UniFirst (NYSE:UNF) Shares Gap Down After Analyst Downgrade

UniFirst Co. (NYSE:UNF)’s share price gapped down before the market opened on Tuesday after UBS Group lowered their price target on the stock from $235.00 to $194.00. The stock had previously closed at $197.57, but opened at $171.50. UBS Group currently has a neutral rating on the stock. UniFirst shares last traded at $172.25, with a volume of 95,993 shares changing hands.

Separately, StockNews.com cut shares of UniFirst from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 8th.

Insider Transactions at UniFirst

In related news, VP David Martin Katz sold 1,299 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $210.95, for a total transaction of $274,024.05. Following the transaction, the vice president now owns 6,455 shares of the company’s stock, valued at approximately $1,361,682.25. The trade was a 16.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.86% of the company’s stock.

Institutional Trading of UniFirst

A number of hedge funds have recently bought and sold shares of UNF. SageView Advisory Group LLC raised its position in shares of UniFirst by 3.1% during the fourth quarter. SageView Advisory Group LLC now owns 1,580 shares of the textile maker’s stock valued at $270,000 after buying an additional 48 shares during the last quarter. FMR LLC raised its holdings in UniFirst by 3.1% in the 3rd quarter. FMR LLC now owns 1,936 shares of the textile maker’s stock valued at $385,000 after acquiring an additional 58 shares in the last quarter. Principal Securities Inc. lifted its position in shares of UniFirst by 10.1% in the 4th quarter. Principal Securities Inc. now owns 740 shares of the textile maker’s stock worth $127,000 after acquiring an additional 68 shares during the period. Cetera Investment Advisers grew its holdings in shares of UniFirst by 3.1% during the 4th quarter. Cetera Investment Advisers now owns 2,231 shares of the textile maker’s stock worth $382,000 after purchasing an additional 68 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its position in shares of UniFirst by 0.9% during the fourth quarter. Illinois Municipal Retirement Fund now owns 8,140 shares of the textile maker’s stock valued at $1,393,000 after purchasing an additional 73 shares during the period. 78.17% of the stock is owned by institutional investors.

UniFirst Price Performance

The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 21.75 and a beta of 0.89. The business has a 50 day moving average of $212.10 and a 200 day moving average of $198.77.

UniFirst (NYSE:UNF) last posted its earnings results on Wednesday, January 8th. The textile maker reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.22 by $0.09. The business had revenue of $604.91 million for the quarter, compared to analysts’ expectations of $606.60 million. UniFirst had a net margin of 6.00% and a return on equity of 7.40%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.26 earnings per share. On average, sell-side analysts forecast that UniFirst Co. will post 7.71 EPS for the current fiscal year.

UniFirst Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend is Friday, March 7th. UniFirst’s dividend payout ratio (DPR) is 17.90%.

UniFirst Company 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.