UniFirst (NYSE:UNF) Sees Large Volume Increase – Still a Buy?

UniFirst Co. (NYSE:UNF) saw unusually-high trading volume on Wednesday . Approximately 93,164 shares traded hands during trading, an increase of 3% from the previous session’s volume of 90,528 shares.The stock last traded at $170.90 and had previously closed at $169.41.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. StockNews.com downgraded shares of UniFirst from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 8th. UBS Group dropped their price objective on shares of UniFirst from $235.00 to $194.00 and set a “neutral” rating on the stock in a research note on Tuesday.

UniFirst Stock Performance

The stock has a market capitalization of $3.17 billion, a P/E ratio of 21.81 and a beta of 0.89. The business has a 50 day simple moving average of $213.31 and a 200-day simple moving average of $198.98.

UniFirst (NYSE:UNF) last issued its quarterly earnings results on Wednesday, January 8th. The textile maker reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.22 by $0.09. The company had revenue of $604.91 million during the quarter, compared to the consensus estimate of $606.60 million. UniFirst had a net margin of 6.00% and a return on equity of 7.40%. UniFirst’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.26 EPS. Equities research analysts forecast that UniFirst Co. will post 7.71 EPS for the current fiscal year.

UniFirst Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.35 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.40 annualized dividend and a dividend yield of 0.82%. UniFirst’s payout ratio is 17.90%.

Insider Activity at UniFirst

In related news, VP David Martin Katz sold 1,299 shares of UniFirst stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $210.95, for a total value of $274,024.05. Following the completion of the sale, the vice president now owns 6,455 shares of the company’s stock, valued at approximately $1,361,682.25. The trade was a 16.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.86% of the company’s stock.

Hedge Funds Weigh In On UniFirst

Several institutional investors have recently bought and sold shares of UNF. Wealth Enhancement Advisory Services LLC lifted its position in UniFirst by 8.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,827 shares of the textile maker’s stock worth $313,000 after acquiring an additional 150 shares during the last quarter. Pullen Investment Management LLC boosted its stake in UniFirst by 45.7% during the 4th quarter. Pullen Investment Management LLC now owns 4,655 shares of the textile maker’s stock valued at $796,000 after purchasing an additional 1,460 shares during the period. Orion Capital Management LLC acquired a new stake in UniFirst in the 4th quarter valued at approximately $104,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of UniFirst by 22.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,588 shares of the textile maker’s stock worth $5,747,000 after buying an additional 6,078 shares during the last quarter. Finally, Ulysses Management LLC bought a new stake in shares of UniFirst in the fourth quarter valued at approximately $8,318,000. 78.17% of the stock is currently owned by institutional investors.

About UniFirst

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.