UniFirst (NYSE:UNF) Issues FY24 Earnings Guidance

UniFirst (NYSE:UNF) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $6.80-7.16 for the period, compared to the consensus estimate of $7.51. The company issued revenue guidance of $2.415-2.425 billion, compared to the consensus revenue estimate of $2.42 billion. UniFirst also updated its FY 2024 guidance to 6.800-7.160 EPS.

UniFirst Trading Up 0.8 %

Shares of UniFirst stock opened at $173.43 on Friday. The firm’s 50 day simple moving average is $170.19 and its two-hundred day simple moving average is $170.15. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of 28.38 and a beta of 0.82. UniFirst has a 12-month low of $150.50 and a 12-month high of $187.22.

UniFirst (NYSE:UNF) last released its quarterly earnings results on Wednesday, January 3rd. The textile maker reported $2.38 EPS for the quarter, beating the consensus estimate of $2.18 by $0.20. The company had revenue of $593.50 million for the quarter, compared to analyst estimates of $589.64 million. UniFirst had a net margin of 4.92% and a return on equity of 6.19%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the business earned $2.21 earnings per share. On average, sell-side analysts predict that UniFirst will post 6.98 EPS for the current fiscal year.

UniFirst Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 8th will be given a $0.33 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $1.32 annualized dividend and a dividend yield of 0.76%. UniFirst’s dividend payout ratio (DPR) is 21.60%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. StockNews.com lowered shares of UniFirst from a buy rating to a hold rating in a research report on Saturday, March 23rd. UBS Group raised their price target on shares of UniFirst from $184.00 to $186.00 and gave the stock a neutral rating in a research note on Thursday. Barclays lifted their target price on shares of UniFirst from $160.00 to $180.00 and gave the stock an equal weight rating in a research note on Thursday, February 29th. Finally, Robert W. Baird reaffirmed a neutral rating and set a $185.00 target price on shares of UniFirst in a research note on Thursday, January 4th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $177.75.

Insider Activity at UniFirst

In related news, EVP William Masters Ross sold 2,282 shares of UniFirst stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $175.27, for a total value of $399,966.14. Following the completion of the transaction, the executive vice president now owns 4,034 shares in the company, valued at $707,039.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Brevan Howard Capital Management LP acquired a new position in shares of UniFirst in the fourth quarter valued at approximately $262,000. Captrust Financial Advisors grew its holdings in shares of UniFirst by 6.6% in the fourth quarter. Captrust Financial Advisors now owns 1,308 shares of the textile maker’s stock valued at $252,000 after purchasing an additional 81 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of UniFirst in the second quarter valued at approximately $246,000. Advisor Partners II LLC acquired a new position in UniFirst during the 4th quarter worth approximately $234,000. Finally, SageView Advisory Group LLC acquired a new position in UniFirst during the 4th quarter worth approximately $230,000. Institutional investors and hedge funds own 78.17% of the company’s stock.

UniFirst Company 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.