New Age Alpha Advisors LLC Buys New Holdings in Unifirst Corporation (NYSE:UNF)

Key Points

• New Age Alpha Advisors LLC has acquired a new position in UniFirst Corporation, purchasing 17,961 shares valued at approximately $3.125 million, now holding about 0.10% of the company.
• UniFirst's recent earnings report beat analysts' expectations with $2.13 EPS, while revenue reached $610.78 million, slightly lower than anticipated.
• The company has announced a $100 million stock repurchase program, allowing for the reacquisition of up to 3.3% of its shares, indicating the board's belief in the stock's undervaluation.

New Age Alpha Advisors LLC bought a new position in shares of Unifirst Corporation (NYSE:UNF - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 17,961 shares of the textile maker's stock, valued at approximately $3,125,000. New Age Alpha Advisors LLC owned approximately 0.10% of Unifirst as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. SageView Advisory Group LLC boosted its holdings in Unifirst by 3.1% during the fourth quarter. SageView Advisory Group LLC now owns 1,580 shares of the textile maker's stock worth $270,000 after buying an additional 48 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Unifirst by 3.1% during the 4th quarter. Cetera Investment Advisers now owns 2,231 shares of the textile maker's stock worth $382,000 after acquiring an additional 68 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Unifirst by 59.9% in the 1st quarter. GAMMA Investing LLC now owns 227 shares of the textile maker's stock worth $39,000 after acquiring an additional 85 shares during the period. DAVENPORT & Co LLC raised its holdings in Unifirst by 1.1% during the first quarter. DAVENPORT & Co LLC now owns 7,613 shares of the textile maker's stock worth $1,325,000 after purchasing an additional 86 shares during the last quarter. Finally, Summit Investment Advisors Inc. boosted its position in Unifirst by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,575 shares of the textile maker's stock worth $269,000 after purchasing an additional 100 shares in the last quarter. 78.17% of the stock is owned by institutional investors and hedge funds.

Unifirst Stock Performance

NYSE UNF traded down $0.06 during mid-day trading on Thursday, reaching $172.37. 59,932 shares of the stock were exchanged, compared to its average volume of 118,109. Unifirst Corporation has a 1-year low of $156.34 and a 1-year high of $243.70. The stock has a market capitalization of $3.20 billion, a PE ratio of 21.18 and a beta of 0.85. The business's fifty day simple moving average is $179.66 and its 200 day simple moving average is $189.34.

Unifirst (NYSE:UNF - Get Free Report) last released its earnings results on Wednesday, July 2nd. The textile maker reported $2.13 EPS for the quarter, beating the consensus estimate of $2.09 by $0.04. Unifirst had a return on equity of 7.35% and a net margin of 6.18%. The firm had revenue of $610.78 million during the quarter, compared to analyst estimates of $614.50 million. During the same period in the prior year, the firm posted $2.20 earnings per share. The business's quarterly revenue was up 1.2% compared to the same quarter last year. On average, analysts anticipate that Unifirst Corporation will post 7.71 EPS for the current year.

Unifirst Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a $0.35 dividend. 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 presently 17.20%.

Analyst Ratings Changes

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

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.