Ulysses Management LLC Makes New Investment in UniFirst Co. (NYSE:UNF)

Ulysses Management LLC acquired a new position in UniFirst Co. (NYSE:UNF - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 48,618 shares of the textile maker's stock, valued at approximately $8,318,000. UniFirst accounts for approximately 1.3% of Ulysses Management LLC's investment portfolio, making the stock its 12th biggest holding. Ulysses Management LLC owned about 0.26% of UniFirst at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Independence Bank of Kentucky purchased a new stake in shares of UniFirst during the fourth quarter valued at approximately $34,000. Blue Trust Inc. boosted its holdings in UniFirst by 1,105.3% in the fourth quarter. Blue Trust Inc. now owns 229 shares of the textile maker's stock worth $39,000 after purchasing an additional 210 shares during the last quarter. Smartleaf Asset Management LLC boosted 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 worth $59,000 after purchasing an additional 247 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in UniFirst by 187.2% in the fourth quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker's stock worth $61,000 after purchasing an additional 234 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in UniFirst by 811.5% in the fourth quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker's stock worth $81,000 after purchasing an additional 422 shares during the last quarter. Hedge funds and other institutional investors own 78.17% of the company's stock.

Analysts Set New Price Targets

UNF has been the topic of several research reports. Robert W. Baird dropped their target price on shares of UniFirst from $218.00 to $197.00 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Barclays restated an "underweight" rating and issued a $152.00 target price (down previously from $180.00) on shares of UniFirst in a report on Friday, April 4th. Finally, UBS Group increased their price target on shares of UniFirst from $194.00 to $196.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $180.00.

UniFirst Trading Up 0.7%

UNF opened at $188.68 on Tuesday. UniFirst Co. has a 1-year low of $149.58 and a 1-year high of $243.70. The company has a market capitalization of $3.50 billion, a PE ratio of 24.13 and a beta of 0.87. The firm's 50 day simple moving average is $180.14 and its two-hundred day simple moving average is $195.23.

UniFirst (NYSE:UNF - Get Free Report) last released its quarterly earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.03). UniFirst had a return on equity of 7.40% and a net margin of 6.00%. The business had revenue of $602.20 million during the quarter, compared to the consensus estimate of $602.81 million. During the same quarter in the previous year, the business posted $1.09 earnings per share. The firm's revenue was up 1.9% on a year-over-year basis. Equities analysts forecast that UniFirst Co. will post 7.71 earnings per share for the current fiscal year.

UniFirst Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 0.74%. UniFirst's payout ratio is 17.41%.

UniFirst announced that its Board of Directors has approved a stock buyback plan on Tuesday, April 8th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the textile maker to repurchase up to 3.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

About UniFirst

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.

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