UniFirst (NYSE:UNF) Sees Unusually-High Trading Volume - Here's Why

UniFirst Co. (NYSE:UNF - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 93,164 shares changed hands during trading, an increase of 3% from the previous session's volume of 90,528 shares.The stock last traded at $170.90 and had previously closed at $169.41.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. UBS Group reduced their target price on shares of UniFirst from $235.00 to $194.00 and set a "neutral" rating for the company in a research report on Tuesday, March 25th. StockNews.com downgraded shares of UniFirst from a "strong-buy" rating to a "buy" rating in a report on Wednesday, January 8th.

UniFirst Stock Performance

The company has a fifty day simple moving average of $210.10 and a two-hundred day simple moving average of $198.70. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 22.22 and a beta of 0.89.

UniFirst (NYSE:UNF - Get Free Report) last posted its quarterly earnings results on Wednesday, January 8th. The textile maker reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.22 by $0.09. The business had revenue of $604.91 million during the quarter, compared to the consensus estimate of $606.60 million. UniFirst had a return on equity of 7.40% and a net margin of 6.00%. UniFirst'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 $2.26 earnings per share. As a group, equities analysts anticipate that UniFirst Co. will post 7.71 earnings per share for the current year.

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UniFirst Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date of this dividend was Friday, March 7th. UniFirst's dividend payout ratio (DPR) is presently 17.90%.

Insider Activity at UniFirst

In other UniFirst news, VP David Martin Katz sold 1,299 shares of the firm's stock in a transaction 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 sale, the vice president now owns 6,455 shares of the company's stock, valued at approximately $1,361,682.25. This trade represents a 16.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.86% of the stock is currently owned by insiders.

Institutional Trading of UniFirst

Institutional investors and hedge funds have recently modified their holdings of the business. SageView Advisory Group LLC lifted its holdings in shares of UniFirst by 3.1% in the fourth quarter. SageView Advisory Group LLC now owns 1,580 shares of the textile maker's stock worth $270,000 after acquiring an additional 48 shares during the last quarter. FMR LLC grew its position in UniFirst by 3.1% during the 3rd quarter. FMR LLC now owns 1,936 shares of the textile maker's stock worth $385,000 after acquiring an additional 58 shares during the last quarter. Principal Securities Inc. grew its holdings in shares of UniFirst by 10.1% during the fourth quarter. Principal Securities Inc. now owns 740 shares of the textile maker's stock worth $127,000 after purchasing an additional 68 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of UniFirst by 3.1% in the fourth quarter. Cetera Investment Advisers now owns 2,231 shares of the textile maker's stock valued at $382,000 after buying an additional 68 shares during the period. Finally, Illinois Municipal Retirement Fund raised its holdings in UniFirst by 0.9% in the 4th quarter. Illinois Municipal Retirement Fund now owns 8,140 shares of the textile maker's stock valued at $1,393,000 after buying an additional 73 shares during the last quarter. 78.17% of the stock is currently owned by institutional investors.

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.