Polar Asset Management Partners Inc. Invests $3.50 Million in UniFirst Corporation $UNF

Polar Asset Management Partners Inc. bought a new stake in UniFirst Corporation (NYSE:UNF) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,255 shares of the textile maker’s stock, valued at approximately $3,505,000.

Other large investors also recently made changes to their positions in 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 worth $27,000 after purchasing an additional 128 shares in the last quarter. Modus Advisors LLC bought a new position in shares of UniFirst during the 4th quarter worth approximately $28,000. EverSource Wealth Advisors LLC lifted 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 buying an additional 121 shares in the last quarter. Danske Bank A S purchased a new position in shares of UniFirst in the 3rd quarter worth approximately $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 worth $56,000 after buying an additional 311 shares during the last quarter. 78.17% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on UNF. Weiss Ratings downgraded UniFirst from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 9th. UBS Group set a $262.00 price target on UniFirst in a report on Monday, July 6th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $246.67.

UniFirst Stock Down 1.2%

UniFirst stock opened at $288.23 on Wednesday. The firm has a 50 day moving average price of $281.49 and a 200-day moving average price of $264.29. UniFirst Corporation has a twelve month low of $147.66 and a twelve month high of $306.67. The company has a market capitalization of $5.21 billion, a P/E ratio of 45.46 and a beta of 0.63.

UniFirst (NYSE:UNF) last posted its quarterly earnings data on Wednesday, July 1st. The textile maker reported $1.09 EPS for the quarter, missing the consensus estimate of $1.93 by ($0.84). UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The firm had revenue of $634.40 million during the quarter, compared to analysts’ expectations of $627.66 million. During the same quarter in the previous year, the company posted $2.13 EPS. UniFirst’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities analysts expect that UniFirst Corporation will post 7.49 EPS for the current fiscal year.

UniFirst Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, September 4th. UniFirst’s dividend payout ratio is currently 23.03%.

UniFirst Company Profile

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).