Renaissance Technologies LLC Buys 6,900 Shares of UniFirst Co. (NYSE:UNF)

Renaissance Technologies LLC grew its stake in UniFirst Co. (NYSE:UNF - Free Report) by 36.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,600 shares of the textile maker's stock after purchasing an additional 6,900 shares during the quarter. Renaissance Technologies LLC owned approximately 0.14% of UniFirst worth $4,380,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of UNF. Invesco Ltd. boosted its holdings in UniFirst by 4.0% during the 4th quarter. Invesco Ltd. now owns 77,725 shares of the textile maker's stock worth $13,298,000 after acquiring an additional 3,017 shares during the last quarter. Bank of Montreal Can boosted its holdings in UniFirst by 7.9% during the fourth quarter. Bank of Montreal Can now owns 1,780 shares of the textile maker's stock worth $305,000 after purchasing an additional 131 shares during the last quarter. Polymer Capital Management US LLC bought a new stake in UniFirst in the 4th quarter worth about $217,000. Envestnet Asset Management Inc. increased its stake in UniFirst by 0.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 154,498 shares of the textile maker's stock valued at $26,433,000 after buying an additional 1,121 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of UniFirst by 1.4% during the 4th quarter. Wells Fargo & Company MN now owns 114,121 shares of the textile maker's stock worth $19,525,000 after buying an additional 1,541 shares in the last quarter. Hedge funds and other institutional investors own 78.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. UBS Group raised their target price on UniFirst from $194.00 to $196.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. StockNews.com downgraded shares of UniFirst from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, January 8th. Robert W. Baird decreased their price target 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. Finally, Barclays reiterated an "underweight" rating and issued a $152.00 price objective (down previously from $180.00) on shares of UniFirst in a research note on Friday, April 4th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $180.00.

UniFirst Price Performance

Shares of UNF traded up $1.07 during trading hours on Friday, hitting $177.52. The company's stock had a trading volume of 68,148 shares, compared to its average volume of 102,853. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 22.70 and a beta of 0.88. The business has a 50 day simple moving average of $188.85 and a two-hundred day simple moving average of $195.67. UniFirst Co. has a 52-week low of $149.58 and a 52-week high of $243.70.

UniFirst (NYSE:UNF - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $602.20 million during the quarter, compared to analysts' expectations of $602.81 million. UniFirst had a net margin of 6.00% and a return on equity of 7.40%. The firm's quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.09 earnings per share. Research analysts predict that UniFirst Co. will post 7.71 earnings per share for the current year.

UniFirst Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 0.79%. UniFirst's dividend payout ratio is currently 17.41%.

UniFirst declared that its board has approved a stock buyback program on Tuesday, April 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the textile maker to purchase up to 3.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at UniFirst

In other news, VP David Martin Katz sold 1,299 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $210.95, for a total transaction of $274,024.05. Following the completion of the transaction, the vice president now directly owns 6,455 shares in the company, valued at $1,361,682.25. The trade was a 16.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.86% of the company's stock.

About UniFirst

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.