Polar Asset Management Partners Inc. Takes $3.50 Million Position in UniFirst Corporation $UNF

Key Points

• Polar Asset Management initiated a $3.5 million UniFirst position, purchasing 13,255 shares and owning approximately 0.07% of the company. Institutional investors collectively hold 78.17% of UniFirst’s shares.
• Analysts maintain a consensus “Hold” rating on UNF, with an average price target of $246.67. The stock opened at $288.23, near its 52-week high of $306.67.
• UniFirst’s latest quarterly earnings missed expectations, reporting $1.09 in EPS versus the $1.93 consensus, although revenue rose 3.9% year over year to $634.4 million. The company also declared a quarterly dividend of $0.365 per share, yielding approximately 0.5% annually.

Polar Asset Management Partners Inc. bought a new stake in shares of UniFirst Corporation (NYSE:UNF - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,255 shares of the textile maker's stock, valued at approximately $3,505,000. Polar Asset Management Partners Inc. owned approximately 0.07% of UniFirst at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Jupiter Topco LLC bought a new stake in UniFirst in the second quarter worth approximately $5,336,000. Hsbc Holdings PLC bought a new position in shares of UniFirst during the 2nd quarter worth approximately $609,000. Canada Pension Plan Investment Board acquired a new stake in shares of UniFirst during the 2nd quarter worth approximately $264,000. Legal & General Group Plc acquired a new stake in shares of UniFirst during the 2nd quarter worth approximately $8,505,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of UniFirst in the 2nd quarter valued at $1,872,000. Institutional investors and hedge funds own 78.17% of the company's stock.

Analyst Ratings Changes

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

UniFirst Price Performance

NYSE:UNF opened at $288.23 on Wednesday. The firm has a 50-day moving average of $281.49 and a 200-day moving average of $264.29. The company has a market cap of $5.21 billion, a PE ratio of 45.46 and a beta of 0.63. UniFirst Corporation has a one year low of $147.66 and a one year high of $306.67.

UniFirst (NYSE:UNF - Get Free Report) last announced 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). The business had revenue of $634.40 million during the quarter, compared to the consensus estimate of $627.66 million. UniFirst had a net margin of 4.65% and a return on equity of 6.44%. UniFirst's revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.13 EPS. On average, equities research analysts expect that UniFirst Corporation will post 7.49 earnings per share for the current fiscal year.

UniFirst Dividend Announcement

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

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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