48,618 Shares in UniFirst Co. (NYSE:UNF) Bought by Ulysses Management LLC

Ulysses Management LLC acquired a new position in shares of UniFirst Co. (NYSE:UNF - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 48,618 shares of the textile maker's stock, valued at approximately $8,318,000. UniFirst comprises about 1.3% of Ulysses Management LLC's portfolio, making the stock its 12th largest holding. Ulysses Management LLC owned approximately 0.26% of UniFirst as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Independence Bank of Kentucky purchased a new position in shares of UniFirst in the fourth quarter valued at about $34,000. Blue Trust Inc. increased its position in shares of UniFirst by 1,105.3% in the fourth quarter. Blue Trust Inc. now owns 229 shares of the textile maker's stock valued at $39,000 after acquiring an additional 210 shares during the period. Smartleaf Asset Management LLC increased its position in shares of 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 acquiring an additional 247 shares during the period. Jones Financial Companies Lllp increased its position in shares of UniFirst by 187.2% during the fourth quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker's stock valued at $61,000 after buying an additional 234 shares during the period. Finally, Sterling Capital Management LLC increased its position in shares of UniFirst by 811.5% during the fourth quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker's stock valued at $81,000 after buying an additional 422 shares during the period. 78.17% of the stock is owned by institutional investors.

UniFirst Price Performance

UNF stock traded down $1.01 during midday trading on Friday, hitting $183.65. 52,559 shares of the stock traded hands, compared to its average volume of 105,437. The firm has a market cap of $3.41 billion, a P/E ratio of 23.48 and a beta of 0.87. The stock's fifty day simple moving average is $178.58 and its 200-day simple moving average is $195.13. UniFirst Co. has a 1-year low of $149.58 and a 1-year high of $243.70.

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 for the quarter, missing analysts' consensus estimates of $1.34 by ($0.03). The business had revenue of $602.20 million for the quarter, compared to analyst estimates of $602.81 million. UniFirst had a return on equity of 7.40% and a net margin of 6.00%. The business's revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.09 earnings per share. On average, research analysts predict that UniFirst Co. will post 7.71 earnings per share for the current year.

UniFirst Dividend Announcement

The company 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 dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date is Friday, June 6th. UniFirst's dividend payout ratio (DPR) is presently 17.41%.

UniFirst announced that its board has initiated a share 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 repurchase up to 3.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

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

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.