Ameriprise Financial Inc. Sells 1,502 Shares of UniFirst Co. (NYSE:UNF)

Ameriprise Financial Inc. lessened its position in shares of UniFirst Co. (NYSE:UNF - Free Report) by 3.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,523 shares of the textile maker's stock after selling 1,502 shares during the period. Ameriprise Financial Inc. owned approximately 0.22% of UniFirst worth $7,104,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in UNF. Independence Bank of Kentucky acquired a new position in shares of UniFirst in the fourth quarter worth about $34,000. Blue Trust Inc. raised its stake in UniFirst by 1,105.3% during the fourth quarter. Blue Trust Inc. now owns 229 shares of the textile maker's stock valued at $39,000 after buying an additional 210 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in UniFirst by 252.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker's stock valued at $59,000 after buying an additional 247 shares in the last quarter. Jones Financial Companies Lllp raised its stake in UniFirst by 187.2% during the fourth quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker's stock valued at $61,000 after buying an additional 234 shares in the last quarter. Finally, Sterling Capital Management LLC raised its stake in UniFirst by 811.5% during the fourth quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker's stock valued at $81,000 after buying an additional 422 shares in the last quarter. Hedge funds and other institutional investors own 78.17% of the company's stock.

UniFirst Stock Down 0.7%

Shares of UniFirst stock traded down $1.23 during midday trading on Wednesday, hitting $187.72. The company's stock had a trading volume of 8,951 shares, compared to its average volume of 104,906. The firm has a market capitalization of $3.49 billion, a P/E ratio of 23.96 and a beta of 0.87. The stock has a 50-day simple moving average of $177.94 and a 200-day simple moving average of $194.96. UniFirst Co. has a 1-year low of $149.58 and a 1-year high of $243.70.

UniFirst (NYSE:UNF - Get Free Report) last issued its earnings results on Wednesday, April 2nd. The textile maker reported $1.31 EPS for the quarter, missing the consensus estimate of $1.34 by ($0.03). The business had revenue of $602.20 million during the quarter, compared to analyst estimates of $602.81 million. UniFirst had a return on equity of 7.40% and a net margin of 6.00%. The business's quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the business earned $1.09 EPS. As a group, sell-side analysts predict that UniFirst Co. will post 7.71 earnings per share for the current year.

UniFirst announced that its Board of Directors has authorized a share repurchase program on Tuesday, April 8th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the textile maker to buy up to 3.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

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 given a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.75%. UniFirst's dividend payout ratio is currently 17.41%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Robert W. Baird dropped their price target on UniFirst from $218.00 to $197.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. UBS Group increased their price target on 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 target price (down from $180.00) on shares of UniFirst in a research report on Friday, April 4th. Two research 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. According to data from MarketBeat.com, UniFirst has an average rating of "Hold" and a consensus price target of $180.00.

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.