Vazirani Asset Management LLC Takes Position in UniFirst Corporation $UNF

Key Points

• Vazirani Asset Management bought 3,500 UniFirst shares worth approximately $925,610, while other institutional investors also increased or initiated positions. Institutions collectively own 78.17% of the company.
• Analysts maintain a cautious outlook, with four Hold ratings, an average price target of $246.67, and Weiss Ratings downgrading the stock to Hold. UniFirst recently traded at $282.36, near its 52-week high.
• UniFirst missed quarterly EPS expectations, reporting $1.09 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, yielding 0.5% annually.

Vazirani Asset Management LLC purchased a new position in shares of UniFirst Corporation (NYSE:UNF - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,500 shares of the textile maker's stock, valued at approximately $925,610. UniFirst accounts for 0.0% of Vazirani Asset Management LLC's investment portfolio, making the stock its 10th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Comerica Bank increased its position in shares of UniFirst by 66.7% in the fourth quarter. Comerica Bank now owns 31,163 shares of the textile maker's stock valued at $6,011,000 after acquiring an additional 12,465 shares during the period. Tweedy Browne Co LLC bought a new position in shares of UniFirst during the 4th quarter worth approximately $19,687,000. California State Teachers Retirement System grew its stake in shares of UniFirst by 31.9% during the 1st quarter. California State Teachers Retirement System now owns 18,267 shares of the textile maker's stock worth $4,596,000 after purchasing an additional 4,418 shares during the period. BlackRock Inc. purchased a new stake in UniFirst during the 2nd quarter valued at about $580,008,000. Finally, TimesSquare Capital Management LLC acquired a new stake in UniFirst in the 2nd quarter valued at about $17,165,000. Institutional investors own 78.17% of the company's stock.

Analysts Set New Price Targets

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

UniFirst Stock Performance

Shares of NYSE:UNF traded down $3.39 on Friday, reaching $282.36. The company's stock had a trading volume of 478,506 shares, compared to its average volume of 240,827. The company has a 50-day simple moving average of $282.54 and a 200 day simple moving average of $265.48. The company has a market cap of $5.11 billion, a P/E ratio of 44.54 and a beta of 0.63. UniFirst Corporation has a 52-week low of $147.66 and a 52-week high of $306.67.

UniFirst (NYSE:UNF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 1st. The textile maker reported $1.09 earnings per share (EPS) 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 business had revenue of $634.40 million for the quarter, compared to analysts' expectations of $627.66 million. During the same quarter in the prior year, the company posted $2.13 EPS. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities research analysts forecast that UniFirst Corporation will post 7.49 EPS for the current fiscal year.

UniFirst Dividend Announcement

The company also recently declared 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 of this dividend is Friday, September 4th. UniFirst's dividend payout ratio (DPR) is presently 23.03%.

About UniFirst

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).