Corient Private Wealth LP Invests $3.65 Million in UniFirst Corporation $UNF

Corient Private Wealth LP acquired a new stake in shares of UniFirst Corporation (NYSE:UNF) during the 2nd quarter, Holdings Channel reports. The fund acquired 13,816 shares of the textile maker’s stock, valued at approximately $3,654,000.

A number of other large investors also recently modified their holdings of UNF. BlackRock Inc. bought a new position in UniFirst in the 2nd quarter worth $580,008,000. Engine Capital Management LP raised its holdings in UniFirst by 640.5% during the fourth quarter. Engine Capital Management LP now owns 459,871 shares of the textile maker’s stock valued at $88,709,000 after acquiring an additional 397,772 shares during the period. Madison Avenue Partners LP bought a new stake in UniFirst during the fourth quarter valued at about $58,612,000. Brandes Investment Partners LP lifted its position in shares of UniFirst by 164.2% in the fourth quarter. Brandes Investment Partners LP now owns 367,786 shares of the textile maker’s stock valued at $70,946,000 after acquiring an additional 228,586 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of UniFirst by 46.8% in the fourth quarter. First Trust Advisors LP now owns 451,194 shares of the textile maker’s stock valued at $87,035,000 after acquiring an additional 143,853 shares in the last quarter. Hedge funds and other institutional investors own 78.17% of the company’s stock.

UniFirst Trading Up 0.2%

Shares of UNF stock opened at $277.23 on Wednesday. UniFirst Corporation has a 12-month low of $147.66 and a 12-month high of $306.67. The stock’s 50-day moving average price is $283.60 and its 200-day moving average price is $266.68. The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of 43.73 and a beta of 0.61.

UniFirst (NYSE:UNF) last announced its quarterly earnings results on Wednesday, July 1st. The textile maker reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.84). The firm had revenue of $634.40 million for the quarter, compared to the consensus estimate of $627.66 million. UniFirst had a net margin of 4.65% and a return on equity of 6.44%. UniFirst’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.13 earnings per share. As a group, research analysts predict that UniFirst Corporation will post 7.49 EPS for the current fiscal year.

UniFirst Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.365 per share. This represents a $1.46 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, September 4th. UniFirst’s dividend payout ratio is 23.03%.

Analyst Ratings Changes

UNF has been the subject of several research analyst reports. Weiss Ratings cut UniFirst from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 9th. UBS Group set a $262.00 price target on UniFirst in a report on Monday, July 6th. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, UniFirst has an average rating of “Hold” and a consensus price target of $246.67.

UniFirst Profile

UniFirst Corporation (NYSE: UNF) is a leading provider of customized uniform rental and facility service programs in North America and Europe. The company specializes in the rental, laundering and maintenance of workwear, corporate apparel and protective garments for a broad range of industries, including manufacturing, automotive, hospitality, healthcare and food processing. UniFirst also offers a suite of facility service products such as entrance mats, restroom supplies, wipers, mops and hygienic services designed to help customers maintain clean and safe environments.

In addition to its core uniform rental business, UniFirst has expanded its product portfolio to include safety and first-responder gear, flame-resistant clothing, high-visibility apparel and personal protective equipment (PPE).