UniFirst (NYSE:UNF) Lowered to Hold at StockNews.com

StockNews.com downgraded shares of UniFirst (NYSE:UNF) from a buy rating to a hold rating in a report issued on Thursday.

Several other brokerages also recently issued reports on UNF. Robert W. Baird raised their price objective on shares of UniFirst from $185.00 to $199.00 and gave the stock a neutral rating in a research note on Thursday, June 27th. UBS Group raised their price objective on shares of UniFirst from $186.00 to $190.00 and gave the stock a neutral rating in a research note on Thursday, June 27th. Finally, JPMorgan Chase & Co. raised their price objective on shares of UniFirst from $170.00 to $175.00 and gave the stock an underweight rating in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $186.00.

UniFirst Trading Down 1.3 %

UNF opened at $168.83 on Thursday. The firm has a market cap of $3.15 billion, a P/E ratio of 24.65 and a beta of 0.81. UniFirst has a 12 month low of $149.58 and a 12 month high of $187.22. The stock has a 50-day moving average of $161.34 and a 200 day moving average of $166.84.

UniFirst Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend was Friday, June 7th. UniFirst’s dividend payout ratio is presently 19.27%.

Insider Buying and Selling

In related news, major shareholder Cecelia Levenstein sold 5,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $155.76, for a total value of $856,680.00. Following the completion of the transaction, the insider now owns 68,058 shares of the company’s stock, valued at $10,600,714.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Cecelia Levenstein sold 5,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $155.76, for a total value of $856,680.00. Following the completion of the transaction, the insider now owns 68,058 shares of the company’s stock, valued at $10,600,714.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael A. Croatti sold 1,800 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $169.00, for a total transaction of $304,200.00. Following the completion of the transaction, the vice president now directly owns 5,747 shares of the company’s stock, valued at approximately $971,243. The disclosure for this sale can be found here. Insiders sold 28,033 shares of company stock valued at $4,398,882 over the last 90 days. Corporate insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On UniFirst

Several institutional investors and hedge funds have recently bought and sold shares of UNF. Eagle Bay Advisors LLC grew its holdings in UniFirst by 78.1% in the fourth quarter. Eagle Bay Advisors LLC now owns 171 shares of the textile maker’s stock worth $31,000 after purchasing an additional 75 shares during the last quarter. Covestor Ltd grew its holdings in UniFirst by 69.7% in the first quarter. Covestor Ltd now owns 414 shares of the textile maker’s stock worth $72,000 after purchasing an additional 170 shares during the last quarter. Principal Securities Inc. purchased a new position in UniFirst in the fourth quarter worth $80,000. Quest Partners LLC purchased a new position in UniFirst in the fourth quarter worth $82,000. Finally, Orion Capital Management LLC purchased a new position in UniFirst in the third quarter worth $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.