UniFirst Co. (NYSE:UNF) Shares Purchased by Lazard Asset Management LLC

Lazard Asset Management LLC increased its position in shares of UniFirst Co. (NYSE:UNF - Free Report) by 33.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,047 shares of the textile maker's stock after purchasing an additional 5,465 shares during the quarter. Lazard Asset Management LLC owned 0.12% of UniFirst worth $3,772,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Gotham Asset Management LLC lifted its holdings in shares of UniFirst by 52.6% during the fourth quarter. Gotham Asset Management LLC now owns 7,089 shares of the textile maker's stock worth $1,213,000 after purchasing an additional 2,444 shares during the period. Deutsche Bank AG raised its position in UniFirst by 53.6% during the fourth quarter. Deutsche Bank AG now owns 13,169 shares of the textile maker's stock valued at $2,253,000 after acquiring an additional 4,593 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in UniFirst during the fourth quarter valued at approximately $1,428,000. Cetera Investment Advisers raised its position in UniFirst by 3.1% during the fourth quarter. Cetera Investment Advisers now owns 2,231 shares of the textile maker's stock valued at $382,000 after acquiring an additional 68 shares in the last quarter. Finally, Algert Global LLC raised its position in UniFirst by 27.7% during the fourth quarter. Algert Global LLC now owns 1,943 shares of the textile maker's stock valued at $332,000 after acquiring an additional 422 shares in the last quarter. Institutional investors and hedge funds own 78.17% of the company's stock.

UniFirst Stock Down 0.5%

Shares of UniFirst stock traded down $0.95 on Thursday, reaching $183.87. The company's stock had a trading volume of 12,082 shares, compared to its average volume of 104,998. The company has a market capitalization of $3.41 billion, a P/E ratio of 23.51 and a beta of 0.87. UniFirst Co. has a 52-week low of $149.58 and a 52-week high of $243.70. The stock has a 50-day moving average price of $179.44 and a 200-day moving average price of $195.11.

UniFirst (NYSE:UNF - Get Free Report) last posted its quarterly earnings data on Wednesday, April 2nd. The textile maker reported $1.31 EPS 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% compared to the same quarter last year. During the same quarter last year, the firm earned $1.09 earnings per share. Sell-side analysts forecast that UniFirst Co. will post 7.71 earnings per share for the current fiscal year.

UniFirst Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend is Friday, June 6th. UniFirst's dividend payout ratio is presently 17.41%.

UniFirst announced that its Board of Directors has initiated a share buyback program on Tuesday, April 8th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the textile maker to purchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on UNF shares. Barclays reiterated an "underweight" rating and set a $152.00 price target (down from $180.00) on shares of UniFirst in a research report on Friday, April 4th. UBS Group lifted their price target on UniFirst from $194.00 to $196.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Finally, Robert W. Baird reduced their price target on UniFirst from $218.00 to $197.00 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $180.00.

UniFirst Company 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.