Cubist Systematic Strategies LLC Purchases Shares of 8,346 UniFirst Co. (NYSE:UNF)

Cubist Systematic Strategies LLC purchased a new stake in shares of UniFirst Co. (NYSE:UNF - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 8,346 shares of the textile maker's stock, valued at approximately $1,428,000.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC lifted its stake in UniFirst by 464.6% in the third quarter. Barclays PLC now owns 41,220 shares of the textile maker's stock worth $8,188,000 after acquiring an additional 33,919 shares during the period. Harbor Capital Advisors Inc. increased its holdings in UniFirst by 1.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 8,535 shares of the textile maker's stock worth $1,460,000 after buying an additional 148 shares in the last quarter. Salem Investment Counselors Inc. increased its holdings in UniFirst by 24.7% in the 4th quarter. Salem Investment Counselors Inc. now owns 11,519 shares of the textile maker's stock worth $1,974,000 after buying an additional 2,281 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in UniFirst in the fourth quarter worth about $255,000. Finally, Park Avenue Securities LLC boosted its position in UniFirst by 25.5% in the fourth quarter. Park Avenue Securities LLC now owns 2,793 shares of the textile maker's stock worth $478,000 after purchasing an additional 568 shares during the last quarter. Hedge funds and other institutional investors own 78.17% of the company's stock.

UniFirst Stock Up 0.9%

Shares of NYSE:UNF opened at $185.76 on Tuesday. UniFirst Co. has a 52-week low of $149.58 and a 52-week high of $243.70. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 23.75 and a beta of 0.87. The business has a 50-day moving average price of $182.17 and a 200-day moving average price of $195.12.

UniFirst (NYSE:UNF - Get Free Report) last announced its quarterly earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.03). UniFirst had a net margin of 6.00% and a return on equity of 7.40%. The company had revenue of $602.20 million for the quarter, compared to analysts' expectations of $602.81 million. During the same quarter in the prior year, the business posted $1.09 earnings per share. The firm's revenue was up 1.9% compared to the same quarter last year. As a group, equities analysts anticipate 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, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 0.75%. UniFirst's dividend payout ratio (DPR) is 17.41%.

UniFirst announced that its board has approved a stock buyback plan on Tuesday, April 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the textile maker to purchase up to 3.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Robert W. Baird cut their price objective on UniFirst from $218.00 to $197.00 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. UBS Group boosted their price target on shares of UniFirst from $194.00 to $196.00 and gave the stock 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 previously from $180.00) on shares of UniFirst in a research report on Friday, April 4th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, UniFirst presently has an average rating of "Hold" and a consensus price target of $180.00.

Insiders Place Their Bets

In other news, VP David Martin Katz sold 1,299 shares of the company's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $210.95, for a total transaction of $274,024.05. Following the completion of the transaction, the vice president now directly owns 6,455 shares of the company's stock, valued at approximately $1,361,682.25. This represents a 16.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.86% of the stock is owned by company insiders.

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.

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