UniFirst (NYSE:UNF) Sees Unusually-High Trading Volume – Time to Buy?

UniFirst Co. (NYSE:UNF) shares saw an uptick in trading volume on Wednesday . 93,164 shares traded hands during trading, an increase of 3% from the previous session’s volume of 90,528 shares.The stock last traded at $170.90 and had previously closed at $169.41.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on UNF. StockNews.com downgraded shares of UniFirst from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 8th. UBS Group decreased their price objective on shares of UniFirst from $235.00 to $194.00 and set a “neutral” rating for the company in a research report on Tuesday.

UniFirst Stock Performance

The company has a market cap of $3.31 billion, a P/E ratio of 22.81 and a beta of 0.89. The business has a fifty day simple moving average of $211.08 and a 200 day simple moving average of $198.63.

UniFirst (NYSE:UNF) last announced its quarterly earnings data on Wednesday, January 8th. The textile maker reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.22 by $0.09. UniFirst had a return on equity of 7.40% and a net margin of 6.00%. The firm had revenue of $604.91 million for the quarter, compared to analysts’ expectations of $606.60 million. During the same period last year, the business posted $2.26 earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts expect that UniFirst Co. will post 7.71 EPS for the current year.

UniFirst Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date of this dividend is Friday, March 7th. UniFirst’s dividend payout ratio is presently 17.90%.

Insider Buying and Selling

In related news, VP David Martin Katz sold 1,299 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was 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 directly owns 6,455 shares in the company, valued at $1,361,682.25. This represents a 16.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.86% of the stock is owned by company insiders.

Institutional Trading of UniFirst

A number of large investors have recently modified their holdings of the company. Independence Bank of Kentucky bought a new position in UniFirst in the 4th quarter worth about $34,000. Blue Trust Inc. increased its position in UniFirst by 1,105.3% in the 4th quarter. Blue Trust Inc. now owns 229 shares of the textile maker’s stock valued at $39,000 after acquiring an additional 210 shares during the period. Smartleaf Asset Management LLC raised its stake in UniFirst by 252.0% during the 4th 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 in the last quarter. Jones Financial Companies Lllp boosted its position 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 acquiring an additional 234 shares during the period. Finally, TD Private Client Wealth LLC grew its stake in shares of UniFirst by 291.6% in 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 in the last quarter. Institutional investors and hedge funds own 78.17% 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.