Envestnet Asset Management Inc. Decreases Stake in UniFirst Corporation $UNF

Key Points

• Envestnet Asset Management reduced its UniFirst stake by 27.8% in the second quarter, selling 34,727 shares and retaining 90,344 shares valued at approximately $23.9 million. Institutional investors own 78.17% of UniFirst.
• UniFirst reported quarterly EPS of $1.09, missing the $1.93 analyst consensus, while revenue rose 3.9% year over year to $634.4 million and exceeded expectations.
• Analyst sentiment is cautious, with a consensus “Hold” rating and a $246.67 target price; the company also maintains a $0.365 quarterly dividend, implying a 0.6% yield.

Envestnet Asset Management Inc. cut its position in UniFirst Corporation (NYSE:UNF - Free Report) by 27.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,344 shares of the textile maker's stock after selling 34,727 shares during the quarter. Envestnet Asset Management Inc. owned about 0.50% of UniFirst worth $23,892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC purchased a new position in UniFirst during the second quarter worth about $31,000. Modus Advisors LLC bought a new position in UniFirst in the 4th quarter worth about $28,000. Longfellow Investment Management Co. LLC purchased a new stake in shares of UniFirst in the 2nd quarter valued at about $69,000. Global Retirement Partners LLC purchased a new stake in shares of UniFirst in the 2nd quarter valued at about $77,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of UniFirst by 471.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 377 shares of the textile maker's stock valued at $73,000 after acquiring an additional 311 shares during the last quarter. 78.17% of the stock is owned by institutional investors.

UniFirst Stock Performance

UNF stock opened at $254.22 on Wednesday. The company has a market capitalization of $4.60 billion, a PE ratio of 40.10 and a beta of 0.61. UniFirst Corporation has a one year low of $147.66 and a one year high of $306.67. The company's 50 day moving average price is $280.60 and its two-hundred day moving average price is $270.12.

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 analysts' consensus estimates of $1.93 by ($0.84). UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The business had revenue of $634.40 million during the quarter, compared to analysts' expectations of $627.66 million. During the same period last year, the company posted $2.13 EPS. UniFirst's revenue for the quarter was up 3.9% on a year-over-year basis. On average, research analysts predict that UniFirst Corporation will post 7.49 EPS for the current year.

UniFirst Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a dividend of $0.3650 per share. This represents a $1.46 annualized dividend and a yield of 0.6%. The ex-dividend date was Friday, September 4th. UniFirst's dividend payout ratio (DPR) is presently 23.03%.

Wall Street Analysts Forecast Growth

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

About UniFirst

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.

Want to see what other hedge funds are holding UNF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for UniFirst Corporation (NYSE:UNF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.