Dimensional Fund Advisors LP Sells 42,926 Shares of UniFirst Corporation $UNF

Key Points

• Dimensional Fund Advisors LP reduced its UniFirst stake by 5.5% in the first quarter, selling 42,926 shares and leaving it with 744,492 shares worth about $187.3 million.
• UniFirst recently reported mixed quarterly results: revenue rose 3.9% year over year to $634.4 million, but EPS of $1.09 missed analysts’ expectations of $1.93.
• The company also announced a quarterly dividend of $0.365 per share, while analysts currently rate the stock a Hold with an average price target of $246.67.

Dimensional Fund Advisors LP cut its stake in shares of UniFirst Corporation (NYSE:UNF - Free Report) by 5.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 744,492 shares of the textile maker's stock after selling 42,926 shares during the quarter. Dimensional Fund Advisors LP owned approximately 4.12% of UniFirst worth $187,305,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. boosted 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 valued at $27,000 after purchasing an additional 128 shares during the period. Modus Advisors LLC bought a new position in UniFirst in the fourth quarter worth approximately $28,000. EverSource Wealth Advisors LLC grew its stake in UniFirst by 378.1% in 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 in the last quarter. Danske Bank A S purchased a new position in UniFirst during the 3rd quarter worth $33,000. Finally, Brown Brothers Harriman & Co. increased its holdings 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 purchasing an additional 311 shares during the period. Institutional investors own 78.17% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on UNF shares. UBS Group set a $262.00 target price on UniFirst in a report on Monday, July 6th. Weiss Ratings downgraded 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, Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $246.67.

UniFirst Stock Performance

NYSE:UNF opened at $293.86 on Friday. The firm has a 50-day simple moving average of $270.65 and a 200-day simple moving average of $250.74. UniFirst Corporation has a one year low of $147.66 and a one year high of $295.60. The firm has a market cap of $5.31 billion, a P/E ratio of 46.35 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.93 by ($0.84). The business had revenue of $634.40 million for the quarter, compared to the consensus estimate of $627.66 million. UniFirst had a net margin of 4.65% and a return on equity of 6.44%. UniFirst's revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.13 earnings per share. On average, research analysts predict that UniFirst Corporation will post 7.49 EPS for the current fiscal year.

UniFirst Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders 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 is currently 23.03%.

UniFirst 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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