UniFirst (NYSE:UNF) Sets New 12-Month High – Here’s What Happened

UniFirst Co. (NYSE:UNF)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $206.05 and last traded at $203.91, with a volume of 10637 shares changing hands. The stock had previously closed at $200.23.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on UNF shares. Robert W. Baird lifted 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. StockNews.com raised shares of UniFirst from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $186.25.

UniFirst Price Performance

The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 25.77 and a beta of 0.82. The business’s fifty day moving average price is $191.32 and its 200-day moving average price is $179.99.

UniFirst Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend is Friday, December 6th. This is a positive change from UniFirst’s previous quarterly dividend of $0.33. UniFirst’s dividend payout ratio (DPR) is currently 16.99%.

Insider Buying and Selling

In related news, major shareholder The Ronald D. Croatti Trust – 1 sold 9,500 shares of the firm’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 transaction of $1,814,215.00. Following the transaction, the insider now directly owns 17,390 shares in the company, valued at $3,320,968.30. This trade represents a 35.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David Martin Katz sold 587 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $193.08, for a total transaction of $113,337.96. Following the sale, the vice president now owns 5,625 shares of the company’s stock, valued at approximately $1,086,075. This represents a 9.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,294 shares of company stock valued at $2,546,632. Corporate insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On UniFirst

Several hedge funds and other institutional investors have recently modified their holdings of the company. Cerity Partners LLC bought a new stake in UniFirst during the 3rd quarter worth approximately $10,270,000. Victory Capital Management Inc. lifted its stake in shares of UniFirst by 8.9% during 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 in the last quarter. Copeland Capital Management LLC boosted its holdings in UniFirst by 12.4% in the 3rd quarter. Copeland Capital Management LLC now owns 332,187 shares of the textile maker’s stock worth $65,989,000 after buying an additional 36,651 shares during the period. American Century Companies Inc. increased its stake in UniFirst by 25.9% in the 2nd quarter. American Century Companies Inc. now owns 173,315 shares of the textile maker’s stock worth $29,729,000 after buying an additional 35,604 shares in the last quarter. Finally, Barclays PLC raised its holdings 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 acquiring an additional 33,919 shares during the period. 78.17% of the stock is 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.