UniFirst (NYSE:UNF) Stock Breaks Below 200 Day Moving Average – Time to Sell?

UniFirst Corporation (NYSE:UNF)’s share price crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $259.34 and traded as low as $232.05. UniFirst shares last traded at $250.8290, with a volume of 2,043,444 shares.

Analyst Ratings Changes

Several analysts have commented on the stock. UBS Group set a $262.00 price target on shares of UniFirst in a research report on Monday, July 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of UniFirst in a research report on Tuesday, October 6th. Finally, Zacks Research raised shares of UniFirst from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 22nd. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, UniFirst currently has a consensus rating of “Moderate Buy” and an average price target of $246.67.

UniFirst Stock Down 10.3%

The firm has a 50 day moving average price of $268.91 and a 200-day moving average price of $259.34.

UniFirst (NYSE:UNF) last announced its quarterly earnings data on Wednesday, October 21st. The textile maker reported $1.90 EPS for the quarter, missing the consensus estimate of $2.04 by ($0.14). The business had revenue of $645.01 million for the quarter, compared to analyst estimates of $634.40 million. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period last year, the firm posted $2.23 EPS. As a group, research analysts anticipate that UniFirst Corporation will post 8.52 EPS for the current year.

Institutional Investors Weigh In On UniFirst

A number of hedge funds and other institutional investors have recently made changes to their positions in UNF. BlackRock Inc. purchased a new position in shares of UniFirst during the 2nd quarter valued at approximately $580,008,000. State Street Corp boosted its holdings in UniFirst by 2.9% during the second quarter. State Street Corp now owns 584,085 shares of the textile maker’s stock worth $154,467,000 after buying an additional 16,208 shares in the last quarter. Bank of America Corp DE boosted its holdings in UniFirst by 4.3% during the second quarter. Bank of America Corp DE now owns 158,466 shares of the textile maker’s stock worth $41,908,000 after buying an additional 6,541 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in UniFirst during the second quarter valued at $30,584,000. Finally, Squarepoint Ops LLC grew its position in UniFirst by 75.8% during the second quarter. Squarepoint Ops LLC now owns 107,196 shares of the textile maker’s stock valued at $28,349,000 after buying an additional 46,221 shares during the period. Institutional investors and hedge funds own 78.17% of the company’s stock.

About UniFirst

UniFirst Corporation (NYSE: UNF) provides workplace uniforms, workwear rental, and textile services to businesses and organizations. Its offerings include uniform rental and laundering, work garments, protective apparel, floor mats, restroom supplies, first-aid products, and other workplace service programs.

The company also provides specialized apparel and services for industries with particular cleanliness or safety requirements, including healthcare, manufacturing, food processing, and cleanroom environments.