Man Group plc Sells 24,811 Shares of UniFirst Co. (NYSE:UNF)

Man Group plc lessened its holdings in UniFirst Co. (NYSE:UNF - Free Report) by 44.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 30,884 shares of the textile maker's stock after selling 24,811 shares during the quarter. Man Group plc owned approximately 0.17% of UniFirst worth $5,284,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

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

UniFirst Price Performance

Shares of UniFirst stock traded down $1.01 on Monday, hitting $183.65. The company had a trading volume of 52,559 shares, compared to its average volume of 105,437. The stock has a 50-day moving average of $178.58 and a 200-day moving average of $195.12. UniFirst Co. has a twelve month low of $149.58 and a twelve month high of $243.70. The firm has a market capitalization of $3.41 billion, a P/E ratio of 23.48 and a beta of 0.87.

UniFirst (NYSE:UNF - Get Free Report) last announced its earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.34 by ($0.03). UniFirst had a net margin of 6.00% and a return on equity of 7.40%. The firm had revenue of $602.20 million during 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. Equities analysts predict that UniFirst Co. will post 7.71 EPS for the current year.

UniFirst Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend is Friday, June 6th. UniFirst's dividend payout ratio is currently 17.41%.

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

UniFirst Company 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.