Unifirst Corporation (NYSE:UNF) Shares Purchased by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH significantly increased its holdings in UniFirst Corporation by 142.5%, acquiring an additional 9,745 shares, bringing its total to 16,583 shares.
• UniFirst reported a quarterly earnings per share (EPS) of $2.13, exceeding analysts' estimates, but revenue was 1.2% higher than last year at $610.78 million, falling short of expectations.
• The company's Board of Directors has initiated a $100 million share buyback plan, indicating that management believes its stock is undervalued.

Allianz Asset Management GmbH lifted its stake in shares of Unifirst Corporation (NYSE:UNF - Free Report) by 142.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,583 shares of the textile maker's stock after purchasing an additional 9,745 shares during the period. Allianz Asset Management GmbH owned 0.09% of Unifirst worth $2,885,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in UNF. GAMMA Investing LLC lifted its holdings in Unifirst by 59.9% in the first quarter. GAMMA Investing LLC now owns 227 shares of the textile maker's stock valued at $39,000 after acquiring an additional 85 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Unifirst by 88.7% in the first quarter. Fifth Third Bancorp now owns 266 shares of the textile maker's stock valued at $46,000 after acquiring an additional 125 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in Unifirst by 811.5% in the fourth quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker's stock valued at $81,000 after acquiring an additional 422 shares during the last quarter. Orion Capital Management LLC acquired a new position in Unifirst in the fourth quarter valued at approximately $104,000. Finally, Meeder Asset Management Inc. lifted its holdings in Unifirst by 419.0% in the fourth quarter. Meeder Asset Management Inc. now owns 628 shares of the textile maker's stock valued at $107,000 after acquiring an additional 507 shares during the last quarter. 78.17% of the stock is currently owned by institutional investors and hedge funds.

Unifirst Trading Down 0.8%

Shares of NYSE UNF traded down $1.44 during midday trading on Friday, reaching $169.59. 142,703 shares of the company were exchanged, compared to its average volume of 136,161. Unifirst Corporation has a 1 year low of $156.34 and a 1 year high of $243.70. The stock has a fifty day simple moving average of $181.14 and a 200 day simple moving average of $191.22. The stock has a market cap of $3.14 billion, a P/E ratio of 20.83 and a beta of 0.86.

Unifirst (NYSE:UNF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 2nd. The textile maker reported $2.13 EPS for the quarter, beating analysts' consensus estimates of $2.09 by $0.04. Unifirst had a net margin of 6.18% and a return on equity of 7.35%. The firm had revenue of $610.78 million during the quarter, compared to the consensus estimate of $614.50 million. During the same quarter last year, the firm earned $2.20 earnings per share. The firm's revenue was up 1.2% compared to the same quarter last year. As a group, analysts forecast that Unifirst Corporation will post 7.71 earnings per share for the current year.

Unifirst Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. Unifirst's payout ratio is currently 17.20%.

Unifirst announced that its Board of Directors has initiated 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 a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts recently commented on UNF shares. Barclays set a $152.00 price objective on Unifirst and gave the company an "underweight" rating in a report on Monday, June 30th. JPMorgan Chase & Co. assumed coverage on Unifirst in a report on Monday, July 14th. They issued an "underweight" rating and a $175.00 price objective on the stock. UBS Group decreased their price target on Unifirst from $196.00 to $194.00 and set a "neutral" rating on the stock in a research note on Monday, June 30th. Finally, Robert W. Baird set a $197.00 price target on Unifirst in a research note on Monday, June 30th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Unifirst currently has an average rating of "Hold" and an average price target of $179.50.

Unifirst 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.