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

UniFirst Co. (NYSE:UNF)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $235.60 and last traded at $235.60, with a volume of 29740 shares changing hands. The stock had previously closed at $169.33.

Wall Street Analysts Forecast Growth

UNF has been the topic of several recent analyst reports. Robert W. Baird upped their price target on UniFirst from $199.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. StockNews.com upgraded shares of UniFirst from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 24th. One research 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $186.25.

UniFirst Stock Up 27.6 %

The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 27.81 and a beta of 0.87. The stock has a fifty day moving average of $189.08 and a 200-day moving average of $185.95.

UniFirst Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Friday, December 6th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.65%. This is an increase from UniFirst’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, December 6th. UniFirst’s dividend payout ratio (DPR) is 18.02%.

Insider Activity at UniFirst

In related news, VP David Martin Katz sold 587 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were 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. The trade was a 9.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder The Ronald D. Croatti Trust – 1 sold 9,500 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $190.97, for a total transaction of $1,814,215.00. Following the completion of the transaction, the insider now directly owns 17,390 shares of the company’s stock, valued at approximately $3,320,968.30. This trade represents a 35.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,294 shares of company stock valued at $2,546,632 over the last ninety days. Insiders own 0.86% of the company’s stock.

Hedge Funds Weigh In On UniFirst

Several hedge funds have recently added to or reduced their stakes in UNF. TD Private Client Wealth LLC boosted its holdings in shares of UniFirst by 291.6% during the third quarter. TD Private Client Wealth LLC now owns 466 shares of the textile maker’s stock worth $93,000 after purchasing an additional 347 shares during the last quarter. Geode Capital Management LLC grew its holdings in UniFirst by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 349,298 shares of the textile maker’s stock valued at $69,401,000 after buying an additional 4,136 shares during the period. Barclays PLC increased its stake in shares of UniFirst by 464.6% during the 3rd 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 last quarter. Y Intercept Hong Kong Ltd purchased a new stake in UniFirst in the third quarter valued at approximately $301,000. Finally, MML Investors Services LLC lifted its stake in shares of UniFirst by 9.0% in the 3rd quarter. MML Investors Services LLC now owns 8,231 shares of the textile maker’s stock valued at $1,635,000 after purchasing an additional 679 shares in the last quarter. 78.17% of the stock is currently 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.