Kayne Anderson Rudnick Investment Management LLC Sells 37,997 Shares of UniFirst Co. (NYSE:UNF)

Kayne Anderson Rudnick Investment Management LLC lessened its holdings in UniFirst Co. (NYSE:UNF) by 6.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 590,715 shares of the textile maker’s stock after selling 37,997 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned approximately 3.18% of UniFirst worth $101,065,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Independence Bank of Kentucky acquired a new position in shares of UniFirst during the fourth quarter worth $34,000. Blue Trust Inc. raised its position in UniFirst by 1,105.3% during the 4th quarter. Blue Trust Inc. now owns 229 shares of the textile maker’s stock worth $39,000 after purchasing an additional 210 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in UniFirst by 252.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker’s stock worth $59,000 after buying an additional 247 shares during the period. Jones Financial Companies Lllp lifted its holdings in UniFirst by 187.2% during the 4th quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker’s stock worth $61,000 after buying an additional 234 shares during the period. Finally, Sterling Capital Management LLC grew its position in shares of UniFirst by 811.5% in the 4th quarter. Sterling Capital Management LLC now owns 474 shares of the textile maker’s stock valued at $81,000 after buying an additional 422 shares during the last quarter. 78.17% of the stock is currently owned by institutional investors and hedge funds.

UniFirst Stock Performance

UniFirst stock opened at $171.96 on Friday. The stock’s 50 day moving average price is $192.86 and its two-hundred day moving average price is $196.33. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 21.99 and a beta of 0.88. UniFirst Co. has a 52-week low of $149.58 and a 52-week high of $243.70.

UniFirst (NYSE:UNF) last posted its quarterly earnings results on Wednesday, April 2nd. The textile maker reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.03). The company had revenue of $602.20 million during the quarter, compared to analyst estimates of $602.81 million. UniFirst had a return on equity of 7.40% and a net margin of 6.00%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 earnings per share. On average, equities research analysts forecast that UniFirst Co. will post 7.71 EPS for the current year.

UniFirst Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.81%. UniFirst’s dividend payout ratio (DPR) is presently 17.41%.

UniFirst declared that its Board of Directors has initiated a share repurchase plan on Tuesday, April 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the textile maker to repurchase up to 3.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on UNF. UBS Group lifted their price objective on UniFirst from $194.00 to $196.00 and gave the stock a “neutral” rating in a research note on Thursday, April 3rd. Barclays restated an “underweight” rating and issued a $152.00 price target (down previously from $180.00) on shares of UniFirst in a research report on Friday, April 4th. StockNews.com cut shares of UniFirst from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 8th. Finally, Robert W. Baird cut their price target on shares of UniFirst from $218.00 to $197.00 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $180.00.

Insider Activity

In related news, VP David Martin Katz sold 1,299 shares of UniFirst stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $210.95, for a total value of $274,024.05. Following the completion of the sale, the vice president now owns 6,455 shares of the company’s stock, valued at approximately $1,361,682.25. This trade represents a 16.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.86% 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.