Corient Private Wealth LP Acquires 9,540 Shares of UniFirst Corporation $UNF

Key Points

• Corient Private Wealth LP increased its UniFirst stake by 220.1% in the second quarter, acquiring 9,540 additional shares and bringing its holdings to 13,875 shares valued at approximately $3.67 million.
• Institutional investors own 78.17% of UniFirst, while the stock recently traded at $261.42. The company reported quarterly revenue growth of 3.9% year over year but missed earnings expectations, posting $1.09 EPS versus the $1.93 consensus estimate.
• UniFirst declared a quarterly dividend of $0.365 per share, equivalent to an annualized $1.46 payout and a 0.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $246.67.

Corient Private Wealth LP boosted its holdings in UniFirst Corporation (NYSE:UNF - Free Report) by 220.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,875 shares of the textile maker's stock after purchasing an additional 9,540 shares during the period. Corient Private Wealth LP owned about 0.08% of UniFirst worth $3,669,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of UNF. AlphaGrep UK Ltd purchased a new stake in UniFirst in the second quarter worth $265,000. Nykredit A S purchased a new position in shares of UniFirst during the 2nd quarter valued at $110,000. Moore Capital Management LP lifted its position in shares of UniFirst by 50.0% during the 2nd quarter. Moore Capital Management LP now owns 3,000 shares of the textile maker's stock valued at $793,000 after buying an additional 1,000 shares during the last quarter. Harvest Management LLC purchased a new position in shares of UniFirst during the 2nd quarter valued at $1,606,000. Finally, PSquared Asset Management AG bought a new position in shares of UniFirst during the 2nd quarter worth $5,915,000. Institutional investors own 78.17% of the company's stock.

UniFirst Stock Performance

Shares of UNF stock opened at $261.42 on Monday. The company has a market capitalization of $4.73 billion, a PE ratio of 41.23 and a beta of 0.61. UniFirst Corporation has a 52-week low of $147.66 and a 52-week high of $306.67. The business's fifty day moving average is $284.09 and its 200 day moving average is $269.87.

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 for the quarter, missing the consensus estimate of $1.93 by ($0.84). The business had revenue of $634.40 million during the quarter, compared to analysts' expectations of $627.66 million. UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The business's revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.13 EPS. On average, sell-side analysts forecast that UniFirst Corporation will post 7.49 EPS for the current fiscal year.

UniFirst Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, September 4th. UniFirst's payout ratio is currently 23.03%.

Wall Street Analysts Forecast Growth

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

UniFirst Profile

UniFirst Corporation provides workplace apparel and facility service programs for businesses and organizations. Its services include the rental, cleaning, delivery and replacement of uniforms, workwear, protective clothing and other garments designed for a range of industries and occupational environments.

The company also offers related workplace products and services, including floor mats, restroom supplies, first-aid products, safety apparel and facility care programs. UniFirst manages many of these services through local service facilities, helping customers maintain workplace clothing and supplies on a scheduled basis.

Founded in 1936, UniFirst serves customers across the United States, Canada and Europe.

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