FIL Ltd Sells 9,689 Shares of UniFirst Co. (NYSE:UNF)

FIL Ltd trimmed its holdings in UniFirst Co. (NYSE:UNF - Free Report) by 74.1% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 3,386 shares of the textile maker's stock after selling 9,689 shares during the quarter. FIL Ltd's holdings in UniFirst were worth $579,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Independence Bank of Kentucky purchased a new stake in UniFirst in the fourth quarter worth approximately $34,000. Blue Trust Inc. grew its holdings in shares of UniFirst by 1,105.3% in the fourth quarter. Blue Trust Inc. now owns 229 shares of the textile maker's stock worth $39,000 after acquiring an additional 210 shares during the period. Smartleaf Asset Management LLC increased its position in UniFirst by 252.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker's stock valued at $59,000 after acquiring an additional 247 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in UniFirst by 187.2% in the fourth quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker's stock valued at $61,000 after acquiring an additional 234 shares during the period. Finally, TD Private Client Wealth LLC boosted its position in UniFirst by 291.6% in the third quarter. TD Private Client Wealth LLC now owns 466 shares of the textile maker's stock worth $93,000 after purchasing an additional 347 shares during the last quarter. Institutional investors own 78.17% of the company's stock.

UniFirst Stock Down 0.1 %

UNF stock traded down $0.17 during trading on Tuesday, reaching $174.91. The company's stock had a trading volume of 110,322 shares, compared to its average volume of 102,526. The company's fifty day moving average is $195.70 and its 200-day moving average is $196.85. The company has a market capitalization of $3.25 billion, a P/E ratio of 22.37 and a beta of 0.88. UniFirst Co. has a 1 year low of $149.58 and a 1 year high of $243.70.

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UniFirst (NYSE:UNF - Get Free Report) last issued 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). UniFirst had a net margin of 6.00% and a return on equity of 7.40%. The business had revenue of $602.20 million for the quarter, compared to the consensus estimate of $602.81 million. During the same period last year, the business posted $1.09 EPS. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. Analysts anticipate that UniFirst Co. will post 7.71 earnings per share for the current year.

UniFirst Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 0.80%. UniFirst's dividend payout ratio (DPR) is 17.41%.

UniFirst announced that its board has authorized a share repurchase program on Tuesday, April 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the textile maker to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

UNF has been the topic of a number of research reports. StockNews.com downgraded shares of UniFirst from a "strong-buy" rating to a "buy" rating in a report on Wednesday, January 8th. Robert W. Baird cut their price objective on shares of UniFirst from $218.00 to $197.00 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. UBS Group upped their price objective on UniFirst from $194.00 to $196.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. Finally, Barclays reissued an "underweight" rating and set a $152.00 price target (down previously from $180.00) on shares of UniFirst in a report on Friday, April 4th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $180.00.

Insider Activity at UniFirst

In other 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 transaction of $274,024.05. Following the sale, the vice president now directly owns 6,455 shares of the company's stock, valued at $1,361,682.25. This represents a 16.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.86% of the stock is owned by corporate insiders.

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.