UniFirst (NYSE:UNF) Sees Unusually-High Trading Volume – Here’s What Happened

UniFirst Corporation (NYSE:UNF) shares saw unusually-strong trading volume on Thursday . Approximately 381,338 shares traded hands during trading, an increase of 44% from the previous session’s volume of 265,065 shares.The stock last traded at $275.3550 and had previously closed at $272.60.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on UNF shares. UBS Group raised their price objective on UniFirst from $206.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, April 2nd. Barclays raised their price objective on UniFirst from $250.00 to $280.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 12th. Finally, Weiss Ratings raised UniFirst from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, UniFirst currently has a consensus rating of “Hold” and an average price target of $228.25.

UniFirst Stock Performance

The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of 37.84 and a beta of 0.63. The firm has a 50-day simple moving average of $260.65 and a two-hundred day simple moving average of $230.70.

UniFirst (NYSE:UNF) last released its earnings results on Wednesday, April 1st. The textile maker reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.08). The firm had revenue of $622.51 million during the quarter, compared to analyst estimates of $614.91 million. UniFirst had a net margin of 5.49% and a return on equity of 6.49%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.31 earnings per share. As a group, equities analysts forecast that UniFirst Corporation will post 7.21 EPS for the current fiscal year.

UniFirst Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.365 dividend. This represents a $1.46 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Friday, June 5th. UniFirst’s payout ratio is currently 19.78%.

Hedge Funds Weigh In On UniFirst

Institutional investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. grew its position in UniFirst by 474.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker’s stock valued at $27,000 after acquiring an additional 128 shares in the last quarter. Modus Advisors LLC acquired a new position in UniFirst in the 4th quarter valued at about $28,000. EverSource Wealth Advisors LLC grew its position in UniFirst by 378.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker’s stock valued at $29,000 after acquiring an additional 121 shares in the last quarter. Danske Bank A S purchased a new position in shares of UniFirst in the 3rd quarter valued at about $33,000. Finally, Brown Brothers Harriman & Co. boosted its stake in shares of UniFirst by 1,244.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker’s stock valued at $56,000 after buying an additional 311 shares during the period. 78.17% of the stock is owned by institutional investors and hedge funds.

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).