Absolute Gestao de Investimentos Ltda. Invests $14.58 Million in UniFirst Corporation $UNF

Absolute Gestao de Investimentos Ltda. acquired a new stake in shares of UniFirst Corporation (NYSE:UNF) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 57,950 shares of the textile maker’s stock, valued at approximately $14,580,000. UniFirst accounts for 1.7% of Absolute Gestao de Investimentos Ltda.’s portfolio, making the stock its 17th biggest position. Absolute Gestao de Investimentos Ltda. owned about 0.32% of UniFirst at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. 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 worth $166,861,000 after purchasing an additional 75,524 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in UniFirst by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 787,418 shares of the textile maker’s stock worth $151,895,000 after buying an additional 14,751 shares in the last quarter. Engine Capital Management LP boosted its holdings in UniFirst by 640.5% during the fourth quarter. Engine Capital Management LP now owns 459,871 shares of the textile maker’s stock worth $88,709,000 after buying an additional 397,772 shares in the last quarter. First Trust Advisors LP grew its position in UniFirst by 46.8% in the fourth quarter. First Trust Advisors LP now owns 451,194 shares of the textile maker’s stock worth $87,035,000 after buying an additional 143,853 shares during the last quarter. Finally, Brandes Investment Partners LP grew its position in UniFirst by 164.2% in the fourth quarter. Brandes Investment Partners LP now owns 367,786 shares of the textile maker’s stock worth $70,946,000 after buying an additional 228,586 shares during the last quarter. Institutional investors own 78.17% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on UNF shares. UBS Group set a $262.00 price target on UniFirst in a report on Monday, July 6th. Weiss Ratings cut UniFirst from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 9th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $246.67.

UniFirst Stock Performance

UniFirst stock opened at $293.86 on Friday. UniFirst Corporation has a twelve month low of $147.66 and a twelve month high of $295.60. The firm has a market cap of $5.31 billion, a PE ratio of 46.35 and a beta of 0.63. The firm’s 50 day moving average price is $270.65 and its two-hundred day moving average price is $250.74.

UniFirst (NYSE:UNF) last announced its quarterly earnings data on Wednesday, July 1st. The textile maker reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.93 by ($0.84). The firm had revenue of $634.40 million for the quarter, compared to analysts’ expectations of $627.66 million. UniFirst had a return on equity of 6.44% and a net margin of 4.65%.UniFirst’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.13 earnings per share. Equities analysts anticipate that UniFirst Corporation will post 7.49 EPS for the current fiscal year.

UniFirst Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a dividend of $0.365 per share. This represents a $1.46 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Friday, September 4th. UniFirst’s dividend payout ratio (DPR) is presently 23.03%.

UniFirst Company 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).