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 changed hands during mid-day 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.

Wall Street Analysts Forecast Growth

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

UniFirst Stock Performance

The firm has a market capitalization of $5.06 billion, a price-to-earnings ratio of 37.84 and a beta of 0.63. The business has a 50 day simple moving average of $260.65 and a 200-day simple moving average of $230.70.

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

UniFirst Dividend Announcement

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

Institutional Trading of UniFirst

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. increased its position in shares of UniFirst by 474.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker’s stock worth $27,000 after purchasing an additional 128 shares during the last quarter. Modus Advisors LLC acquired a new stake in shares of UniFirst during the 4th quarter worth about $28,000. EverSource Wealth Advisors LLC increased its position in shares of UniFirst by 378.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker’s stock worth $29,000 after purchasing an additional 121 shares during the last quarter. Danske Bank A S acquired a new stake in shares of UniFirst during the 3rd quarter worth about $33,000. Finally, Brown Brothers Harriman & Co. increased its position in shares of UniFirst by 1,244.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker’s stock worth $56,000 after purchasing an additional 311 shares during the last quarter. 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).