Vazirani Asset Management LLC Takes Position in UniFirst Corporation $UNF

Key Points

• Vazirani Asset Management initiated a 3,500-share UniFirst position valued at approximately $925.6 million, representing 4.6% of its portfolio and ranking as its 10th-largest holding. Institutional investors and hedge funds collectively own 78.17% of UniFirst.
• Analysts maintain a cautious outlook, with four Hold ratings, an average price target of $246.67, and UBS’s target at $262. UniFirst shares opened at $287.86, near their 52-week high of $306.67.
• UniFirst’s latest quarterly earnings missed expectations, reporting $1.09 EPS versus the $1.93 consensus, although revenue rose 3.9% year over year to $634.4 million. The company declared a quarterly dividend of $0.365 per share, equal to a 0.5% annualized yield.

Vazirani Asset Management LLC bought a new stake in shares of UniFirst Corporation (NYSE:UNF - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 3,500 shares of the textile maker's stock, valued at approximately $925,610,000. UniFirst accounts for 4.6% of Vazirani Asset Management LLC's holdings, making the stock its 10th biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geneos Wealth Management Inc. grew its position in UniFirst by 474.1% in the first quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker's stock valued at $27,000 after acquiring an additional 128 shares in the last quarter. Modus Advisors LLC purchased a new stake in shares of UniFirst during the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC lifted its position in shares of UniFirst by 378.1% during the second quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker's stock worth $29,000 after purchasing an additional 121 shares in the last quarter. Danske Bank A S acquired a new position in shares of UniFirst during the third quarter worth $33,000. Finally, Brown Brothers Harriman & Co. boosted its stake in shares of UniFirst by 1,244.0% in the third quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker's stock valued at $56,000 after purchasing an additional 311 shares during the period. 78.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on UNF shares. UBS Group set a $262.00 price target on shares of UniFirst in a report on Monday, July 6th. Weiss Ratings lowered shares of UniFirst from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $246.67.

UniFirst Stock Down 0.1%

UNF stock opened at $287.86 on Thursday. The stock's 50 day moving average is $282.04 and its two-hundred day moving average is $264.89. UniFirst Corporation has a 52-week low of $147.66 and a 52-week high of $306.67. The company has a market capitalization of $5.20 billion, a PE ratio of 45.40 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 EPS for the quarter, missing the consensus estimate of $1.93 by ($0.84). UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The business had revenue of $634.40 million for the quarter, compared to analysts' expectations of $627.66 million. During the same quarter last year, the company posted $2.13 earnings per share. The business's quarterly revenue was up 3.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that UniFirst Corporation will post 7.49 EPS for the current year.

UniFirst Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, September 4th. UniFirst's dividend payout ratio is 23.03%.

UniFirst Company 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).

Want to see what other hedge funds are holding UNF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for UniFirst Corporation (NYSE:UNF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source