Assenagon Asset Management S.A. Increases Holdings in Unifirst Corporation (NYSE:UNF)

Assenagon Asset Management S.A. increased its stake in shares of Unifirst Corporation (NYSE:UNF - Free Report) by 598.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 10,417 shares of the textile maker's stock after purchasing an additional 8,925 shares during the period. Assenagon Asset Management S.A. owned 0.06% of Unifirst worth $1,813,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Unifirst in the 4th quarter worth approximately $31,133,000. Raymond James Financial Inc. purchased a new stake in shares of Unifirst in the fourth quarter worth $24,576,000. Ulysses Management LLC bought a new stake in Unifirst during the fourth quarter valued at $8,318,000. Millennium Management LLC grew its position in Unifirst by 148.4% during the fourth quarter. Millennium Management LLC now owns 76,742 shares of the textile maker's stock worth $13,130,000 after buying an additional 45,850 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Unifirst by 27,715.5% in the 1st quarter. GAMMA Investing LLC now owns 39,498 shares of the textile maker's stock worth $6,873,000 after acquiring an additional 39,356 shares during the last quarter. Institutional investors own 78.17% of the company's stock.

Unifirst Stock Up 0.0%

Shares of UNF stock opened at $185.30 on Wednesday. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 23.05 and a beta of 0.87. The stock has a fifty day moving average of $182.19 and a 200 day moving average of $193.77. Unifirst Corporation has a 52 week low of $150.83 and a 52 week high of $243.70.

Unifirst (NYSE:UNF - Get Free Report) last announced its 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 firm had revenue of $602.20 million during the quarter, compared to the consensus estimate of $602.81 million. Unifirst had a return on equity of 7.46% and a net margin of 6.13%. The firm's revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.09 EPS. Equities research analysts anticipate that Unifirst Corporation will post 7.71 earnings per share for the current year.

Unifirst declared that its board has authorized a share 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 reacquire up to 3.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Unifirst Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.76%. Unifirst's dividend payout ratio is currently 17.41%.

Analyst Ratings Changes

UNF has been the topic of a number of recent analyst reports. Barclays reaffirmed an "underweight" rating and issued a $152.00 target price (down from $180.00) on shares of Unifirst in a research note on Friday, April 4th. UBS Group lifted their price objective on shares of Unifirst from $194.00 to $196.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. Finally, Robert W. Baird reduced their target price 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 equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price 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.

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