Unifirst Corporation (NYSE:UNF) Shares Bought by Natixis Advisors LLC

Key Points

• Natixis Advisors LLC has increased its stake in Unifirst Corporation by 4.4%, acquiring an additional 6,352 shares, resulting in ownership of 149,762 shares valued at approximately $26 million.
• Unifirst's recent quarterly earnings exceeded expectations, with reported earnings per share of $2.13, surpassing the consensus estimate of $2.09, although revenue was slightly below projections at $610.78 million.
• The company has authorized a $100 million share buyback plan, indicating confidence in its stock valuation, and has declared a quarterly dividend of $0.35 per share, yielding 0.8% annually.

Natixis Advisors LLC grew its stake in Unifirst Corporation (NYSE:UNF - Free Report) by 4.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 149,762 shares of the textile maker's stock after purchasing an additional 6,352 shares during the quarter. Natixis Advisors LLC owned approximately 0.81% of Unifirst worth $26,059,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in Unifirst by 59.9% in the first quarter. GAMMA Investing LLC now owns 227 shares of the textile maker's stock worth $39,000 after purchasing an additional 85 shares during the period. Fifth Third Bancorp boosted its holdings in Unifirst by 88.7% in the first quarter. Fifth Third Bancorp now owns 266 shares of the textile maker's stock worth $46,000 after purchasing an additional 125 shares during the period. Sterling Capital Management LLC boosted 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 worth $81,000 after purchasing an additional 422 shares during the period. Vestcor Inc acquired a new position in Unifirst in the first quarter worth $87,000. Finally, Orion Capital Management LLC acquired a new position in Unifirst during the 4th quarter valued at approximately $104,000. Institutional investors and hedge funds own 78.17% of the company's stock.

Unifirst Stock Up 0.0%

NYSE UNF traded up $0.06 during trading hours on Wednesday, hitting $171.93. The company had a trading volume of 31,974 shares, compared to its average volume of 134,882. Unifirst Corporation has a fifty-two week low of $156.34 and a fifty-two week high of $243.70. The business has a fifty day simple moving average of $180.31 and a 200-day simple moving average of $189.81. The firm has a market cap of $3.19 billion, a P/E ratio of 21.11 and a beta of 0.85.

Unifirst (NYSE:UNF - Get Free Report) last announced 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. Unifirst had a return on equity of 7.35% and a net margin of 6.18%. The company had revenue of $610.78 million during the quarter, compared to analyst estimates of $614.50 million. During the same quarter in the previous year, the firm posted $2.20 EPS. The firm's quarterly revenue was up 1.2% on a year-over-year basis. Equities analysts forecast that Unifirst Corporation will post 7.71 EPS for the current fiscal year.

Unifirst declared that its Board of Directors has initiated a share buyback program on Tuesday, April 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the textile maker to buy up to 3.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.

Unifirst Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Friday, September 5th. Unifirst's payout ratio is 17.20%.

Wall Street Analyst Weigh In

UNF has been the subject of a number of analyst reports. UBS Group reduced their price objective on Unifirst from $196.00 to $194.00 and set a "neutral" rating for the company in a research report on Monday, June 30th. Robert W. Baird set a $197.00 target price on Unifirst in a research report on Monday, June 30th. JPMorgan Chase & Co. initiated coverage on Unifirst in a research report on Monday, July 14th. They issued an "underweight" rating and a $175.00 target price on the stock. Finally, Barclays set a $152.00 target price on Unifirst and gave the stock an "underweight" rating in a research report on Monday, June 30th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $179.50.

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.