Fifth Third Bancorp Grows Holdings in UniFirst Corporation $UNF

Key Points

• Fifth Third Bancorp dramatically increased its UniFirst stake in Q1, boosting holdings by 11,454.2% to 20,682 shares worth about $5.2 million.
• UniFirst reported mixed quarterly results, with revenue of $634.4 million beating expectations but earnings per share of $1.09 missing the $1.93 consensus estimate.
• Analysts remain cautious on the stock, with a consensus rating of “Hold” and an average price target of $246.67, below the recent trading price near $291.58.

Fifth Third Bancorp boosted its holdings in UniFirst Corporation (NYSE:UNF - Free Report) by 11,454.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,682 shares of the textile maker's stock after purchasing an additional 20,503 shares during the period. Fifth Third Bancorp owned about 0.11% of UniFirst worth $5,203,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Royal Bank of Canada lifted its stake in UniFirst by 7.8% in the first quarter. Royal Bank of Canada now owns 27,152 shares of the textile maker's stock valued at $4,724,000 after buying an additional 1,974 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of UniFirst by 13.4% in the first quarter. AQR Capital Management LLC now owns 5,069 shares of the textile maker's stock worth $882,000 after acquiring an additional 599 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in UniFirst by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,966 shares of the textile maker's stock worth $1,560,000 after purchasing an additional 397 shares in the last quarter. Millennium Management LLC boosted its stake in UniFirst by 37.3% during the 1st quarter. Millennium Management LLC now owns 105,331 shares of the textile maker's stock valued at $18,328,000 after purchasing an additional 28,589 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of UniFirst by 3.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 34,914 shares of the textile maker's stock worth $6,075,000 after acquiring an additional 1,326 shares during the period. Institutional investors and hedge funds own 78.17% of the company's stock.

UniFirst Trading Down 0.4%

Shares of UniFirst stock opened at $291.58 on Friday. The company has a market capitalization of $5.27 billion, a P/E ratio of 45.99 and a beta of 0.63. The stock has a fifty day simple moving average of $267.26 and a 200 day simple moving average of $247.36. UniFirst Corporation has a 12-month low of $147.66 and a 12-month high of $295.60.

UniFirst (NYSE:UNF - Get Free Report) last released its earnings results on Wednesday, July 1st. The textile maker reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.93 by ($0.84). UniFirst had a return on equity of 6.44% and a net margin of 4.65%.The business had revenue of $634.40 million for the quarter, compared to the consensus estimate of $627.66 million. During the same quarter in the previous year, the firm earned $2.13 earnings per share. The company's revenue for the quarter was up 3.9% on a year-over-year basis. On average, analysts predict that UniFirst Corporation will post 7.49 EPS for the current year.

UniFirst Announces Dividend

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

Analyst Ratings Changes

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

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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