Legal & General Group Plc Invests $8.51 Million in UniFirst Corporation $UNF

Key Points

• Legal & General Group Plc acquired 32,161 UniFirst shares worth approximately $8.51 million, giving it a 0.18% stake. Institutional investors collectively own 78.17% of the company.
• UniFirst reported quarterly revenue of $634.4 million, up 3.9% year over year and above estimates, but earnings per share of $1.09 fell well short of the $1.93 consensus forecast.
• The company declared a quarterly dividend of $0.365 per share, while analysts maintain a consensus “Hold” rating with an average price target of $246.67.

Legal & General Group Plc acquired a new stake in shares of UniFirst Corporation (NYSE:UNF - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 32,161 shares of the textile maker's stock, valued at approximately $8,505,000. Legal & General Group Plc owned about 0.18% of UniFirst at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in UNF. The Manufacturers Life Insurance Company acquired a new position in UniFirst during the 2nd quarter valued at about $1,872,000. Sanctuary Advisors LLC acquired a new stake in UniFirst in the second quarter worth about $760,000. DLD Asset Management LP purchased a new stake in shares of UniFirst during the second quarter worth about $414,000. Elevation Point Wealth Partners LLC acquired a new position in shares of UniFirst during the second quarter valued at about $337,000. Finally, Martin & Co. Inc. TN purchased a new position in shares of UniFirst in the 2nd quarter valued at approximately $3,641,000. Institutional investors and hedge funds own 78.17% of the company's stock.

UniFirst Stock Up 0.2%

UniFirst stock opened at $277.23 on Wednesday. The stock has a 50-day moving average price of $283.60 and a 200 day moving average price of $266.68. The company has a market capitalization of $5.01 billion, a price-to-earnings ratio of 43.73 and a beta of 0.61. UniFirst Corporation has a 52 week low of $147.66 and a 52 week high of $306.67.

UniFirst (NYSE:UNF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 1st. The textile maker reported $1.09 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $627.66 million. During the same quarter last year, the company posted $2.13 EPS. UniFirst's quarterly revenue was up 3.9% compared to the same quarter last year. Research analysts anticipate that UniFirst Corporation will post 7.49 EPS for the current fiscal year.

UniFirst Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a dividend of $0.365 per share. This represents a $1.46 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, September 4th. UniFirst's dividend payout ratio (DPR) is 23.03%.

Analysts Set New Price Targets

A number of research firms recently commented on UNF. Weiss Ratings cut 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 target on shares of UniFirst in a research note on Monday, July 6th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $246.67.

UniFirst Profile

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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