New South Capital Management Inc. Sells 5,525 Shares of Unifirst Corporation (NYSE:UNF)

New South Capital Management Inc. reduced its position in shares of Unifirst Corporation (NYSE:UNF - Free Report) by 11.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,094 shares of the textile maker's stock after selling 5,525 shares during the period. New South Capital Management Inc. owned 0.23% of Unifirst worth $7,498,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in Unifirst by 59.9% in the 1st quarter. GAMMA Investing LLC now owns 227 shares of the textile maker's stock worth $39,000 after buying an additional 85 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Unifirst by 88.7% during the 1st quarter. Fifth Third Bancorp now owns 266 shares of the textile maker's stock worth $46,000 after acquiring an additional 125 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of Unifirst by 252.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker's stock worth $59,000 after acquiring an additional 247 shares during the period. Jones Financial Companies Lllp boosted its position in shares of 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 acquiring an additional 234 shares during the last quarter. Finally, Sterling Capital Management LLC grew 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 valued at $81,000 after purchasing an additional 422 shares during the period. 78.17% of the stock is owned by institutional investors and hedge funds.

Unifirst Stock Performance

Shares of UNF traded up $3.94 during midday trading on Thursday, hitting $175.01. 112,426 shares of the stock traded hands, compared to its average volume of 107,435. The business's 50 day moving average price is $184.75 and its two-hundred day moving average price is $192.79. The firm has a market capitalization of $3.25 billion, a PE ratio of 21.50 and a beta of 0.86. Unifirst Corporation has a 1-year low of $156.34 and a 1-year high of $243.70.

Unifirst (NYSE:UNF - Get Free Report) last posted its quarterly earnings data on Wednesday, July 2nd. The textile maker reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.04. The business had revenue of $610.78 million during the quarter, compared to the consensus estimate of $614.50 million. Unifirst had a net margin of 6.18% and a return on equity of 7.35%. The company's quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.20 earnings per share. As a group, equities research analysts forecast that Unifirst Corporation will post 7.71 EPS for the current fiscal year.

Unifirst declared that its board has authorized a stock repurchase program 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 programs are often an indication that the company's board believes its stock is undervalued.

Unifirst Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.80%. Unifirst's dividend payout ratio (DPR) is 17.20%.

Analyst Upgrades and Downgrades

UNF has been the topic of a number of recent analyst reports. UBS Group cut their price target on shares of Unifirst from $196.00 to $194.00 and set a "neutral" rating on the stock in a research note on Monday. Robert W. Baird set a $197.00 target price on Unifirst in a research report on Monday. Finally, Barclays set a $152.00 price target on shares of Unifirst and gave the company an "underweight" rating in a research report on Monday.

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.