Arrowstreet Capital Limited Partnership Makes New Investment in UniFirst Corporation $UNF

Key Points

• Arrowstreet Capital initiated a new UniFirst position, purchasing 15,122 shares worth approximately $3.8 million, while institutional investors collectively own 78.17% of the company.
• UniFirst’s latest quarterly results showed mixed performance: revenue rose 3.9% year over year to $634.4 million, but EPS of $1.09 missed the $1.93 consensus estimate.
• The stock was trading near its 52-week high at $291.42, while analysts maintained an overall “Hold” rating with an average price target of $246.67; the company also declared a quarterly dividend of $0.365 per share.

Arrowstreet Capital Limited Partnership acquired a new position in shares of UniFirst Corporation (NYSE:UNF - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 15,122 shares of the textile maker's stock, valued at approximately $3,805,000. Arrowstreet Capital Limited Partnership owned approximately 0.08% of UniFirst as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in UniFirst by 7.8% in the first quarter. Royal Bank of Canada now owns 27,152 shares of the textile maker's stock valued at $4,724,000 after acquiring an additional 1,974 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of UniFirst by 13.4% during the 1st quarter. AQR Capital Management LLC now owns 5,069 shares of the textile maker's stock worth $882,000 after purchasing an additional 599 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of UniFirst by 4.6% during 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 during the last quarter. Millennium Management LLC raised its holdings in shares of UniFirst by 37.3% in the 1st quarter. Millennium Management LLC now owns 105,331 shares of the textile maker's stock valued at $18,328,000 after purchasing an additional 28,589 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of 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 valued at $6,075,000 after purchasing an additional 1,326 shares during the period. Institutional investors and hedge funds own 78.17% of the company's stock.

UniFirst Trading Down 0.5%

NYSE:UNF opened at $291.42 on Tuesday. The stock has a market cap of $5.27 billion, a P/E ratio of 45.97 and a beta of 0.62. The stock has a 50 day simple moving average of $274.42 and a 200 day simple moving average of $255.12. UniFirst Corporation has a 1-year low of $147.66 and a 1-year high of $306.67.

UniFirst (NYSE:UNF - Get Free Report) last released its quarterly earnings results on Wednesday, July 1st. The textile maker reported $1.09 earnings per share (EPS) 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 the consensus estimate 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 last year, the firm earned $2.13 earnings per share. As a group, sell-side analysts forecast that UniFirst Corporation will post 7.49 EPS for the current year.

UniFirst Announces Dividend

The firm also recently declared 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 yield of 0.5%. The ex-dividend date of this dividend is Friday, September 4th. UniFirst's dividend payout ratio (DPR) is currently 23.03%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Weiss Ratings cut 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 UniFirst in a research note on Monday, July 6th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average 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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.