London Co. of Virginia Has $195.05 Million Stock Position in UniFirst Corporation $UNF

Key Points

• London Co. of Virginia cut its UniFirst stake by 7.2% in the first quarter, but still held 775,264 shares valued at about $195.05 million, or roughly 4.29% of the company.
• UniFirst reported mixed quarterly results: revenue of $634.4 million beat estimates, but earnings per share of $1.09 fell well short of the $1.93 consensus and were down from $2.13 a year earlier.
• The company declared a quarterly dividend of $0.365 per share, while analysts currently have an average Hold rating on the stock with a consensus price target of $246.67.

London Co. of Virginia reduced its holdings in shares of UniFirst Corporation (NYSE:UNF - Free Report) by 7.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 775,264 shares of the textile maker's stock after selling 60,106 shares during the quarter. London Co. of Virginia owned approximately 4.29% of UniFirst worth $195,052,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Royal Bank of Canada boosted its holdings in UniFirst by 7.8% during the first quarter. Royal Bank of Canada now owns 27,152 shares of the textile maker's stock worth $4,724,000 after purchasing an additional 1,974 shares during the last quarter. AQR Capital Management LLC grew its position in UniFirst by 13.4% in the first quarter. AQR Capital Management LLC now owns 5,069 shares of the textile maker's stock valued at $882,000 after purchasing an additional 599 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in UniFirst by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,966 shares of the textile maker's stock valued at $1,560,000 after buying an additional 397 shares during the last quarter. Millennium Management LLC increased its stake in UniFirst by 37.3% in the 1st quarter. Millennium Management LLC now owns 105,331 shares of the textile maker's stock valued at $18,328,000 after buying an additional 28,589 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in UniFirst by 3.9% during 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 buying an additional 1,326 shares in the last quarter. 78.17% of the stock is currently owned by institutional investors and hedge funds.

UniFirst Trading Up 1.4%

NYSE:UNF opened at $293.86 on Friday. UniFirst Corporation has a 1-year low of $147.66 and a 1-year high of $295.60. The firm has a fifty day simple moving average of $270.65 and a 200 day simple moving average of $250.74. The stock has a market capitalization of $5.31 billion, a PE ratio of 46.35 and a beta of 0.63.

UniFirst (NYSE:UNF - Get Free Report) last issued its earnings results on Wednesday, July 1st. The textile maker reported $1.09 earnings per share 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 firm had revenue of $634.40 million for the quarter, compared to analyst estimates of $627.66 million. During the same quarter in the previous year, the firm posted $2.13 earnings per share. UniFirst's quarterly revenue was up 3.9% on a year-over-year basis. On average, equities analysts predict that UniFirst Corporation will post 7.49 earnings per share for the current fiscal year.

UniFirst Announces Dividend

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

Analyst Ratings Changes

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

UniFirst Company 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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