Bank of New York Mellon Corp Invests $30.58 Million in UniFirst Corporation $UNF

Key Points

• Bank of New York Mellon acquired 115,647 UniFirst shares valued at approximately $30.58 million, representing about 0.64% of the company. Institutional investors collectively own 78.17% of UNF.
• Analysts maintain a cautious outlook, with four Hold ratings and an average price target of $246.67, below the stock’s reported opening price of $282.36.
• UniFirst reported quarterly EPS of $1.09, missing the $1.93 consensus estimate, while revenue rose 3.9% year over year to $634.4 million. The company also announced a quarterly dividend of $0.365 per share, yielding about 0.5% annually.

Bank of New York Mellon Corp acquired a new position in UniFirst Corporation (NYSE:UNF - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 115,647 shares of the textile maker's stock, valued at approximately $30,584,000. Bank of New York Mellon Corp owned about 0.64% of UniFirst at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in UNF. Modus Advisors LLC purchased a new position in UniFirst during the fourth quarter valued at $28,000. EverSource Wealth Advisors LLC lifted its position in shares of UniFirst by 378.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker's stock valued at $29,000 after buying an additional 121 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in UniFirst by 474.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker's stock worth $27,000 after acquiring an additional 128 shares in the last quarter. Danske Bank A S purchased a new stake in UniFirst in the 3rd quarter worth approximately $33,000. Finally, Brown Brothers Harriman & Co. raised its stake in UniFirst by 1,244.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker's stock worth $56,000 after acquiring an additional 311 shares during the period. 78.17% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Weiss Ratings lowered shares of UniFirst from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, July 9th. UBS Group set a $262.00 target price on shares of UniFirst in a report on Monday, July 6th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, UniFirst currently has an average rating of "Hold" and an average price target of $246.67.

UniFirst Price Performance

Shares of UNF opened at $282.36 on Friday. The business's 50 day simple moving average is $282.97 and its 200-day simple moving average is $265.59. UniFirst Corporation has a 1 year low of $147.66 and a 1 year high of $306.67. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 44.54 and a beta of 0.63.

UniFirst (NYSE:UNF - Get Free Report) last released its quarterly earnings data on Wednesday, July 1st. The textile maker reported $1.09 EPS for the quarter, missing the consensus estimate of $1.93 by ($0.84). UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The business had revenue of $634.40 million for the quarter, compared to the consensus estimate of $627.66 million. During the same quarter last year, the business earned $2.13 EPS. UniFirst's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, sell-side analysts expect that UniFirst Corporation will post 7.49 earnings per share for the current year.

UniFirst Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a $0.365 dividend. This represents a $1.46 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Friday, September 4th. UniFirst's dividend payout ratio (DPR) is 23.03%.

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).

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