UniFirst (NYSE:UNF) Hits New 12-Month High – Here’s Why

UniFirst Co. (NYSE:UNF)’s share price hit a new 52-week high on Friday . The company traded as high as $200.44 and last traded at $200.00, with a volume of 10317 shares changing hands. The stock had previously closed at $195.74.

Analysts Set New Price Targets

Several equities research analysts have commented on UNF shares. StockNews.com upgraded UniFirst from a “hold” rating to a “buy” rating in a research note on Monday, August 12th. Robert W. Baird lifted their price target on shares of UniFirst from $199.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, UniFirst presently has an average rating of “Hold” and an average target price of $186.25.

UniFirst Stock Performance

The firm has a fifty day moving average of $188.68 and a 200 day moving average of $177.04. The firm has a market capitalization of $3.74 billion, a PE ratio of 25.73 and a beta of 0.82.

UniFirst Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be paid a $0.35 dividend. The ex-dividend date is Friday, December 6th. This is an increase from UniFirst’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 0.70%. UniFirst’s dividend payout ratio is 16.99%.

Institutional Trading of UniFirst

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in UniFirst by 0.3% in the first quarter. Vanguard Group Inc. now owns 1,695,590 shares of the textile maker’s stock valued at $294,066,000 after acquiring an additional 4,650 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in UniFirst by 3.2% in the second quarter. Dimensional Fund Advisors LP now owns 737,003 shares of the textile maker’s stock worth $126,418,000 after purchasing an additional 23,069 shares in the last quarter. Victory Capital Management Inc. increased its holdings in UniFirst by 5.2% in the third quarter. Victory Capital Management Inc. now owns 654,495 shares of the textile maker’s stock valued at $130,015,000 after buying an additional 32,447 shares during the last quarter. Copeland Capital Management LLC raised its stake in UniFirst by 12.4% during the third quarter. Copeland Capital Management LLC now owns 332,187 shares of the textile maker’s stock valued at $65,989,000 after buying an additional 36,651 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in UniFirst by 25.9% during the 2nd quarter. American Century Companies Inc. now owns 173,315 shares of the textile maker’s stock worth $29,729,000 after buying an additional 35,604 shares during the last quarter. 78.17% of the stock is currently owned by institutional investors and hedge funds.

About UniFirst

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.