UniFirst Corporation $UNF Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its UniFirst stake by 31.9% in the first quarter, purchasing 4,418 additional shares for a total holding valued at approximately $4.6 million. Institutional investors and hedge funds own 78.17% of the company.
• Analysts maintain a consensus “Hold” rating on UniFirst, with an average price target of $246.67, below the stock’s reported price of $290.35.
• UniFirst reported quarterly earnings of $1.09 per share, missing estimates of $1.93, while revenue rose 3.9% year over year to $634.4 million. The company declared a quarterly dividend of $0.365 per share, representing a 0.5% yield.

California State Teachers Retirement System boosted its stake in shares of UniFirst Corporation (NYSE:UNF - Free Report) by 31.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,267 shares of the textile maker's stock after purchasing an additional 4,418 shares during the period. California State Teachers Retirement System owned approximately 0.10% of UniFirst worth $4,596,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of UNF. DDD Partners LLC purchased a new position in shares of UniFirst during the 4th quarter valued at approximately $2,614,000. Comerica Bank increased its stake in shares of UniFirst by 66.7% in the fourth quarter. Comerica Bank now owns 31,163 shares of the textile maker's stock worth $6,011,000 after buying an additional 12,465 shares during the last quarter. Tweedy Browne Co LLC bought a new stake in shares of UniFirst in the fourth quarter worth $19,687,000. Cannon Global Investment Management LLC bought a new position in shares of UniFirst during the fourth quarter worth about $1,312,000. Finally, M&T Bank Corp acquired a new stake in shares of UniFirst during the fourth quarter worth $2,886,000. 78.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on UNF shares. UBS Group set a $262.00 target price on shares of UniFirst in a research report on Monday, July 6th. Weiss Ratings downgraded shares of UniFirst from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, July 9th. Four analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $246.67.

UniFirst Stock Up 0.5%

Shares of NYSE UNF opened at $290.35 on Friday. UniFirst Corporation has a 12 month low of $147.66 and a 12 month high of $306.67. The business's 50 day moving average is $276.37 and its two-hundred day moving average is $257.09. The company has a market cap of $5.25 billion, a P/E ratio of 45.80 and a beta of 0.63.

UniFirst (NYSE:UNF - Get Free Report) last released its earnings results on Wednesday, July 1st. The textile maker reported $1.09 earnings per share for the quarter, missing analysts' consensus estimates of $1.93 by ($0.84). UniFirst had a return on equity of 6.44% and a net margin of 4.65%.The firm had revenue of $634.40 million for the quarter, compared to analyst estimates of $627.66 million. During the same period last year, the business earned $2.13 earnings per share. The firm's quarterly revenue was up 3.9% compared to the same quarter last year. Sell-side analysts expect that UniFirst Corporation will post 7.49 earnings per share for the current fiscal year.

UniFirst Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a $0.365 dividend. This represents a $1.46 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, September 4th. UniFirst's payout ratio is 23.03%.

UniFirst Profile

UniFirst Corporation NYSE: UNF is a leading provider of customized uniform rental and facility service programs in North America and Europe. The company specializes in the rental, laundering and maintenance of workwear, corporate apparel and protective garments for a broad range of industries, including manufacturing, automotive, hospitality, healthcare and food processing. UniFirst also offers a suite of facility service products such as entrance mats, restroom supplies, wipers, mops and hygienic services designed to help customers maintain clean and safe environments.

In addition to its core uniform rental business, UniFirst has expanded its product portfolio to include safety and first-responder gear, flame-resistant clothing, high-visibility apparel and personal protective equipment (PPE).

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