Zacks Investment Research Downgrades Unifirst Corporation (UNF) to Hold

Zacks Investment Research downgraded shares of Unifirst Corporation (NYSE:UNF) from a buy rating to a hold rating in a research note issued to investors on Saturday, September 9th.

According to Zacks, “UniFirst Corporation is a provider of workplace uniforms and protective clothing. They rent, manufacture and sell a wide range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, jumpsuits, lab coats, smocks and aprons, and also rent industrial wiping products, floormats and other non-garment items, to a variety of manufacturers, retailers and service companies. They serve businesses of all sizes in numerous industry categories. “

UNF has been the subject of several other reports. Robert W. Baird raised shares of Unifirst Corporation from a neutral rating to an outperform rating and boosted their price objective for the company from $145.00 to $163.00 in a research note on Thursday, June 29th. BidaskClub lowered shares of Unifirst Corporation from a hold rating to a sell rating in a report on Wednesday, July 12th.

Unifirst Corporation (UNF) traded up 2.54% during trading on Friday, reaching $151.55. The company’s stock had a trading volume of 71,034 shares. The firm has a market capitalization of $3.07 billion, a P/E ratio of 27.93 and a beta of 0.70. Unifirst Corporation has a one year low of $116.67 and a one year high of $152.95. The stock has a 50-day moving average of $141.00 and a 200 day moving average of $139.18.

Unifirst Corporation (NYSE:UNF) last announced its quarterly earnings data on Wednesday, June 28th. The textile maker reported $1.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.02. Unifirst Corporation had a net margin of 7.12% and a return on equity of 7.41%. The company had revenue of $409.80 million during the quarter, compared to analysts’ expectations of $396.07 million. During the same period in the previous year, the company earned $1.49 EPS. The business’s quarterly revenue was up 11.4% compared to the same quarter last year. On average, equities research analysts predict that Unifirst Corporation will post $4.93 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be issued a dividend of $0.0375 per share. The ex-dividend date is Thursday, September 7th. This represents a $0.15 annualized dividend and a dividend yield of 0.10%. Unifirst Corporation’s payout ratio is 2.77%.

Several large investors have recently bought and sold shares of UNF. Wells Fargo & Company MN lifted its holdings in Unifirst Corporation by 5.8% in the 1st quarter. Wells Fargo & Company MN now owns 100,778 shares of the textile maker’s stock worth $14,255,000 after buying an additional 5,538 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in Unifirst Corporation by 6.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 21,571 shares of the textile maker’s stock worth $3,048,000 after buying an additional 1,299 shares in the last quarter. American Century Companies Inc. lifted its holdings in Unifirst Corporation by 3.7% in the 1st quarter. American Century Companies Inc. now owns 38,270 shares of the textile maker’s stock worth $5,413,000 after buying an additional 1,370 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Unifirst Corporation by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 202,884 shares of the textile maker’s stock worth $28,698,000 after buying an additional 9,215 shares in the last quarter. Finally, Comerica Bank lifted its holdings in Unifirst Corporation by 3.5% in the 1st quarter. Comerica Bank now owns 17,265 shares of the textile maker’s stock worth $2,457,000 after buying an additional 586 shares in the last quarter. Institutional investors and hedge funds own 73.47% of the company’s stock.

About Unifirst Corporation

UniFirst Corporation is a provider of workplace uniforms and protective work wear clothing in the United States. The Company designs, manufactures, personalizes, rents, cleans, delivers, and sells a range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, lab coats, smocks, aprons and specialized protective wear, such as flame resistant and high visibility garments.

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