UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 3,252 Shares of UniFirst Co. (NYSE:UNF)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in UniFirst Co. (NYSE:UNF - Free Report) by 10.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,510 shares of the textile maker's stock after selling 3,252 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.15% of UniFirst worth $5,465,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Cerity Partners LLC purchased a new stake in UniFirst in the third quarter worth about $10,270,000. Victory Capital Management Inc. raised its stake in UniFirst by 8.9% during the 2nd quarter. Victory Capital Management Inc. now owns 622,048 shares of the textile maker's stock worth $106,700,000 after acquiring an additional 51,088 shares during the period. Copeland Capital Management LLC raised its stake in UniFirst by 12.4% during the 3rd quarter. Copeland Capital Management LLC now owns 332,187 shares of the textile maker's stock worth $65,989,000 after acquiring an additional 36,651 shares during the period. American Century Companies Inc. lifted its holdings in UniFirst by 25.9% during the second quarter. American Century Companies Inc. now owns 173,315 shares of the textile maker's stock valued at $29,729,000 after purchasing an additional 35,604 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted its position in shares of UniFirst by 305.1% in the second quarter. Cubist Systematic Strategies LLC now owns 41,936 shares of the textile maker's stock worth $7,193,000 after purchasing an additional 31,583 shares during the period. Institutional investors own 78.17% of the company's stock.

UniFirst Stock Performance

Shares of UNF traded up $1.56 during midday trading on Wednesday, hitting $196.04. 58,713 shares of the company traded hands, compared to its average volume of 83,916. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of 25.03 and a beta of 0.84. UniFirst Co. has a 52 week low of $149.58 and a 52 week high of $208.20. The firm has a 50 day moving average of $193.56 and a 200-day moving average of $182.92.

UniFirst Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.71%. This is a boost from UniFirst's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, December 6th. UniFirst's dividend payout ratio is currently 18.02%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on UNF shares. Robert W. Baird lifted their target price on shares of UniFirst from $199.00 to $200.00 and gave the company a "neutral" rating in a research note on Thursday, October 24th. StockNews.com downgraded UniFirst from a "strong-buy" rating to a "buy" rating in a research report on Thursday, November 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $186.25.

Insider Buying and Selling

In other news, CEO Steven S. Sintros sold 3,207 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.04, for a total value of $619,079.28. Following the sale, the chief executive officer now directly owns 22,571 shares in the company, valued at approximately $4,357,105.84. This represents a 12.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder The Ronald D. Croatti Trust - 1 sold 9,500 shares of the firm's stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $190.97, for a total value of $1,814,215.00. Following the sale, the insider now directly owns 17,390 shares of the company's stock, valued at $3,320,968.30. This represents a 35.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,294 shares of company stock worth $2,546,632. Corporate insiders own 0.74% of the company's stock.

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.