UniFirst (NYSE:UNF) Hits New 1-Year High - What's Next?

UniFirst Co. (NYSE:UNF - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $235.60 and last traded at $235.60, with a volume of 29740 shares changing hands. The stock had previously closed at $169.33.

Analysts Set New Price Targets

UNF has been the topic of a number of research analyst reports. StockNews.com upgraded UniFirst from a "buy" rating to a "strong-buy" rating in a report on Tuesday, December 24th. Robert W. Baird boosted their target price on UniFirst from $199.00 to $200.00 and gave the stock a "neutral" rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $186.25.

UniFirst Price Performance

The firm has a 50-day simple moving average of $189.08 and a 200 day simple moving average of $185.95. The company has a market capitalization of $3.79 billion, a PE ratio of 26.27 and a beta of 0.87.

UniFirst Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Friday, December 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date was Friday, December 6th. This is a boost from UniFirst's previous quarterly dividend of $0.33. UniFirst's dividend payout ratio is currently 18.02%.

Insider Activity

In other UniFirst news, major shareholder The Ronald D. Croatti Trust - 1 sold 9,500 shares of the company'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 transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steven S. Sintros sold 3,207 shares of the firm's stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.04, for a total transaction of $619,079.28. Following the sale, the chief executive officer now directly owns 22,571 shares of the company's stock, valued at $4,357,105.84. The trade was a 12.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,294 shares of company stock worth $2,546,632 over the last 90 days. Company insiders own 0.86% of the company's stock.

Hedge Funds Weigh In On UniFirst

A number of hedge funds have recently bought and sold shares of UNF. Cerity Partners LLC acquired a new position in shares of UniFirst in the 3rd quarter worth approximately $10,270,000. Copeland Capital Management LLC lifted its stake in UniFirst by 12.4% during the third quarter. Copeland Capital Management LLC now owns 332,187 shares of the textile maker's stock worth $65,989,000 after purchasing an additional 36,651 shares during the last quarter. American Century Companies Inc. boosted its holdings in UniFirst by 25.9% in the second quarter. American Century Companies Inc. now owns 173,315 shares of the textile maker's stock worth $29,729,000 after purchasing an additional 35,604 shares during the period. Barclays PLC increased its stake in UniFirst by 464.6% during the third 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 during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of UniFirst by 5.2% during the third quarter. Victory Capital Management Inc. now owns 654,495 shares of the textile maker's stock worth $130,015,000 after purchasing an additional 32,447 shares during the period. 78.17% of the stock is currently owned by institutional investors and hedge funds.

UniFirst Company 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.