Unifirst Corporation $UNF Stake Cut by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in UniFirst Corporation by 20.3%, owning a total of 61,942 shares valued at approximately $10.78 million as of the end of the most recent reporting period.
• Several institutional investors have recently increased or initiated their positions in UniFirst, with GAMMA Investing LLC boosting its stake by 59.9% during the first quarter.
• Analysts have varied target price projections for UniFirst, with a consensus rating of "Reduce" and an average price target of $179.50, reflecting mixed outlooks on the stock's performance.

Invesco Ltd. cut its stake in shares of Unifirst Corporation (NYSE:UNF - Free Report) by 20.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 61,942 shares of the textile maker's stock after selling 15,783 shares during the period. Invesco Ltd. owned 0.33% of Unifirst worth $10,778,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in UNF. Ulysses Management LLC purchased a new stake in shares of Unifirst during the 4th quarter valued at $8,318,000. Millennium Management LLC grew its stake in shares of Unifirst by 148.4% during the 4th quarter. Millennium Management LLC now owns 76,742 shares of the textile maker's stock valued at $13,130,000 after buying an additional 45,850 shares during the period. GAMMA Investing LLC grew its stake in shares of Unifirst by 27,715.5% during the 1st quarter. GAMMA Investing LLC now owns 39,498 shares of the textile maker's stock valued at $6,873,000 after buying an additional 39,356 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Unifirst during the 4th quarter valued at $6,461,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Unifirst in the 4th quarter valued at $6,228,000. 78.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on UNF. Robert W. Baird set a $197.00 target price on shares of Unifirst in a research note on Monday, June 30th. Barclays set a $152.00 target price on shares of Unifirst and gave the company an "underweight" rating in a research note on Monday, June 30th. JPMorgan Chase & Co. began coverage on shares of Unifirst in a research note on Monday, July 14th. They issued an "underweight" rating and a $175.00 target price on the stock. Finally, UBS Group cut their target price on shares of Unifirst from $196.00 to $194.00 and set a "neutral" rating on the stock in a research note on Monday, June 30th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Unifirst currently has an average rating of "Reduce" and a consensus price target of $179.50.

Unifirst Price Performance

Shares of NYSE:UNF traded up $0.06 during midday trading on Thursday, reaching $177.33. The company had a trading volume of 114,471 shares, compared to its average volume of 129,553. The stock's fifty day moving average price is $176.27 and its 200-day moving average price is $184.87. The stock has a market capitalization of $3.29 billion, a P/E ratio of 21.79 and a beta of 0.85. Unifirst Corporation has a one year low of $156.34 and a one year high of $243.70.

Unifirst (NYSE:UNF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 2nd. The textile maker reported $2.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.09 by $0.04. The business had revenue of $610.78 million during the quarter, compared to analyst estimates of $614.50 million. Unifirst had a net margin of 6.18% and a return on equity of 7.35%. The business's revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.20 earnings per share. Unifirst has set its FY 2025 guidance at 7.600-8.00 EPS. As a group, sell-side analysts forecast that Unifirst Corporation will post 7.71 earnings per share for the current year.

Unifirst Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, September 5th. This represents a $1.40 annualized dividend and a yield of 0.8%. Unifirst's dividend payout ratio (DPR) is 17.20%.

Unifirst Profile

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.