Principal Financial Group Inc. Sells 1,097 Shares of UniFirst Co. (NYSE:UNF)
Principal Financial Group Inc. reduced its position in UniFirst Co. (NYSE:UNF – received rating) up 1.1% in the first quarter, according to the most recent SEC filing. The fund owned 101,627 shares of the clothing maker after selling 1,097 shares during the quarter. At the end of the last reporting period, Principal Financial Group Inc. owned approximately 0.54% of UniFirst, valued at $18,728,000.
Other hedge funds and other institutional investors have recently changed their holdings in the company. Geode Capital Management LLC increased its position in UniFirst stock by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 292,208 shares of the textile manufacturer’s stock valued at $61,480,000 after purchasing an additional 9,425 shares last quarter. Allspring Global Investments Holdings LLC acquired a new $801,000 stake in UniFirst during the fourth quarter. Envestnet Asset Management Inc. increased its stake in UniFirst by 21.6% in the first quarter. Envestnet Asset Management Inc. now owns 73,204 shares of the textile manufacturer’s stock valued at $13,490,000 after purchasing an additional 12,987 shares during the period. Barclays PLC increased its stake in UniFirst by 33.2% in the fourth quarter. Barclays PLC now owns 23,573 shares of the textile manufacturer’s stock, valued at $4,961,000, after purchasing a further 5,870 shares during the period. Finally, Panagora Asset Management Inc. increased its stake in UniFirst by 31.6% in the fourth quarter. Panagora Asset Management Inc. now owns 33,651 shares of the clothing maker’s stock valued at $7,080,000 after purchasing an additional 8,082 shares during the period. 77.61% of the shares are currently owned by institutional investors.
Analysts set new price targets
Several research companies have recently commented on UNF. StockNews.com lowered UniFirst from a “buy” rating to a “hold” rating in a report on Saturday 21 May. Robert W. Baird lowered his price target on UniFirst from $213.00 to $195.00 in a report on Wednesday, May 18.
UniFirst stock down 1.1%
UNF camp opened at $193.36 on Friday. The company’s 50-day simple moving average is $179.66 and its 200-day simple moving average is $175.92. UniFirst Co. has a 12-month low of $154.72 and a 12-month high of $232.75. The company has a market cap of $3.62 billion, a price-to-earnings ratio of 32.83 and a beta of 0.93.
UniFirst (NYSE:UNF – received rating) last published its findings on Wednesday, June 29th. The clothing maker reported earnings per share of $1.77 for the quarter, missing analyst consensus estimates of $1.93 ($0.16). UniFirst had a return on equity of 6.86% and a net margin of 5.74%. The company posted revenue of $511.50 million for the quarter, compared to analysts’ expectations of $500.61 million. In the same quarter last year, the company earned $2.21 per share. The company’s revenue for the quarter rose 10.2% year over year. Research analysts expect UniFirst Co. to post 6.76 EPS for the year to date.
UniFirst announces dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 28th. Shareholders of record on Wednesday, September 7 will receive a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday September 6th. That equates to an annualized dividend of $1.20 and a dividend yield of 0.62%. UniFirst’s payout ratio is currently 20.37%.
In other news, VP David Martin cat sold 1,265 shares of the company’s shares in one transaction on Friday, July 29. The stock sold at an average price of $195.00 for a total transaction of $246,675.00. Following the transaction, the Vice President now owns 3,713 shares of the company, valued at $724,035. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.20% of the company’s stock.
UniFirst Corporation provides work uniforms and protective clothing throughout the United States, Europe and Canada. The Company operates through the rental and cleaning, manufacturing, rental and cleaning of specialty clothing and first aid segments in the United States and Canada. It designs, manufactures, personalises, hires, cleans, supplies and sells a range of uniforms and protective clothing including shirts, pants, jackets, coveralls, lab coats, gowns and aprons; and special protective clothing such as B. Flame-retardant and high-visibility garments.
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