Corient Private Wealth LP Purchases 9,481 Shares of UniFirst Corporation $UNF

Key Points

• Corient Private Wealth LP increased its UniFirst stake by 218.7% in the second quarter, adding 9,481 shares to own 13,816 shares valued at approximately $3.65 million. Institutional investors collectively hold 78.17% of the company.
• UniFirst reported quarterly revenue of $634.4 million, up 3.9% year over year and above estimates, but earnings per share of $1.09 missed the $1.93 consensus forecast. Analysts expect full-year EPS of $7.49.
• The company declared a quarterly dividend of $0.365 per share, equivalent to an annualized $1.46 payout and a 0.5% yield. Analysts maintain a consensus “Hold” rating with a $246.67 price target, below the reported share price of $277.23.

Corient Private Wealth LP grew its position in shares of UniFirst Corporation (NYSE:UNF - Free Report) by 218.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,816 shares of the textile maker's stock after acquiring an additional 9,481 shares during the quarter. Corient Private Wealth LP owned 0.08% of UniFirst worth $3,654,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Modus Advisors LLC acquired a new stake in shares of UniFirst in the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC boosted its holdings in UniFirst by 378.1% during the second quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker's stock worth $29,000 after purchasing an additional 121 shares during the last quarter. Geneos Wealth Management Inc. grew its position in UniFirst by 474.1% in the first quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker's stock valued at $27,000 after purchasing an additional 128 shares in the last quarter. Danske Bank A S bought a new position in UniFirst in the third quarter valued at $33,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in UniFirst in the 2nd quarter valued at $69,000. Institutional investors and hedge funds own 78.17% of the company's stock.

UniFirst Price Performance

Shares of UNF stock opened at $277.23 on Wednesday. The stock has a market cap of $5.01 billion, a P/E ratio of 43.73 and a beta of 0.61. The company has a fifty day moving average price of $283.60 and a two-hundred day moving average price of $266.68. UniFirst Corporation has a one year low of $147.66 and a one year high of $306.67.

UniFirst (NYSE:UNF - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $634.40 million for the quarter, compared to analyst estimates of $627.66 million. UniFirst had a return on equity of 6.44% and a net margin of 4.65%.The firm's revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.13 earnings per share. As a group, equities research analysts anticipate that UniFirst Corporation will post 7.49 EPS for the current fiscal year.

UniFirst Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on UNF. UBS Group set a $262.00 price target on shares of UniFirst in a research report on Monday, July 6th. Weiss Ratings cut UniFirst from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, UniFirst currently has a consensus rating of "Hold" and a consensus price target of $246.67.

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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