UniFirst (NYSE:UNF) Hits New 1-Year High – Still a Buy?

UniFirst Co. (NYSE:UNF)’s stock 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. The stock had previously closed at $195.74.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on UNF shares. StockNews.com raised shares of UniFirst from a “hold” rating to a “buy” rating in a report on Monday, August 12th. Robert W. Baird lifted their price objective 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 research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, UniFirst has a consensus rating of “Hold” and a consensus price target of $186.25.

UniFirst Stock Performance

The firm has a 50 day simple moving average of $188.68 and a two-hundred day simple moving average of $177.04. The stock has a market cap of $3.74 billion, a P/E ratio of 25.73 and a beta of 0.82.

UniFirst Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its stake in UniFirst by 336.5% during the first quarter. BNP Paribas Financial Markets now owns 18,582 shares of the textile maker’s stock valued at $3,223,000 after purchasing an additional 14,325 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of UniFirst during the 1st quarter worth $693,000. Quantbot Technologies LP bought a new stake in shares of UniFirst during the 1st quarter worth $479,000. M&G Plc acquired a new stake in shares of UniFirst during the first quarter worth $19,842,000. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of UniFirst by 164.2% during the third quarter. Harbor Capital Advisors Inc. now owns 8,387 shares of the textile maker’s stock valued at $1,666,000 after purchasing an additional 5,213 shares during the last quarter. 78.17% of the stock is currently owned by institutional investors.

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.