New South Capital Management Inc. Trims Stake in UniFirst Co. (NYSE:UNF)

New South Capital Management Inc. lessened its position in UniFirst Co. (NYSE:UNF) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 52,276 shares of the textile maker’s stock after selling 1,465 shares during the quarter. New South Capital Management Inc.’s holdings in UniFirst were worth $8,967,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in UniFirst in the fourth quarter worth $28,362,000. M&G Plc purchased a new stake in shares of UniFirst in the 1st quarter worth about $19,842,000. Assenagon Asset Management S.A. increased its stake in shares of UniFirst by 1,555.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 55,320 shares of the textile maker’s stock worth $9,594,000 after acquiring an additional 51,979 shares in the last quarter. Victory Capital Management Inc. lifted its position in UniFirst by 8.9% during the 2nd quarter. Victory Capital Management Inc. now owns 622,048 shares of the textile maker’s stock valued at $106,700,000 after acquiring an additional 51,088 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in UniFirst by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 678,973 shares of the textile maker’s stock worth $124,193,000 after acquiring an additional 21,115 shares in the last quarter. Hedge funds and other institutional investors own 78.17% of the company’s stock.

UniFirst Trading Down 2.2 %

UNF stock opened at $182.16 on Friday. The stock’s 50 day simple moving average is $182.76 and its 200 day simple moving average is $170.38. UniFirst Co. has a 12-month low of $149.58 and a 12-month high of $197.88. The stock has a market capitalization of $3.40 billion, a PE ratio of 26.59 and a beta of 0.81.

UniFirst (NYSE:UNF) last announced its quarterly earnings results on Wednesday, June 26th. The textile maker reported $2.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.31. UniFirst had a return on equity of 6.93% and a net margin of 5.44%. The firm had revenue of $603.33 million for the quarter, compared to the consensus estimate of $600.97 million. On average, research analysts predict that UniFirst Co. will post 7.83 earnings per share for the current year.

UniFirst Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.72%. UniFirst’s dividend payout ratio is presently 19.27%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on UNF shares. StockNews.com raised shares of UniFirst from a “hold” rating to a “buy” rating in a research note on Monday, August 12th. Robert W. Baird upped their price target on UniFirst from $185.00 to $199.00 and gave the stock a “neutral” rating in a research note on Thursday, June 27th. JPMorgan Chase & Co. lifted their price objective on UniFirst from $170.00 to $175.00 and gave the company an “underweight” rating in a research note on Thursday, June 27th. Finally, UBS Group increased their target price on UniFirst from $186.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, June 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $186.00.

Insider Activity

In related news, VP Michael A. Croatti sold 1,800 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $169.00, for a total value of $304,200.00. Following the sale, the vice president now owns 5,747 shares in the company, valued at $971,243. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP William Masters Ross sold 225 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $180.67, for a total transaction of $40,650.75. Following the completion of the sale, the executive vice president now owns 4,034 shares in the company, valued at $728,822.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael A. Croatti sold 1,800 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $169.00, for a total value of $304,200.00. Following the completion of the transaction, the vice president now directly owns 5,747 shares in the company, valued at $971,243. The disclosure for this sale can be found here. Insiders sold 18,490 shares of company stock valued at $2,922,265 over the last three months. Insiders own 0.74% of the company’s stock.

UniFirst Profile

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.