UniFirst (NYSE:UNF) Reaches New 52-Week High - Here's What Happened

Key Points

• UniFirst shares reached a new 52-week high of $297.67 and last traded at $295.13, giving the company a market capitalization of approximately $5.36 billion.
• Analysts maintain a generally cautious outlook, with four Hold ratings, an average price target of $246.67, and Weiss Ratings recently downgrading the stock from Buy to Hold.
• UniFirst reported quarterly revenue of $634.4 million, ahead of estimates, but earnings per share of $1.09 missed expectations of $1.93. The company also declared a quarterly dividend of $0.365 per share, representing a 0.5% yield.

UniFirst Corporation (NYSE:UNF - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $297.67 and last traded at $295.13, with a volume of 2445 shares. The stock had previously closed at $294.34.

Wall Street Analysts Forecast Growth

UNF has been the topic of a number of recent analyst reports. Weiss Ratings cut UniFirst from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. UBS Group set a $262.00 target price on UniFirst in a research note on Monday, July 6th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $246.67.

UniFirst Stock Up 0.8%

The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 46.82 and a beta of 0.63. The business's 50-day simple moving average is $270.65 and its two-hundred day simple moving average is $251.11.

UniFirst (NYSE:UNF - Get Free Report) last issued its quarterly earnings data 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 return on equity of 6.44% and a net margin of 4.65%.The company had revenue of $634.40 million during the quarter, compared to analyst estimates of $627.66 million. During the same quarter in the prior year, the company posted $2.13 earnings per share. The business's revenue was up 3.9% compared to the same quarter last year. Sell-side analysts anticipate that UniFirst Corporation will post 7.49 earnings per share for the current year.

UniFirst Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.365 dividend. This represents a $1.46 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Friday, September 4th. UniFirst's payout ratio is currently 23.03%.

Hedge Funds Weigh In On UniFirst

Hedge funds and other institutional investors have recently bought and sold shares of the company. DDD Partners LLC acquired a new stake in shares of UniFirst during the fourth quarter worth about $2,614,000. Comerica Bank increased its stake in UniFirst by 66.7% during the 4th quarter. Comerica Bank now owns 31,163 shares of the textile maker's stock worth $6,011,000 after buying an additional 12,465 shares during the period. Tweedy Browne Co LLC purchased a new stake in UniFirst during the 4th quarter worth approximately $19,687,000. Cannon Global Investment Management LLC acquired a new stake in UniFirst during the 4th quarter worth approximately $1,312,000. Finally, M&T Bank Corp purchased a new position in UniFirst in the fourth quarter valued at $2,886,000. 78.17% of the stock is currently owned by hedge funds and other institutional investors.

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).

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