KLP Kapitalforvaltning AS Makes New Investment in UniFirst Co. (NYSE:UNF)

KLP Kapitalforvaltning AS bought a new position in shares of UniFirst Co. (NYSE:UNF - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,000 shares of the textile maker's stock, valued at approximately $514,000.

Several other large investors have also recently modified their holdings of the business. Raymond James Financial Inc. bought a new position in UniFirst in the 4th quarter worth approximately $24,576,000. Barclays PLC boosted its holdings in shares of UniFirst by 464.6% in the third quarter. Barclays PLC now owns 41,220 shares of the textile maker's stock worth $8,188,000 after acquiring an additional 33,919 shares during the period. Copeland Capital Management LLC boosted its holdings in shares of UniFirst by 9.9% in the fourth quarter. Copeland Capital Management LLC now owns 365,047 shares of the textile maker's stock worth $62,456,000 after acquiring an additional 32,860 shares during the period. Hotchkis & Wiley Capital Management LLC grew its position in shares of UniFirst by 173.9% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 47,968 shares of the textile maker's stock valued at $9,529,000 after purchasing an additional 30,458 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of UniFirst by 9.2% during the 4th quarter. American Century Companies Inc. now owns 189,235 shares of the textile maker's stock valued at $32,376,000 after purchasing an additional 16,022 shares during the period. Hedge funds and other institutional investors own 78.17% of the company's stock.

UniFirst Trading Down 1.8 %

Shares of UNF traded down $2.96 during trading hours on Tuesday, reaching $161.43. 117,010 shares of the company's stock traded hands, compared to its average volume of 100,469. UniFirst Co. has a 12 month low of $149.58 and a 12 month high of $243.70. The stock has a market cap of $3.00 billion, a PE ratio of 20.64 and a beta of 0.88. The firm's 50 day simple moving average is $201.24 and its 200-day simple moving average is $197.63.

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UniFirst (NYSE:UNF - Get Free Report) last announced its earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.34 by ($0.03). The company had revenue of $602.20 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.09 earnings per share. 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 buyback plan on Tuesday, April 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the textile maker to reacquire up to 3.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

UniFirst Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors 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 0.87%. UniFirst's dividend payout ratio is presently 17.41%.

Insider Buying and Selling at UniFirst

In other UniFirst 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 completion of the sale, the vice president now owns 6,455 shares of the company's stock, valued at $1,361,682.25. This represents a 16.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.86% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on UNF shares. StockNews.com downgraded UniFirst from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, January 8th. UBS Group raised their price objective on shares of UniFirst from $194.00 to $196.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Barclays reaffirmed an "underweight" rating and set a $152.00 target price (down previously from $180.00) on shares of UniFirst in a report on Friday. Finally, Robert W. Baird cut their price target on shares of UniFirst from $218.00 to $197.00 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average 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.