UniFirst Co. (NYSE:UNF) Shares Purchased by Pullen Investment Management LLC

Pullen Investment Management LLC grew its position in UniFirst Co. (NYSE:UNF - Free Report) by 58.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,357 shares of the textile maker's stock after purchasing an additional 2,702 shares during the period. Pullen Investment Management LLC's holdings in UniFirst were worth $1,280,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in shares of UniFirst by 5.5% in the fourth quarter. JPMorgan Chase & Co. now owns 387,326 shares of the textile maker's stock valued at $66,268,000 after purchasing an additional 20,056 shares during the period. HighTower Advisors LLC grew its holdings in UniFirst by 5.7% in the fourth quarter. HighTower Advisors LLC now owns 7,472 shares of the textile maker's stock valued at $1,278,000 after purchasing an additional 403 shares during the period. Millennium Management LLC grew its holdings in UniFirst by 148.4% in the fourth quarter. Millennium Management LLC now owns 76,742 shares of the textile maker's stock valued at $13,130,000 after purchasing an additional 45,850 shares during the period. Smartleaf Asset Management LLC grew its holdings in UniFirst by 252.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker's stock valued at $59,000 after purchasing an additional 247 shares during the period. Finally, Norges Bank acquired a new stake in UniFirst in the fourth quarter valued at approximately $31,133,000. 78.17% of the stock is owned by institutional investors and hedge funds.

UniFirst Price Performance

Shares of UNF stock traded down $3.23 on Friday, hitting $184.31. The stock had a trading volume of 103,131 shares, compared to its average volume of 106,119. The firm has a market capitalization of $3.42 billion, a P/E ratio of 23.57 and a beta of 0.87. UniFirst Co. has a 1 year low of $150.83 and a 1 year high of $243.70. The company's 50 day moving average price is $181.46 and its 200-day moving average price is $194.00.

UniFirst (NYSE:UNF - Get Free Report) last posted its quarterly 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). The company had revenue of $602.20 million during the quarter, compared to analyst estimates of $602.81 million. UniFirst had a net margin of 6.00% and a return on equity of 7.40%. UniFirst's revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.09 EPS. On average, equities analysts forecast 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. Shareholders of record on Friday, June 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 0.76%. UniFirst's dividend payout ratio (DPR) is currently 17.41%.

UniFirst declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 8th that authorizes the company to repurchase $100.00 million in outstanding 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 often a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

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

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.