Copeland Capital Management LLC Lowers Stock Holdings in Unifirst Corporation (NYSE:UNF)

Copeland Capital Management LLC lowered its position in shares of Unifirst Corporation (NYSE:UNF - Free Report) by 1.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 360,416 shares of the textile maker's stock after selling 4,631 shares during the quarter. Unifirst accounts for about 1.3% of Copeland Capital Management LLC's investment portfolio, making the stock its 25th largest position. Copeland Capital Management LLC owned approximately 1.94% of Unifirst worth $62,713,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of UNF. GAMMA Investing LLC lifted its stake in shares of Unifirst by 59.9% during the 1st quarter. GAMMA Investing LLC now owns 227 shares of the textile maker's stock valued at $39,000 after buying an additional 85 shares in the last quarter. Fifth Third Bancorp raised its holdings in Unifirst by 88.7% during the first quarter. Fifth Third Bancorp now owns 266 shares of the textile maker's stock valued at $46,000 after acquiring an additional 125 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Unifirst by 252.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker's stock valued at $59,000 after acquiring an additional 247 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Unifirst by 187.2% in the fourth quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker's stock valued at $61,000 after acquiring an additional 234 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its stake in shares of Unifirst by 811.5% in the fourth quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker's stock worth $81,000 after acquiring an additional 422 shares during the period. 78.17% of the stock is currently owned by institutional investors.

Unifirst Trading Up 0.3%

Shares of UNF traded up $0.62 during midday trading on Friday, reaching $186.58. 180,926 shares of the stock were exchanged, compared to its average volume of 105,884. The company has a market capitalization of $3.46 billion, a P/E ratio of 23.21 and a beta of 0.87. Unifirst Corporation has a 52 week low of $156.34 and a 52 week high of $243.70. The company's 50 day moving average is $184.13 and its two-hundred day moving average is $193.10.

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). Unifirst had a net margin of 6.13% and a return on equity of 7.46%. The company had revenue of $602.20 million for the quarter, compared to the consensus estimate of $602.81 million. During the same period last year, the business posted $1.09 EPS. The firm's revenue was up 1.9% compared to the same quarter last year. On average, sell-side analysts expect that Unifirst Corporation will post 7.71 EPS for the current year.

Unifirst declared that its Board of Directors has initiated a stock buyback program on Tuesday, April 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the textile maker to reacquire up to 3.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Unifirst Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend was Friday, June 6th. Unifirst's dividend payout ratio (DPR) is presently 17.41%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on UNF. Robert W. Baird decreased 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. Barclays reiterated an "underweight" rating and set a $152.00 price objective (down previously from $180.00) on shares of Unifirst in a research report on Friday, April 4th. Finally, UBS Group lifted their target price on Unifirst from $194.00 to $196.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd.

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.