. Baird decreased their target price on shares of Unifirst from $218.00 to $197.00 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. UBS Group boosted their price target on shares of Unifirst from $194.00 to $196.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. Finally, Barclays restated an “underweight” rating and issued a $152.00 price target (down from $180.00) on shares of Unifirst in a research report on Friday, April 4th.

Unifirst Profile

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.