Unifirst (NYSE:UNF) Sets New 52-Week Low - Here's What Happened

Key Points

• UniFirst's stock reached a new 52-week low at $154.00 during trading, significantly down from the previous close of $173.37.
• Several analysts have downgraded the stock, with Barclays setting a price objective of $152.00 and JPMorgan establishing an "underweight" rating at $175.00.
• UniFirst recently announced a quarterly dividend of $0.35, representing an annualized amount of $1.40 and a yield of 0.9% based on the current stock price.

Unifirst Corporation (NYSE:UNF - Get Free Report)'s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $154.00 and last traded at $160.27, with a volume of 30511 shares trading hands. The stock had previously closed at $173.37.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Robert W. Baird set a $197.00 price objective on shares of Unifirst in a research note on Monday, June 30th. Barclays set a $152.00 price objective on shares of Unifirst and gave the company an "underweight" rating in a research note on Monday, June 30th. JPMorgan Chase & Co. assumed coverage on shares of Unifirst in a research note on Monday, July 14th. They set an "underweight" rating and a $175.00 price objective for the company. UBS Group reduced their price objective on shares of Unifirst from $194.00 to $190.00 and set a "neutral" rating for the company in a research note on Monday. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Unifirst in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Unifirst has an average rating of "Reduce" and a consensus target price of $178.50.

Unifirst Stock Performance

The firm has a market cap of $2.97 billion, a PE ratio of 19.63 and a beta of 0.86. The stock's 50 day simple moving average is $170.87 and its 200 day simple moving average is $176.24.

Unifirst Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. Unifirst's dividend payout ratio is 17.20%.

Institutional Investors Weigh In On Unifirst

A number of institutional investors have recently made changes to their positions in the business. River Road Asset Management LLC boosted its stake in shares of Unifirst by 0.5% in the 2nd quarter. River Road Asset Management LLC now owns 793,765 shares of the textile maker's stock valued at $149,402,000 after purchasing an additional 4,339 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Unifirst by 3.0% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 608,245 shares of the textile maker's stock valued at $105,835,000 after purchasing an additional 17,530 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Unifirst by 1.0% in the 2nd quarter. Geode Capital Management LLC now owns 364,411 shares of the textile maker's stock valued at $68,598,000 after purchasing an additional 3,586 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Unifirst by 85,558.5% in the 1st quarter. Jones Financial Companies Lllp now owns 307,514 shares of the textile maker's stock valued at $53,507,000 after purchasing an additional 307,155 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Unifirst by 0.4% in the 1st quarter. Northern Trust Corp now owns 264,345 shares of the textile maker's stock valued at $45,996,000 after purchasing an additional 1,023 shares in the last quarter. Hedge funds and other institutional investors own 78.17% of the company's stock.

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.

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