Acadian Asset Management LLC Makes New Investment in UniFirst Co. (NYSE:UNF)

Acadian Asset Management LLC purchased a new stake in UniFirst Co. (NYSE:UNF) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 2,037 shares of the textile maker’s stock, valued at approximately $348,000.

Several other large investors have also recently modified their holdings of the business. Arizona State Retirement System grew its stake in shares of UniFirst by 1.9% in the second quarter. Arizona State Retirement System now owns 4,231 shares of the textile maker’s stock worth $726,000 after purchasing an additional 78 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of UniFirst by 8.9% in the 2nd quarter. Victory Capital Management Inc. now owns 622,048 shares of the textile maker’s stock valued at $106,700,000 after buying an additional 51,088 shares during the last quarter. Versor Investments LP acquired a new stake in shares of UniFirst in the second quarter valued at about $326,000. Innealta Capital LLC bought a new position in shares of UniFirst during the second quarter worth about $92,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of UniFirst by 22.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,862 shares of the textile maker’s stock worth $491,000 after acquiring an additional 519 shares during the last quarter. Institutional investors own 78.17% of the company’s stock.

UniFirst Stock Performance

Shares of UNF opened at $189.75 on Friday. UniFirst Co. has a 52-week low of $149.58 and a 52-week high of $197.88. The business’s 50 day moving average price is $185.53 and its two-hundred day moving average price is $171.37. The firm has a market cap of $3.54 billion, a PE ratio of 27.52 and a beta of 0.81.

UniFirst (NYSE:UNF) last released its quarterly earnings data on Wednesday, June 26th. The textile maker reported $2.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.31. The company had revenue of $603.33 million for the quarter, compared to analysts’ expectations of $600.97 million. UniFirst had a net margin of 5.44% and a return on equity of 6.93%. Research analysts predict that UniFirst Co. will post 7.83 EPS for the current fiscal year.

UniFirst Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.33 per share. The ex-dividend date is Friday, September 6th. This represents a $1.32 dividend on an annualized basis and a yield of 0.70%. UniFirst’s dividend payout ratio (DPR) is presently 19.27%.

Wall Street Analysts Forecast Growth

UNF has been the subject of a number of recent analyst reports. Robert W. Baird increased their target price on shares of UniFirst from $185.00 to $199.00 and gave the company a “neutral” rating in a research report on Thursday, June 27th. StockNews.com raised shares of UniFirst from a “hold” rating to a “buy” rating in a research note on Monday, August 12th. UBS Group lifted their target price 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. boosted their target price on shares of UniFirst from $170.00 to $175.00 and gave the company an “underweight” rating in a report on Thursday, June 27th. One 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $186.00.

Insiders Place Their Bets

In other news, VP David Martin Katz sold 550 shares of UniFirst stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $175.00, for a total transaction of $96,250.00. Following the completion of the transaction, the vice president now directly owns 6,259 shares in the company, valued at $1,095,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Michael Iandoli sold 682 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $194.30, for a total value of $132,512.60. Following the completion of the sale, the director now owns 4,744 shares in the company, valued at approximately $921,759.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP David Martin Katz sold 550 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $175.00, for a total transaction of $96,250.00. Following the completion of the sale, the vice president now directly owns 6,259 shares of the company’s stock, valued at $1,095,325. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,257 shares of company stock worth $573,613. Insiders own 0.74% of the company’s stock.

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.