The Manufacturers Life Insurance Company Makes New Investment in UniFirst Corporation $UNF

Key Points

• The Manufacturers Life Insurance Company bought 7,078 UniFirst shares worth approximately $1.87 million during the second quarter. Institutional investors collectively own 78.17% of the company.
• Analysts maintain a consensus “Hold” rating, with an average price target of $246.67. UniFirst recently reported quarterly earnings of $1.09 per share, well below the $1.93 consensus estimate, despite revenue rising 3.9% year over year to $634.4 million.
• UniFirst declared a quarterly dividend of $0.365 per share, equivalent to $1.46 annually and a 0.5% yield. Shares opened at $274.97, within a 52-week range of $147.66 to $306.67.

The Manufacturers Life Insurance Company purchased a new stake in UniFirst Corporation (NYSE:UNF - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,078 shares of the textile maker's stock, valued at approximately $1,872,000.

A number of other large investors have also recently modified their holdings of the business. Geneos Wealth Management Inc. increased its position in shares of UniFirst by 474.1% in the first quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker's stock worth $27,000 after purchasing an additional 128 shares during the last quarter. Modus Advisors LLC bought a new stake in UniFirst during the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC increased its holdings in shares of UniFirst by 378.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker's stock worth $29,000 after buying an additional 121 shares during the last quarter. Danske Bank A S bought a new position in shares of UniFirst in the 3rd quarter worth $33,000. Finally, Brown Brothers Harriman & Co. raised its position in shares of UniFirst by 1,244.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker's stock valued at $56,000 after buying an additional 311 shares in the last quarter. Institutional investors own 78.17% of the company's stock.

Wall Street Analysts Forecast Growth

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

UniFirst Price Performance

Shares of NYSE UNF opened at $274.97 on Friday. UniFirst Corporation has a one year low of $147.66 and a one year high of $306.67. The firm's 50 day simple moving average is $284.08 and its two-hundred day simple moving average is $267.22. The stock has a market capitalization of $4.97 billion, a P/E ratio of 43.37 and a beta of 0.61.

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

UniFirst Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given a dividend of $0.365 per share. This represents a $1.46 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, September 4th. UniFirst's dividend payout ratio is presently 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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