UniFirst Co. (NYSE:UNF) Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC reduced its stake in shares of UniFirst Co. (NYSE:UNF - Free Report) by 6.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 590,715 shares of the textile maker's stock after selling 37,997 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned 3.18% of UniFirst worth $101,065,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Barclays PLC increased its holdings in shares of UniFirst by 464.6% during the 3rd 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. Geode Capital Management LLC grew its position in UniFirst by 1.2% during the third quarter. Geode Capital Management LLC now owns 349,298 shares of the textile maker's stock valued at $69,401,000 after buying an additional 4,136 shares during the period. Harbor Capital Advisors Inc. increased its holdings in UniFirst by 1.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 8,535 shares of the textile maker's stock valued at $1,460,000 after buying an additional 148 shares in the last quarter. Salem Investment Counselors Inc. raised its position in shares of UniFirst by 24.7% in the fourth quarter. Salem Investment Counselors Inc. now owns 11,519 shares of the textile maker's stock worth $1,974,000 after acquiring an additional 2,281 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of UniFirst during the 4th quarter worth about $255,000. 78.17% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at UniFirst

In related news, VP David Martin Katz sold 1,299 shares of UniFirst stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $210.95, for a total transaction 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 trade represents a 16.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.86% of the company's stock.

UniFirst Stock Up 2.4 %

Shares of NYSE UNF traded up $4.21 during midday trading on Thursday, hitting $176.45. The stock had a trading volume of 158,136 shares, compared to its average volume of 102,862. The stock has a 50 day simple moving average of $190.26 and a 200-day simple moving average of $195.82. The company has a market capitalization of $3.28 billion, a PE ratio of 22.56 and a beta of 0.88. UniFirst Co. has a 1 year low of $149.58 and a 1 year high of $243.70.

UniFirst (NYSE:UNF - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $602.20 million during the quarter, compared to analysts' expectations of $602.81 million. UniFirst had a net margin of 6.00% and a return on equity of 7.40%. The company's revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.09 EPS. As a group, analysts expect that UniFirst Co. will post 7.71 earnings per share for the current fiscal year.

UniFirst announced that its Board of Directors has initiated a share repurchase program on Tuesday, April 8th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the textile maker to repurchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

UniFirst Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend is Friday, June 6th. UniFirst's dividend payout ratio (DPR) is 17.41%.

Analysts Set New Price Targets

UNF has been the subject of several recent analyst reports. Barclays restated an "underweight" rating and issued a $152.00 price target (down previously from $180.00) on shares of UniFirst in a research note on Friday, April 4th. Robert W. Baird reduced their target price on UniFirst from $218.00 to $197.00 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. UBS Group lifted their price target 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, StockNews.com cut shares of UniFirst from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $180.00.

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.