First Trust Advisors LP Has $4.70 Million Position in UniFirst Co. (NYSE:UNF)

First Trust Advisors LP lowered its stake in shares of UniFirst Co. (NYSE:UNF - Free Report) by 16.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,452 shares of the textile maker's stock after selling 5,433 shares during the period. First Trust Advisors LP owned about 0.15% of UniFirst worth $4,697,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Independence Bank of Kentucky bought a new stake in shares of UniFirst in the 4th quarter valued at approximately $34,000. Blue Trust Inc. lifted its stake in shares of UniFirst by 1,105.3% in the 4th quarter. Blue Trust Inc. now owns 229 shares of the textile maker's stock valued at $39,000 after purchasing an additional 210 shares during the last quarter. Smartleaf Asset Management LLC increased its position in UniFirst by 252.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker's stock worth $59,000 after buying an additional 247 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in UniFirst by 187.2% during the fourth quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker's stock valued at $61,000 after buying an additional 234 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its position in shares of UniFirst by 811.5% in the fourth quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker's stock worth $81,000 after buying an additional 422 shares during the last quarter. 78.17% of the stock is currently owned by hedge funds and other institutional investors.

UniFirst Stock Up 0.5 %

NYSE:UNF traded up $0.88 during mid-day trading on Monday, reaching $180.83. 64,268 shares of the company were exchanged, compared to its average volume of 103,782. UniFirst Co. has a 12 month low of $149.58 and a 12 month high of $243.70. The stock has a market cap of $3.36 billion, a PE ratio of 23.12 and a beta of 0.87. The company has a fifty day moving average of $185.53 and a 200 day moving average of $195.39.

UniFirst (NYSE:UNF - Get Free Report) last issued its quarterly earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share for the quarter, missing analysts' consensus estimates of $1.34 by ($0.03). UniFirst had a net margin of 6.00% and a return on equity of 7.40%. The company had revenue of $602.20 million during the quarter, compared to analyst estimates of $602.81 million. During the same period in the prior year, the business earned $1.09 EPS. The business's revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities research analysts anticipate that UniFirst Co. will post 7.71 EPS for the current fiscal year.

UniFirst declared that its board has authorized a stock repurchase plan on Tuesday, April 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the textile maker to buy up to 3.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

UniFirst Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend is Friday, June 6th. UniFirst's dividend payout ratio is 17.41%.

Insider Buying and Selling

In other news, VP David Martin Katz sold 1,299 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $210.95, for a total value of $274,024.05. Following the transaction, the vice president now owns 6,455 shares of the company's stock, valued at $1,361,682.25. This represents a 16.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.86% of the company's stock.

Analysts Set New Price Targets

UNF has been the topic of a number of recent analyst reports. Barclays reissued an "underweight" rating and issued a $152.00 price objective (down from $180.00) on shares of UniFirst in a research note on Friday, April 4th. Robert W. Baird reduced their price objective on shares of UniFirst from $218.00 to $197.00 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. StockNews.com downgraded shares of UniFirst from a "strong-buy" rating to a "buy" rating in a report on Wednesday, January 8th. Finally, UBS Group lifted their target price on shares of UniFirst from $194.00 to $196.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. Two 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. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $180.00.

UniFirst Profile

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.