Assenagon Asset Management S.A. Cuts Position in UniFirst Corporation $UNF

Assenagon Asset Management S.A. decreased its position in UniFirst Corporation (NYSE:UNF) by 60.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,804 shares of the textile maker’s stock after selling 14,895 shares during the quarter. Assenagon Asset Management S.A. owned 0.05% of UniFirst worth $2,467,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in UNF. Pullen Investment Management LLC grew its holdings in UniFirst by 1.2% during the 1st quarter. Pullen Investment Management LLC now owns 14,017 shares of the textile maker’s stock worth $3,527,000 after acquiring an additional 172 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in shares of UniFirst by 2,749.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,681 shares of the textile maker’s stock valued at $325,000 after purchasing an additional 1,622 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of UniFirst by 3,281.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,232 shares of the textile maker’s stock valued at $431,000 after purchasing an additional 2,166 shares in the last quarter. River Road Asset Management LLC raised its holdings in shares of UniFirst by 9.6% in the 4th quarter. River Road Asset Management LLC now owns 865,014 shares of the textile maker’s stock valued at $166,861,000 after purchasing an additional 75,524 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its position in shares of UniFirst by 20.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 2,153 shares of the textile maker’s stock worth $415,000 after purchasing an additional 367 shares during the last quarter. Institutional investors and hedge funds own 78.17% of the company’s stock.

UniFirst Trading Up 0.3%

Shares of NYSE UNF opened at $264.83 on Wednesday. The stock has a market cap of $4.79 billion, a P/E ratio of 35.89 and a beta of 0.63. UniFirst Corporation has a twelve month low of $147.66 and a twelve month high of $283.77. The stock has a 50 day moving average of $262.45 and a two-hundred day moving average of $239.51.

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

UniFirst Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were paid a dividend of $0.365 per share. The ex-dividend date was Friday, June 5th. This represents a $1.46 dividend on an annualized basis and a yield of 0.6%. UniFirst’s dividend payout ratio is currently 19.78%.

Wall Street Analyst Weigh In

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

About UniFirst

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).