Point72 Asset Management L.P. Purchases Shares of 36,400 UniFirst Co. (NYSE:UNF)

Point72 Asset Management L.P. acquired a new stake in shares of UniFirst Co. (NYSE:UNF) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 36,400 shares of the textile maker’s stock, valued at approximately $6,228,000.

Several other institutional investors and hedge funds have also modified their holdings of UNF. Independence Bank of Kentucky acquired a new position in UniFirst during the fourth quarter worth approximately $34,000. Blue Trust Inc. grew its holdings in UniFirst by 1,105.3% during the 4th quarter. Blue Trust Inc. now owns 229 shares of the textile maker’s stock valued at $39,000 after purchasing an additional 210 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in UniFirst by 252.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker’s stock valued at $59,000 after acquiring an additional 247 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in UniFirst by 187.2% during the 4th quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker’s stock valued at $61,000 after acquiring an additional 234 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its stake in UniFirst by 811.5% during the 4th quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker’s stock valued at $81,000 after acquiring an additional 422 shares during the last quarter. Hedge funds and other institutional investors own 78.17% of the company’s stock.

UniFirst Price Performance

Shares of UNF opened at $188.68 on Tuesday. The firm’s 50 day moving average is $180.14 and its 200-day moving average is $195.23. The stock has a market capitalization of $3.50 billion, a P/E ratio of 24.13 and a beta of 0.87. UniFirst Co. has a 12-month low of $149.58 and a 12-month high of $243.70.

UniFirst (NYSE:UNF) last released its earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.03). The firm had revenue of $602.20 million during the quarter, compared to analysts’ expectations of $602.81 million. UniFirst had a return on equity of 7.40% and a net margin of 6.00%. The business’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the business earned $1.09 earnings per share. As a group, equities research analysts forecast that UniFirst Co. will post 7.71 EPS for the current fiscal year.

UniFirst Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.74%. The ex-dividend date is Friday, June 6th. UniFirst’s dividend payout ratio is currently 17.41%.

UniFirst announced that its board has approved a stock buyback program on Tuesday, April 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the textile maker to purchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on UNF. Barclays restated an “underweight” rating and issued a $152.00 price target (down from $180.00) on shares of UniFirst in a research report on Friday, April 4th. UBS Group raised their target price on shares of UniFirst from $194.00 to $196.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Finally, Robert W. Baird lowered their target price on shares of UniFirst from $218.00 to $197.00 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, UniFirst currently has a consensus rating of “Hold” and a consensus target price of $180.00.

About UniFirst

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.