Alberta Investment Management Corp Acquires Shares of 20,000 UniFirst Corporation $UNF

Key Points

• Alberta Investment Management Corp acquired 20,000 UniFirst shares worth approximately $5.3 million, giving it a 0.11% stake. Institutional investors collectively own 78.17% of the company.
• UniFirst reported quarterly revenue of $634.4 million, up 3.9% year over year and above estimates, but earnings per share of $1.09 missed consensus by $0.84.
• 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 a $246.67 price target, below the stock’s reported $285.84 price.

Alberta Investment Management Corp bought a new position in shares of UniFirst Corporation (NYSE:UNF - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 20,000 shares of the textile maker's stock, valued at approximately $5,289,000. Alberta Investment Management Corp owned about 0.11% of UniFirst as of its most recent SEC filing.

A number of other large investors have also modified their holdings of UNF. Royal Bank of Canada boosted its position in UniFirst by 7.8% during the first quarter. Royal Bank of Canada now owns 27,152 shares of the textile maker's stock worth $4,724,000 after acquiring an additional 1,974 shares during the last quarter. AQR Capital Management LLC raised its holdings in UniFirst by 13.4% in the 1st quarter. AQR Capital Management LLC now owns 5,069 shares of the textile maker's stock valued at $882,000 after acquiring an additional 599 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in UniFirst by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,966 shares of the textile maker's stock worth $1,560,000 after purchasing an additional 397 shares in the last quarter. Millennium Management LLC lifted its stake in UniFirst by 37.3% in the 1st quarter. Millennium Management LLC now owns 105,331 shares of the textile maker's stock worth $18,328,000 after purchasing an additional 28,589 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in UniFirst by 3.9% in 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 worth $6,075,000 after purchasing an additional 1,326 shares in the last quarter. Hedge funds and other institutional investors own 78.17% of the company's stock.

UniFirst Price Performance

Shares of UNF stock opened at $285.84 on Tuesday. The firm's 50-day moving average is $279.05 and its two-hundred day moving average is $260.85. UniFirst Corporation has a 12 month low of $147.66 and a 12 month high of $306.67. The company has a market capitalization of $5.17 billion, a PE ratio of 45.09 and a beta of 0.62.

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 the consensus estimate of $1.93 by ($0.84). The firm had revenue of $634.40 million during the quarter, compared to analyst estimates of $627.66 million. UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.13 earnings per share. Sell-side analysts forecast that UniFirst Corporation will post 7.49 EPS for the current year.

UniFirst Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a dividend of $0.365 per share. 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%.

Wall Street Analysts Forecast Growth

UNF has been the subject of a number of analyst reports. UBS Group set a $262.00 price target on UniFirst in a research report on Monday, July 6th. Weiss Ratings cut UniFirst from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. Four analysts have rated the stock with a Hold rating, According to MarketBeat, the company 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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