UniFirst (NYSE:UNF) Issues FY 2024 Earnings Guidance

UniFirst (NYSE:UNF) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 6.800-7.160 for the period, compared to the consensus EPS estimate of 7.540. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. UniFirst also updated its FY24 guidance to $6.80-7.16 EPS.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. StockNews.com downgraded shares of UniFirst from a buy rating to a hold rating in a report on Saturday, March 23rd. Robert W. Baird reiterated a neutral rating and set a $185.00 price objective on shares of UniFirst in a research note on Thursday, January 4th. Finally, Barclays boosted their price objective on shares of UniFirst from $160.00 to $180.00 and gave the stock an equal weight rating in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat, UniFirst presently has an average rating of Hold and a consensus price target of $177.50.

UniFirst Trading Up 2.9 %

Shares of UNF stock opened at $172.07 on Thursday. The company has a market capitalization of $3.22 billion, a PE ratio of 28.82 and a beta of 0.82. The firm has a fifty day simple moving average of $170.03 and a 200-day simple moving average of $170.12. UniFirst has a twelve month low of $150.50 and a twelve month high of $193.52.

UniFirst (NYSE:UNF) last posted its quarterly earnings results on Wednesday, January 3rd. The textile maker reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $0.20. The firm had revenue of $593.50 million for the quarter, compared to analysts’ expectations of $589.64 million. UniFirst had a net margin of 4.90% and a return on equity of 6.01%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.21 earnings per share. Equities research analysts predict that UniFirst will post 7.6 EPS for the current year.

UniFirst Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 8th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.77%. UniFirst’s dividend payout ratio (DPR) is 22.11%.

Insider Transactions at UniFirst

In related news, EVP William Masters Ross sold 2,282 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $175.27, for a total value of $399,966.14. Following the completion of the transaction, the executive vice president now owns 4,034 shares in the company, valued at approximately $707,039.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On UniFirst

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Morgan Stanley boosted its position in shares of UniFirst by 242.5% during the 4th quarter. Morgan Stanley now owns 346,190 shares of the textile maker’s stock valued at $66,811,000 after purchasing an additional 245,102 shares in the last quarter. Norges Bank bought a new position in shares of UniFirst during the 4th quarter valued at about $27,552,000. T. Rowe Price Investment Management Inc. bought a new position in shares of UniFirst during the 4th quarter valued at about $26,359,000. Victory Capital Management Inc. boosted its position in shares of UniFirst by 14.6% during the 4th quarter. Victory Capital Management Inc. now owns 484,859 shares of the textile maker’s stock valued at $93,573,000 after purchasing an additional 61,624 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of UniFirst by 16.8% during the 1st quarter. Wellington Management Group LLP now owns 232,649 shares of the textile maker’s stock valued at $42,873,000 after purchasing an additional 33,532 shares in the last quarter. Institutional investors 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.