Norges Bank Acquires Shares of 181,968 UniFirst Co. (NYSE:UNF)

Norges Bank bought a new position in shares of UniFirst Co. (NYSE:UNF) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 181,968 shares of the textile maker’s stock, valued at approximately $31,133,000. Norges Bank owned approximately 0.98% of UniFirst as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in UNF. Independence Bank of Kentucky acquired a new stake in UniFirst during the fourth quarter worth about $34,000. Blue Trust Inc. boosted its position in shares of 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 acquiring an additional 210 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in UniFirst by 252.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 345 shares of the textile maker’s stock valued at $59,000 after acquiring an additional 247 shares during the last quarter. Jones Financial Companies Lllp raised its position in UniFirst by 187.2% during the fourth quarter. Jones Financial Companies Lllp now owns 359 shares of the textile maker’s stock valued at $61,000 after purchasing an additional 234 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its stake in 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. 78.17% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other UniFirst news, VP David Martin Katz sold 1,299 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $210.95, for a total transaction of $274,024.05. Following the completion of the transaction, the vice president now owns 6,455 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.86% of the company’s stock.

UniFirst Trading Down 5.1 %

Shares of UNF stock opened at $163.40 on Monday. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 20.89 and a beta of 0.88. The business’s 50-day moving average price is $204.87 and its 200-day moving average price is $198.25. UniFirst Co. has a 12 month low of $149.58 and a 12 month high of $243.70.

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

UniFirst Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.86%. The ex-dividend date was Friday, March 7th. UniFirst’s dividend payout ratio is currently 17.41%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Barclays reiterated an “underweight” rating and issued a $152.00 price target (down previously from $180.00) on shares of UniFirst in a research note on Friday. UBS Group boosted their target price on UniFirst from $194.00 to $196.00 and gave the stock a “neutral” rating in a research note on Thursday. StockNews.com downgraded shares of UniFirst from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 8th. Finally, Robert W. Baird decreased their price target on shares of UniFirst from $218.00 to $197.00 and set a “neutral” rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, UniFirst currently has an average rating of “Hold” and a consensus price target of $180.00.

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.