UniFirst Corporation $UNF Shares Sold by Copeland Capital Management LLC

Key Points

• Copeland Capital Management sharply reduced its UniFirst stake in Q1, selling 210,275 shares and cutting holdings by 71.2% to 85,106 shares worth about $21.4 million.
• Analyst sentiment is mixed but cautious: UBS set a $262 price target, while Weiss Ratings downgraded the stock to Hold. The consensus rating remains Hold with a target price of $246.67.
• UniFirst reported Q1 earnings below expectations, posting $1.09 EPS versus the $1.93 estimate, though revenue of $634.4 million beat forecasts and rose 3.9% year over year. The company also announced a quarterly dividend of $0.365 per share, yielding about 0.5%.

Copeland Capital Management LLC cut its holdings in UniFirst Corporation (NYSE:UNF - Free Report) by 71.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 85,106 shares of the textile maker's stock after selling 210,275 shares during the quarter. Copeland Capital Management LLC owned about 0.47% of UniFirst worth $21,412,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. grew its stake in shares of UniFirst by 474.1% during the first quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker's stock worth $27,000 after acquiring an additional 128 shares during the last quarter. Modus Advisors LLC purchased a new position in shares of UniFirst in the 4th quarter valued at approximately $28,000. EverSource Wealth Advisors LLC raised its position in shares of UniFirst by 378.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker's stock valued at $29,000 after purchasing an additional 121 shares during the last quarter. Danske Bank A S acquired a new stake in UniFirst in the 3rd quarter worth approximately $33,000. Finally, Brown Brothers Harriman & Co. boosted its stake in UniFirst by 1,244.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker's stock worth $56,000 after purchasing an additional 311 shares in the last quarter. 78.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

UniFirst Stock Performance

Shares of UNF stock opened at $291.58 on Friday. The stock's 50-day simple moving average is $267.26 and its 200-day simple moving average is $247.36. The firm has a market capitalization of $5.27 billion, a PE ratio of 45.99 and a beta of 0.63. UniFirst Corporation has a fifty-two week low of $147.66 and a fifty-two week high of $295.60.

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

UniFirst Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.365 per share. 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 presently 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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