UniFirst (NYSE:UNF) Stock Rating Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded UniFirst to “strong buy” from “hold.” The stock has a consensus “Moderate Buy” rating, with an average analyst price target of $246.67.
• UniFirst shares opened at $281.39, up 0.9%, with a market capitalization of approximately $5.09 billion. The stock trades at a P/E ratio of 46.82 and remains below its 52-week high of $306.67.
• The company’s latest quarterly results showed revenue rising 5% year over year to $645.01 million, exceeding estimates, while EPS of $1.90 missed consensus expectations of $2.04.

UniFirst (NYSE:UNF - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Thursday, Zacks reports.

UNF has been the topic of several other reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of UniFirst in a research note on Tuesday, October 6th. UBS Group set a $262.00 price target on shares of UniFirst in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $246.67.

UniFirst Stock Up 0.9%

Shares of UniFirst stock opened at $281.39 on Thursday. The firm has a market capitalization of $5.09 billion, a P/E ratio of 46.82 and a beta of 0.60. UniFirst has a 52 week low of $147.66 and a 52 week high of $306.67. The firm's 50 day moving average is $269.52 and its two-hundred day moving average is $270.03.

UniFirst (NYSE:UNF - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The textile maker reported $1.90 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($0.14). The company had revenue of $645.01 million for the quarter, compared to analyst estimates of $634.40 million. UniFirst had a return on equity of 6.65% and a net margin of 4.34%. The firm's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.23 EPS. As a group, research analysts expect that UniFirst will post 8.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On UniFirst

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its holdings in shares of UniFirst by 1.7% in the third quarter. Nisa Investment Advisors LLC now owns 3,212 shares of the textile maker's stock worth $805,000 after acquiring an additional 54 shares during the last quarter. Abel Hall LLC lifted its position in shares of UniFirst by 5.5% in the third quarter. Abel Hall LLC now owns 882 shares of the textile maker's stock valued at $221,000 after acquiring an additional 46 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of UniFirst by 94.2% in the third quarter. GAMMA Investing LLC now owns 2,177 shares of the textile maker's stock valued at $545,000 after acquiring an additional 1,056 shares in the last quarter. QRG Capital Management Inc. boosted its stake in shares of UniFirst by 13.4% during the second quarter. QRG Capital Management Inc. now owns 3,851 shares of the textile maker's stock valued at $1,018,000 after acquiring an additional 454 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of UniFirst by 2.9% during the second quarter. State Street Corp now owns 584,085 shares of the textile maker's stock valued at $154,467,000 after acquiring an additional 16,208 shares during the last quarter. Hedge funds and other institutional investors own 78.17% of the company's stock.

About UniFirst

UniFirst Corporation NYSE: UNF provides workplace uniforms, workwear rental, and textile services to businesses and organizations. Its offerings include uniform rental and laundering, work garments, protective apparel, floor mats, restroom supplies, first-aid products, and other workplace service programs.

The company also provides specialized apparel and services for industries with particular cleanliness or safety requirements, including healthcare, manufacturing, food processing, and cleanroom environments.

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