Kayne Anderson Rudnick Investment Management LLC Sells 37,997 Shares of UniFirst Co. (NYSE:UNF)

Kayne Anderson Rudnick Investment Management LLC lowered its position in UniFirst Co. (NYSE:UNF - Free Report) by 6.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 590,715 shares of the textile maker's stock after selling 37,997 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned approximately 3.18% of UniFirst worth $101,065,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of UNF. Independence Bank of Kentucky acquired a new stake in UniFirst in the 4th quarter valued at about $34,000. Blue Trust Inc. raised its stake in UniFirst by 1,105.3% in the fourth quarter. Blue Trust Inc. now owns 229 shares of the textile maker's stock valued at $39,000 after buying an additional 210 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of UniFirst by 252.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker's stock valued at $59,000 after buying an additional 247 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of UniFirst by 187.2% during the 4th quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker's stock worth $61,000 after acquiring an additional 234 shares during the period. Finally, Sterling Capital Management LLC increased its holdings in shares of UniFirst by 811.5% during the 4th quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker's stock worth $81,000 after acquiring an additional 422 shares during the last quarter. Institutional investors own 78.17% of the company's stock.

UniFirst Stock Performance

NYSE:UNF traded down $0.46 during mid-day trading on Thursday, hitting $188.47. 42,421 shares of the stock were exchanged, compared to its average volume of 105,548. The firm's 50-day simple moving average is $177.78 and its 200 day simple moving average is $194.92. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 24.10 and a beta of 0.87. UniFirst Co. has a fifty-two week low of $149.58 and a fifty-two week high of $243.70.

UniFirst (NYSE:UNF - Get Free Report) last posted its earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share for the quarter, missing analysts' consensus estimates of $1.34 by ($0.03). UniFirst had a return on equity of 7.40% and a net margin of 6.00%. The firm had revenue of $602.20 million for the quarter, compared to analyst estimates of $602.81 million. During the same period in the prior year, the business posted $1.09 EPS. The firm's quarterly revenue was up 1.9% compared to the same quarter last year. On average, analysts predict that UniFirst Co. will post 7.71 EPS for the current fiscal year.

UniFirst Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.74%. UniFirst's payout ratio is presently 17.41%.

UniFirst announced that its board has authorized a share repurchase plan on Tuesday, April 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the textile maker to purchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on UNF shares. Barclays reaffirmed an "underweight" rating and set a $152.00 price target (down previously from $180.00) on shares of UniFirst in a report on Friday, April 4th. Robert W. Baird cut their target price on shares of UniFirst from $218.00 to $197.00 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Finally, UBS Group upped their price target on shares of UniFirst from $194.00 to $196.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $180.00.

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.