Cannon Global Investment Management LLC Cuts Stock Position in UniFirst Corporation $UNF

Cannon Global Investment Management LLC lessened its holdings in UniFirst Corporation (NYSE:UNF) by 63.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,500 shares of the textile maker’s stock after selling 4,300 shares during the quarter. UniFirst accounts for 1.2% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 26th largest position. Cannon Global Investment Management LLC’s holdings in UniFirst were worth $629,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in shares of UniFirst during the 3rd quarter worth approximately $1,597,000. DDD Partners LLC bought a new position in UniFirst during the fourth quarter valued at $2,614,000. Comerica Bank raised its stake in shares of UniFirst by 66.7% in the fourth quarter. Comerica Bank now owns 31,163 shares of the textile maker’s stock valued at $6,011,000 after buying an additional 12,465 shares during the period. Tweedy Browne Co LLC purchased a new position in shares of UniFirst during the 4th quarter valued at $19,687,000. Finally, Confluence Investment Management LLC purchased a new stake in UniFirst in the 4th quarter worth about $5,405,000. Institutional investors own 78.17% of the company’s stock.

UniFirst Price Performance

UNF stock opened at $265.71 on Friday. The firm has a 50 day simple moving average of $262.40 and a two-hundred day simple moving average of $237.94. The stock has a market cap of $4.80 billion, a PE ratio of 36.00 and a beta of 0.63. UniFirst Corporation has a one year low of $147.66 and a one year high of $283.77.

UniFirst (NYSE:UNF) last posted its quarterly earnings data on Wednesday, April 1st. The textile maker reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.08). UniFirst had a net margin of 5.49% and a return on equity of 6.49%. The company had revenue of $622.50 million for the quarter, compared to analysts’ expectations of $614.91 million. During the same quarter last year, the business posted $1.31 EPS. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, research analysts expect that UniFirst Corporation will post 7.21 EPS for the current fiscal year.

UniFirst Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Friday, June 5th. UniFirst’s dividend payout ratio (DPR) is currently 19.78%.

Wall Street Analyst Weigh In

UNF has been the subject of several recent research reports. Weiss Ratings upgraded shares of UniFirst from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, May 28th. Barclays boosted their target price on shares of UniFirst from $250.00 to $280.00 and gave the company an “equal weight” rating in a report on Thursday, March 12th. Finally, UBS Group raised their price target on UniFirst from $206.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, April 2nd. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $228.25.

UniFirst Profile

UniFirst Corporation (NYSE: UNF) is a leading provider of customized uniform rental and facility service programs in North America and Europe. The company specializes in the rental, laundering and maintenance of workwear, corporate apparel and protective garments for a broad range of industries, including manufacturing, automotive, hospitality, healthcare and food processing. UniFirst also offers a suite of facility service products such as entrance mats, restroom supplies, wipers, mops and hygienic services designed to help customers maintain clean and safe environments.

In addition to its core uniform rental business, UniFirst has expanded its product portfolio to include safety and first-responder gear, flame-resistant clothing, high-visibility apparel and personal protective equipment (PPE).