Rhumbline Advisers Boosts Stake in UniFirst Co. (NYSE:UNF)

Rhumbline Advisers boosted its holdings in UniFirst Co. (NYSE:UNF - Free Report) by 3.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 51,883 shares of the textile maker's stock after buying an additional 1,585 shares during the period. Rhumbline Advisers owned 0.28% of UniFirst worth $9,028,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in UNF. Blue Trust Inc. grew its holdings in UniFirst by 1,105.3% during the 4th quarter. Blue Trust Inc. now owns 229 shares of the textile maker's stock valued at $39,000 after buying an additional 210 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in UniFirst by 252.0% during 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 last quarter. Jones Financial Companies Lllp grew its stake in shares of UniFirst by 187.2% in the 4th quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker's stock worth $61,000 after buying an additional 234 shares in the last quarter. Sterling Capital Management LLC raised its position in shares of UniFirst by 811.5% during the 4th 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 in the last quarter. Finally, Orion Capital Management LLC bought a new position in shares of UniFirst in the 4th quarter valued at about $104,000. 78.17% of the stock is currently owned by hedge funds and other institutional investors.

UniFirst Price Performance

NYSE UNF traded down $2.37 during midday trading on Thursday, hitting $185.73. 18,123 shares of the company traded hands, compared to its average volume of 105,592. UniFirst Co. has a 52 week low of $149.89 and a 52 week high of $243.70. The company has a market cap of $3.45 billion, a PE ratio of 23.75 and a beta of 0.87. The company's 50-day simple moving average is $180.55 and its 200-day simple moving average is $194.33.

UniFirst (NYSE:UNF - Get Free Report) last released its earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.34 by ($0.03). The firm 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 was up 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $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 announced that its board has initiated a stock repurchase program on Tuesday, April 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the textile maker to buy up to 3.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

UniFirst Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend is Friday, June 6th. UniFirst's dividend payout ratio is presently 17.41%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on UNF. UBS Group increased their price target on UniFirst from $194.00 to $196.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Robert W. Baird dropped their target price on UniFirst from $218.00 to $197.00 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Finally, Barclays reissued an "underweight" rating and set a $152.00 price target (down from $180.00) on shares of UniFirst in a research note on Friday, April 4th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently 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.