Empyrean Capital Partners LP Acquires New Position in UniFirst Corporation $UNF

Key Points

• Empyrean Capital Partners acquired 81,000 UniFirst shares worth approximately $20.4 million, giving it a 0.45% stake. Institutional investors and hedge funds collectively own 78.17% of the company.
• Analysts maintain a consensus “Hold” rating with a $246.67 price target, while UniFirst shares opened at $296.99, near their 52-week high.
• UniFirst’s latest quarterly EPS of $1.09 missed estimates of $1.93, despite revenue rising 3.9% year over year to $634.4 million. The company declared a quarterly dividend of $0.365 per share, yielding 0.5% annually.

Empyrean Capital Partners LP bought a new position in shares of UniFirst Corporation (NYSE:UNF - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 81,000 shares of the textile maker's stock, valued at approximately $20,379,000. Empyrean Capital Partners LP owned about 0.45% of UniFirst as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of UNF. Geneos Wealth Management Inc. lifted its stake in shares of UniFirst by 474.1% during the 1st 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 period. Modus Advisors LLC acquired a new stake in shares of UniFirst during the fourth quarter worth $28,000. EverSource Wealth Advisors LLC grew its position in shares of UniFirst by 378.1% in the second quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker's stock valued at $29,000 after purchasing an additional 121 shares during the period. Danske Bank A S purchased a new stake in shares of UniFirst in the third quarter valued at $33,000. Finally, Brown Brothers Harriman & Co. increased its stake in UniFirst by 1,244.0% in the third quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker's stock valued at $56,000 after purchasing an additional 311 shares during the last quarter. 78.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

UNF has been the topic of several recent analyst reports. UBS Group set a $262.00 target price on 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, the company currently has a consensus rating of "Hold" and a consensus price target of $246.67.

UniFirst Stock Up 0.9%

NYSE:UNF opened at $296.99 on Tuesday. The company has a market cap of $5.37 billion, a P/E ratio of 46.84 and a beta of 0.63. The firm's 50 day moving average is $271.27 and its two-hundred day moving average is $251.77. UniFirst Corporation has a fifty-two week low of $147.66 and a fifty-two week high of $298.31.

UniFirst (NYSE:UNF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 1st. The textile maker reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.93 by ($0.84). The company had revenue of $634.40 million for 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 firm's quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.13 earnings per share. Research analysts forecast that UniFirst Corporation will post 7.49 earnings per share for the current fiscal year.

UniFirst Announces Dividend

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

About UniFirst

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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