Envestnet Asset Management Inc. Has $28.32 Million Stake in Unifirst Corporation (NYSE:UNF)

Envestnet Asset Management Inc. increased its holdings in shares of Unifirst Corporation (NYSE:UNF - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 162,751 shares of the textile maker's stock after acquiring an additional 8,253 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.88% of Unifirst worth $28,319,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of UNF. GAMMA Investing LLC increased its stake in shares of Unifirst by 59.9% in the first quarter. GAMMA Investing LLC now owns 227 shares of the textile maker's stock valued at $39,000 after purchasing an additional 85 shares during the period. Fifth Third Bancorp increased its stake in shares of Unifirst by 88.7% in the first quarter. Fifth Third Bancorp now owns 266 shares of the textile maker's stock valued at $46,000 after purchasing an additional 125 shares during the period. Jones Financial Companies Lllp increased its stake in shares of Unifirst by 187.2% in the fourth quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker's stock valued at $61,000 after purchasing an additional 234 shares during the period. Sterling Capital Management LLC increased its stake in shares of Unifirst by 811.5% in the fourth quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker's stock valued at $81,000 after purchasing an additional 422 shares during the period. Finally, Orion Capital Management LLC acquired a new stake in shares of Unifirst in the fourth quarter valued at approximately $104,000. Institutional investors and hedge funds own 78.17% of the company's stock.

Unifirst Stock Up 2.2%

NYSE:UNF traded up $3.75 during trading hours on Wednesday, reaching $177.51. 156,127 shares of the company's stock were exchanged, compared to its average volume of 109,834. The company has a market capitalization of $3.30 billion, a P/E ratio of 21.81 and a beta of 0.86. Unifirst Corporation has a 12 month low of $156.34 and a 12 month high of $243.70. The business's 50-day simple moving average is $183.73 and its two-hundred day simple moving average is $192.55.

Unifirst (NYSE:UNF - Get Free Report) last issued its earnings results on Wednesday, July 2nd. The textile maker reported $2.13 earnings per share for the quarter, topping analysts' consensus estimates of $2.09 by $0.04. Unifirst had a net margin of 6.18% and a return on equity of 7.35%. The firm had revenue of $610.78 million during the quarter, compared to analysts' expectations of $614.50 million. During the same period last year, the firm posted $2.20 earnings per share. The firm's revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Unifirst Corporation will post 7.71 earnings per share for the current fiscal year.

Unifirst declared that its board has approved a share repurchase program on Tuesday, April 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the textile maker to reacquire up to 3.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have commented on UNF. Robert W. Baird set a $197.00 price target on shares of Unifirst in a research note on Monday, June 30th. Barclays set a $152.00 price target on shares of Unifirst and gave the company an "underweight" rating in a research note on Monday, June 30th. JPMorgan Chase & Co. started coverage on shares of Unifirst in a report on Monday. They issued an "underweight" rating and a $175.00 price objective for the company. Finally, UBS Group decreased their price objective on shares of Unifirst from $196.00 to $194.00 and set a "neutral" rating for the company in a report on Monday, June 30th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, Unifirst presently has a consensus rating of "Hold" and a consensus price target 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.