Copeland Capital Management LLC Sells 30,860 Shares of Unifirst Corporation $UNF

Key Points

• Copeland Capital Management LLC reduced its stake in Unifirst Corporation (UNF) by 8.6%, selling 30,860 shares to hold a total of 329,556 shares.
• Unifirst reported $2.13 EPS for its recent quarter, exceeding analyst expectations, but fell short on revenue with $610.78 million versus estimates of $614.50 million.
• The company announced a quarterly dividend of $0.35 per share, resulting in an annualized yield of 0.8% and a payout ratio of 17.20%.

Copeland Capital Management LLC decreased its position in Unifirst Corporation (NYSE:UNF - Free Report) by 8.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 329,556 shares of the textile maker's stock after selling 30,860 shares during the period. Unifirst comprises approximately 1.3% of Copeland Capital Management LLC's portfolio, making the stock its 27th biggest holding. Copeland Capital Management LLC owned about 1.78% of Unifirst worth $62,029,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in UNF. Geneos Wealth Management Inc. grew its holdings in shares of Unifirst by 474.1% in the first quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker's stock worth $27,000 after purchasing an additional 128 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Unifirst by 59.9% in the first quarter. GAMMA Investing LLC now owns 227 shares of the textile maker's stock worth $39,000 after purchasing an additional 85 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Unifirst by 88.7% in the first quarter. Fifth Third Bancorp now owns 266 shares of the textile maker's stock worth $46,000 after purchasing an additional 125 shares during the last quarter. PenderFund Capital Management Ltd. bought a new position in shares of Unifirst in the first quarter worth approximately $70,000. Finally, Vestcor Inc bought a new position in shares of Unifirst in the first quarter worth approximately $87,000. Institutional investors own 78.17% of the company's stock.

Unifirst Trading Up 0.5%

Shares of Unifirst stock opened at $167.17 on Friday. The firm has a market capitalization of $3.10 billion, a P/E ratio of 20.54 and a beta of 0.86. The business has a fifty day simple moving average of $172.83 and a two-hundred day simple moving average of $177.86. Unifirst Corporation has a 12 month low of $156.34 and a 12 month high of $243.70.

Unifirst (NYSE:UNF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 2nd. The textile maker reported $2.13 EPS for the quarter, beating the consensus estimate of $2.09 by $0.04. The business had revenue of $610.78 million during the quarter, compared to analyst estimates of $614.50 million. Unifirst had a return on equity of 7.35% and a net margin of 6.18%.The company's revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.20 earnings per share. Analysts predict that Unifirst Corporation will post 7.71 earnings per share for the current year.

Unifirst Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.40 annualized dividend and a yield of 0.8%. Unifirst's dividend payout ratio (DPR) is currently 17.20%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on UNF shares. UBS Group cut their price target on shares of Unifirst from $196.00 to $194.00 and set a "neutral" rating on the stock in a report on Monday, June 30th. JPMorgan Chase & Co. started coverage on shares of Unifirst in a report on Monday, July 14th. They issued an "underweight" rating and a $175.00 price target on the stock. Robert W. Baird set a $197.00 price target on shares of Unifirst in a report on Monday, June 30th. Finally, Barclays set a $152.00 price target on shares of Unifirst and gave the company an "underweight" rating in a report on Monday, June 30th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Reduce" and an average target price of $179.50.

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.

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