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

Ameriprise Financial Inc. decreased its position in shares of UniFirst Co. (NYSE:UNF - Free Report) by 3.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 quarter.

Several other large investors have also recently added to or reduced their stakes in the company. SageView Advisory Group LLC grew its position in UniFirst by 3.1% in the fourth quarter. SageView Advisory Group LLC now owns 1,580 shares of the textile maker's stock valued at $270,000 after acquiring an additional 48 shares during the last quarter. Principal Securities Inc. grew its position in UniFirst by 10.1% in the fourth quarter. Principal Securities Inc. now owns 740 shares of the textile maker's stock valued at $127,000 after acquiring an additional 68 shares during the last quarter. Illinois Municipal Retirement Fund grew its position in UniFirst by 0.9% in the fourth quarter. Illinois Municipal Retirement Fund now owns 8,140 shares of the textile maker's stock valued at $1,393,000 after acquiring an additional 73 shares during the last quarter. SRS Capital Advisors Inc. grew its position in UniFirst by 11.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 790 shares of the textile maker's stock valued at $135,000 after acquiring an additional 79 shares during the last quarter. Finally, Truist Financial Corp grew its position in UniFirst by 5.5% in the fourth quarter. Truist Financial Corp now owns 1,924 shares of the textile maker's stock valued at $329,000 after acquiring an additional 100 shares during the last quarter. Institutional investors own 78.17% of the company's stock.

UniFirst Price Performance

Shares of UniFirst stock traded up $4.92 during midday trading on Tuesday, reaching $188.37. The company had a trading volume of 31,837 shares, compared to its average volume of 105,145. UniFirst Co. has a fifty-two week low of $149.58 and a fifty-two week high of $243.70. The stock has a fifty day moving average price of $178.17 and a 200 day moving average price of $195.00. The firm has a market cap of $3.50 billion, a PE ratio of 24.09 and a beta of 0.87.

UniFirst (NYSE:UNF - Get Free Report) last issued its quarterly earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share (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 net margin of 6.00% and a return on equity of 7.40%. UniFirst's quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted $1.09 earnings per share. As a group, sell-side analysts forecast that UniFirst Co. will post 7.71 EPS for the current year.

UniFirst announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the textile maker to reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

UniFirst Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 0.74%. UniFirst's dividend payout ratio (DPR) is currently 17.41%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. UBS Group lifted their price target on UniFirst from $194.00 to $196.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Barclays reissued an "underweight" rating and set a $152.00 price target (down from $180.00) on shares of UniFirst in a research note on Friday, April 4th. Finally, Robert W. Baird cut their price target on UniFirst from $218.00 to $197.00 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $180.00.

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.