August 2, 2023 – UniFirst Co. (NYSE:UNF) has recently witnessed a decrease in holdings from Yousif Capital Management LLC during the first quarter of this year. According to the company’s most recent 13F filing with the SEC, Yousif Capital Management LLC reduced its holdings in UniFirst by 11.2%, selling 1,070 shares and leaving them with a total of 8,472 shares. These holdings were valued at $1,493,000 as of their latest filing.
UniFirst (NYSE:UNF) unveiled its earnings results on June 28th, reporting that it earned $1.29 per share for the quarter. This figure fell short of the consensus estimate of $1.79 per share by ($0.50). The company generated revenue of $576.70 million during the quarter, compared to the consensus estimate of $564.19 million. While UniFirst experienced a growth of 12.7% in revenue for the quarter when compared to the same period last year, their return on equity was recorded at 6.03% and their net margin stood at 4.69%. In the previous year’s corresponding period, they earned $1.77 per share.
UniFirst Corporation specializes in providing workplace uniforms and protective workwear clothing across various regions such as the United States, Europe, and Canada. The company operates through several segments including U.S. and Canadian Rental and Cleaning, Manufacturing, Specialty Garments Rental and Cleaning, and First Aid segments.
Uniforms provided by UniFirst encompass a wide range of clothing options including shirts, pants, jackets, coveralls, lab coats, smocks, and aprons which can be personalized according to individual needs or corporate branding requirements. Additionally, they also offer specialized protective wear such as flame-resistant garments and high visibility attire.
UniFirst aims to cater to diverse industries with their comprehensive range of products and services. Their inclination towards the rental and cleaning aspects of their business model enables companies to access quality uniforms without the need for large upfront investments. By doing so, UniFirst facilitates cost-effective solutions and ensures that businesses can maintain professional appearance standards while minimizing overhead costs.
With expectations set by equities research analysts pinning UniFirst Co.’s EPS at 6.92 for the current year, investors are keeping a close eye on the company’s stock performance. UniFirst’s commitment to providing reliable workwear solutions has made them a formidable player in the industry, and their ability to adapt to changing market demands has contributed to their growth and success.
As time progresses, UniFirst Corporation continues to expand its reach across different geographical regions, emphasizing its dedication towards offering a diverse range of workplace uniforms and protective clothing options tailored to meet various industry requirements.
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Institutional Investors Increase Holdings in Workwear Provider UniFirst Corporation, Indicating Confidence in Future Prospects
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”UNF” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]UniFirst Corporation, a leading provider of workplace uniforms and protective workwear clothing, has recently seen several large investors modify their holdings of the company’s stock. Citigroup Inc., for instance, increased its holdings in UniFirst by 4.1% during the first quarter, now owning 16,104 shares valued at $2,967,000. Similarly, MetLife Investment Management LLC boosted its holdings by 52.7%, owning 7,984 shares valued at $1,471,000.
Rhumbline Advisers also saw an increase of 9.8% in their holdings during the same period, now owning 50,022 shares valued at $9,218,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake by 13.9%, currently holding 13,111 shares valued at $2,416,000. Dimensional Fund Advisors LP also increased its stake by 2.8%, now owning 574,746 shares valued at $105,913,000.
These moves made by institutional investors and hedge funds indicate a strong interest in UniFirst and suggest confidence in the future prospects of the textile maker’s stock.
Shares of UniFirst on the New York Stock Exchange (NYSE: UNF) opened at $163.24 on Wednesday with a market cap of $3.05 billion. The company has a price-to-earnings (P/E) ratio of 30.01 and a beta of 0.85.
UniFirst has experienced both highs and lows over the past year with a low point recorded at $150.50 and a high point at $205.59.
UniFirst Corporation operates through various segments including U.S. and Canadian Rental and Cleaning, Manufacturing,
Specialty Garments Rental and Cleaning, and First Aid segments.. The company offers an extensive range of uniforms, protective clothing, and specialized protective wear such as flame resistant and high visibility garments. These products are designed, manufactured, personalized, rented, cleaned, delivered, and sold to businesses across the United States, Europe, and Canada.
One aspect of UniFirst’s business model that attracts investors is their commitment to shareholder value through dividend payments. The company recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors who hold stock as of Thursday, September 7th will receive a $0.31 dividend. This represents an annualized dividend of $1.24 and a yield of 0.76%.
UniFirst’s dividend payout ratio (DPR) currently stands at 22.79%, indicating its dedication to providing returns to its shareholders.
Analysts have shared their opinions on UniFirst Corporation stock as well. StockNews.com downgraded UniFirst from a “buy” rating to a “hold” rating in a research note issued on Friday, June 30th. Meanwhile, JPMorgan Chase & Co. reduced its price target for UniFirst from $155.00 to $150.00 in another research note published on Thursday, June 29th.
UBS Group initiated coverage on UniFirst with a “neutral” rating and set a price target of $185.00 for the company in early May.
Finally, TheStreet downgraded UniFirst from a “b-” rating to a “c+” rating in April.
These recent developments paint an intriguing picture for UniFirst Corporation investors and industry observers alike.
