Whittier Trust Co. Grows Position in Unifirst Corporation (NYSE:UNF)

Whittier Trust Co. increased its stake in Unifirst Corporation (NYSE:UNF - Free Report) by 2,435.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,572 shares of the textile maker's stock after purchasing an additional 1,510 shares during the period. Whittier Trust Co.'s holdings in Unifirst were worth $274,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of UNF. GAMMA Investing LLC grew its position in Unifirst by 59.9% in the first quarter. GAMMA Investing LLC now owns 227 shares of the textile maker's stock valued at $39,000 after acquiring an additional 85 shares during the last quarter. Fifth Third Bancorp grew its position in Unifirst by 88.7% in the first quarter. Fifth Third Bancorp now owns 266 shares of the textile maker's stock valued at $46,000 after acquiring an additional 125 shares during the last quarter. Sterling Capital Management LLC grew its position 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 acquiring an additional 422 shares during the last quarter. Orion Capital Management LLC bought a new position in Unifirst in the fourth quarter valued at about $104,000. Finally, Meeder Asset Management Inc. grew its position in Unifirst by 419.0% in the fourth quarter. Meeder Asset Management Inc. now owns 628 shares of the textile maker's stock valued at $107,000 after acquiring an additional 507 shares during the last quarter. Institutional investors own 78.17% of the company's stock.

Unifirst Trading Down 1.6%

Unifirst stock traded down $2.90 during trading on Friday, hitting $174.93. 108,502 shares of the company were exchanged, compared to its average volume of 109,446. The business's 50 day moving average is $183.44 and its 200 day moving average is $192.77. Unifirst Corporation has a 52 week low of $156.34 and a 52 week high of $243.70. The company has a market capitalization of $3.25 billion, a P/E ratio of 21.49 and a beta of 0.86.

Unifirst (NYSE:UNF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 2nd. The textile maker reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.09 by $0.04. The firm had revenue of $610.78 million during the quarter, compared to the consensus estimate of $614.50 million. Unifirst had a return on equity of 7.35% and a net margin of 6.18%. The business's revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.20 EPS. Equities analysts expect that Unifirst Corporation will post 7.71 EPS for the current 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 shares. This buyback authorization permits the textile maker to reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Barclays set a $152.00 price objective on Unifirst and gave the company an "underweight" rating in a research note on Monday, June 30th. JPMorgan Chase & Co. began coverage on Unifirst in a research note on Monday, July 14th. They issued an "underweight" rating and a $175.00 price objective for the company. Robert W. Baird set a $197.00 price target on shares of Unifirst in a report on Monday, June 30th. Finally, 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 report on Monday, June 30th. Two equities 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, the stock has a consensus rating of "Hold" and an average price target of $179.50.

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.