Geode Capital Management LLC Trims Stock Holdings in UniFirst Co. (NYSE:UNF)

Geode Capital Management LLC cut its holdings in UniFirst Co. (NYSE:UNF - Free Report) by 0.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 347,511 shares of the textile maker's stock after selling 1,787 shares during the quarter. Geode Capital Management LLC owned 1.87% of UniFirst worth $59,470,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of UniFirst during the 4th quarter valued at $31,133,000. Raymond James Financial Inc. acquired a new stake in UniFirst in the fourth quarter worth $24,576,000. Barclays PLC increased its stake in UniFirst by 464.6% in the third quarter. Barclays PLC now owns 41,220 shares of the textile maker's stock valued at $8,188,000 after purchasing an additional 33,919 shares in the last quarter. Copeland Capital Management LLC raised its holdings in shares of UniFirst by 9.9% during the fourth quarter. Copeland Capital Management LLC now owns 365,047 shares of the textile maker's stock valued at $62,456,000 after purchasing an additional 32,860 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of UniFirst by 5.5% during the 4th quarter. JPMorgan Chase & Co. now owns 387,326 shares of the textile maker's stock worth $66,268,000 after purchasing an additional 20,056 shares in the last quarter. 78.17% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP David Martin Katz sold 1,299 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $210.95, for a total value of $274,024.05. Following the transaction, the vice president now owns 6,455 shares in the company, valued at approximately $1,361,682.25. This represents a 16.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.86% of the stock is owned by insiders.

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UniFirst Stock Down 0.1 %

NYSE UNF traded down $0.17 on Tuesday, reaching $174.91. The company had a trading volume of 110,322 shares, compared to its average volume of 102,526. The stock has a market capitalization of $3.25 billion, a P/E ratio of 22.37 and a beta of 0.88. The company's fifty day moving average is $195.70 and its 200 day moving average is $196.85. UniFirst Co. has a 52-week low of $149.58 and a 52-week high of $243.70.

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

UniFirst announced that its Board of Directors has initiated a stock buyback plan on Tuesday, April 8th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the textile maker to purchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

UniFirst Announces Dividend

The firm 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.80%. UniFirst's dividend payout ratio (DPR) is currently 17.41%.

Wall Street Analyst Weigh In

A number of analysts recently commented on UNF shares. UBS Group boosted their target price on UniFirst from $194.00 to $196.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Robert W. Baird lowered their target price on UniFirst from $218.00 to $197.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Barclays reiterated an "underweight" rating and issued a $152.00 target price (down from $180.00) on shares of UniFirst in a report on Friday, April 4th. Finally, StockNews.com lowered shares of UniFirst from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, UniFirst presently has a consensus rating of "Hold" and a consensus target price of $180.00.

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.