UniFirst (NYSE:UNF) Shares Gap Up to $154.47

UniFirst Co. (NYSE:UNF) gapped up before the market opened on Wednesday . The stock had previously closed at $154.47, but opened at $165.36. UniFirst shares last traded at $173.54, with a volume of 48,179 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on UNF shares. Barclays raised their target price on shares of UniFirst from $160.00 to $180.00 and gave the company an “equal weight” rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. boosted their target price on UniFirst from $170.00 to $175.00 and gave the stock an “underweight” rating in a research note on Thursday. Robert W. Baird increased their price target on UniFirst from $185.00 to $199.00 and gave the company a “neutral” rating in a research note on Thursday. UBS Group boosted their price target on UniFirst from $186.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, StockNews.com raised shares of UniFirst from a “hold” rating to a “buy” rating in a research report on Tuesday, May 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $186.00.

UniFirst Stock Performance

The firm has a market cap of $3.20 billion, a PE ratio of 25.04 and a beta of 0.85. The company has a 50 day simple moving average of $160.58 and a two-hundred day simple moving average of $167.25.

UniFirst (NYSE:UNF) last issued its earnings results on Wednesday, March 27th. The textile maker reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.19). UniFirst had a net margin of 4.92% and a return on equity of 6.19%. The firm had revenue of $590.71 million during the quarter, compared to analysts’ expectations of $587.56 million. As a group, research analysts predict that UniFirst Co. will post 7.48 earnings per share for the current fiscal year.

UniFirst Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.77%. UniFirst’s payout ratio is currently 19.27%.

Insider Buying and Selling

In other UniFirst news, major shareholder Cecelia Levenstein sold 9,733 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $153.29, for a total transaction of $1,491,971.57. Following the sale, the insider now directly owns 58,325 shares of the company’s stock, valued at approximately $8,940,639.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other UniFirst news, major shareholder Cecelia Levenstein sold 9,733 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $153.29, for a total value of $1,491,971.57. Following the sale, the insider now owns 58,325 shares in the company, valued at approximately $8,940,639.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael A. Croatti sold 1,800 shares of UniFirst stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $169.00, for a total transaction of $304,200.00. Following the transaction, the vice president now directly owns 5,747 shares of the company’s stock, valued at $971,243. The disclosure for this sale can be found here. Insiders sold a total of 28,033 shares of company stock valued at $4,398,882 over the last 90 days. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On UniFirst

Hedge funds have recently modified their holdings of the company. Eagle Bay Advisors LLC increased its stake in shares of UniFirst by 78.1% in the 4th quarter. Eagle Bay Advisors LLC now owns 171 shares of the textile maker’s stock valued at $31,000 after purchasing an additional 75 shares in the last quarter. Covestor Ltd raised its stake in shares of UniFirst by 69.7% during the 1st quarter. Covestor Ltd now owns 414 shares of the textile maker’s stock worth $72,000 after buying an additional 170 shares during the period. Principal Securities Inc. acquired a new position in shares of UniFirst during the 4th quarter worth approximately $80,000. Quest Partners LLC purchased a new position in shares of UniFirst during the 4th quarter valued at approximately $82,000. Finally, Orion Capital Management LLC acquired a new stake in UniFirst in the 3rd quarter valued at $99,000. 78.17% of the stock is owned by hedge funds and other 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.