3,537 Shares in UniFirst Corporation $UNF Acquired by Hsbc Holdings PLC

Key Points

• HSBC Holdings acquired 3,537 UniFirst shares worth approximately $887,000 in the first quarter. Institutional investors collectively own 78.17% of the company, with several other funds also increasing their positions.
• UniFirst shares opened at $301.54, near their 52-week high of $306.67, while the company’s latest quarterly earnings of $1.09 per share missed analysts’ $1.93 estimate despite revenue rising 3.9% year over year to $634.4 million.
• The company declared a quarterly dividend of $0.365 per share, equivalent to an annualized $1.46 payout and a 0.5% yield. Analysts maintain a consensus “Hold” rating with an average price target of $246.67.

Hsbc Holdings PLC acquired a new stake in shares of UniFirst Corporation (NYSE:UNF - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,537 shares of the textile maker's stock, valued at approximately $887,000.

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

UniFirst Price Performance

Shares of UNF opened at $301.54 on Thursday. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of 47.56 and a beta of 0.63. UniFirst Corporation has a 1 year low of $147.66 and a 1 year high of $306.67. The business's 50 day simple moving average is $272.74 and its 200-day simple moving average is $253.19.

UniFirst (NYSE:UNF - Get Free Report) last posted its earnings results on Wednesday, July 1st. The textile maker reported $1.09 earnings per share for the quarter, missing analysts' consensus estimates of $1.93 by ($0.84). UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The business had revenue of $634.40 million during the quarter, compared to analysts' expectations of $627.66 million. During the same period last year, the business posted $2.13 earnings per share. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, sell-side analysts expect that UniFirst Corporation will post 7.49 earnings per share for the current year.

UniFirst Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a $0.365 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, September 4th. UniFirst's dividend payout ratio (DPR) is presently 23.03%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on UNF shares. Weiss Ratings lowered shares of UniFirst from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. UBS Group set a $262.00 price objective on shares of UniFirst in a research note on Monday, July 6th. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $246.67.

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).

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