Squarepoint Ops LLC Increases Stock Position in UniFirst Corporation $UNF

Key Points

• Squarepoint Ops increased its UniFirst stake by 75.8% in the second quarter, holding 107,196 shares worth approximately $28.3 million. Institutional investors collectively own 78.17% of the company.
• UniFirst reported quarterly revenue of $634.4 million, up 3.9% year over year and above estimates, but earnings per share of $1.09 missed consensus by $0.84. Analysts expect full-year EPS of $7.49.
• The company declared a quarterly dividend of $0.365, equivalent to an annualized $1.46 payout and a 0.5% yield. Analysts maintain an overall “Hold” rating, with an average price target of $246.67.

Squarepoint Ops LLC boosted its stake in shares of UniFirst Corporation (NYSE:UNF - Free Report) by 75.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,196 shares of the textile maker's stock after buying an additional 46,221 shares during the period. Squarepoint Ops LLC owned 0.59% of UniFirst worth $28,349,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of UNF. California State Teachers Retirement System increased its position in shares of UniFirst by 31.9% during the first quarter. California State Teachers Retirement System now owns 18,267 shares of the textile maker's stock worth $4,596,000 after purchasing an additional 4,418 shares in the last quarter. BlackRock Inc. purchased a new position in UniFirst during the 2nd quarter worth $580,008,000. TimesSquare Capital Management LLC purchased a new position in UniFirst during the 2nd quarter worth $17,165,000. Bank of America Corp DE increased its position in UniFirst by 16.0% during the 1st quarter. Bank of America Corp DE now owns 151,925 shares of the textile maker's stock valued at $38,223,000 after buying an additional 20,956 shares in the last quarter. Finally, Gamco Investors INC. ET AL acquired a new position in UniFirst during the 1st quarter valued at about $868,000. Institutional investors own 78.17% of the company's stock.

UniFirst Stock Up 0.0%

Shares of NYSE UNF opened at $275.26 on Wednesday. The business's 50 day moving average price is $284.67 and its 200 day moving average price is $267.95. The firm has a market cap of $4.98 billion, a P/E ratio of 43.42 and a beta of 0.61. UniFirst Corporation has a 52 week low of $147.66 and a 52 week high of $306.67.

UniFirst (NYSE:UNF - Get Free Report) last released its quarterly earnings data on Wednesday, July 1st. The textile maker reported $1.09 earnings per share for the quarter, missing analysts' consensus estimates of $1.93 by ($0.84). The company had revenue of $634.40 million for the quarter, compared to analysts' expectations of $627.66 million. UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The business's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.13 EPS. As a group, research analysts expect that UniFirst Corporation will post 7.49 earnings per share for the current year.

UniFirst Announces Dividend

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

Wall Street Analyst Weigh In

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

UniFirst Company 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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