Unifi (NYSE:UFI) Rating Increased to Buy at Zacks Investment Research

Unifi (NYSE:UFI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage currently has a $30.00 price target on the textile maker’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 3.66% from the company’s previous close.

According to Zacks, “Unifi, Inc. is a global textile solutions provider and one of the world’s leading innovators in manufacturing synthetic and recycled performance fibers. The Company’s proprietary technologies offer increased performance, comfort and style advantages, enabling customers to develop products that perform, look and feel better. Through REPREVE , one of Unifi’s proprietary technologies and the global leader in branded recycled performance fibers, Unifi has transformed more than 10 billion plastic bottles into recycled fiber for new clothing, shoes, home goods and other consumer products. Unifi continually innovates to meet consumer needs in moisture management, thermal regulation, antimicrobial, UV protection, stretch, water repellency and enhanced softness with leading products such as Sorbtek, XS Cross Section technology and Cotton-like technology. Unifi collaborates with many of the world’s most influential brands in the sports apparel, fashion, home, automotive and other industries. “

A number of other research firms have also weighed in on UFI. Northland Securities upped their price objective on shares of Unifi from $21.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, January 29th. TheStreet upgraded shares of Unifi from a “d+” rating to a “c-” rating in a report on Tuesday, February 23rd.

Shares of NYSE:UFI traded up $0.57 on Tuesday, hitting $28.94. The company had a trading volume of 541 shares, compared to its average volume of 85,403. The firm’s 50-day simple moving average is $27.90 and its two-hundred day simple moving average is $21.38. Unifi has a 1 year low of $10.10 and a 1 year high of $30.94. The company has a quick ratio of 2.32, a current ratio of 3.73 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $534.84 million, a price-to-earnings ratio of -9.25 and a beta of 0.94.

Unifi (NYSE:UFI) last released its quarterly earnings data on Wednesday, April 28th. The textile maker reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.09. Unifi had a negative net margin of 10.13% and a negative return on equity of 2.98%. Equities research analysts anticipate that Unifi will post 0.38 EPS for the current year.

Large investors have recently made changes to their positions in the company. FMR LLC purchased a new position in Unifi in the 1st quarter valued at $1,262,000. Morgan Stanley lifted its holdings in Unifi by 156.6% in the 3rd quarter. Morgan Stanley now owns 243,711 shares of the textile maker’s stock valued at $3,129,000 after purchasing an additional 148,738 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in Unifi by 47.9% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 13,473 shares of the textile maker’s stock valued at $173,000 after purchasing an additional 4,365 shares in the last quarter. Sei Investments Co. purchased a new position in Unifi in the 3rd quarter valued at $208,000. Finally, Assenagon Asset Management S.A. purchased a new position in Unifi in the 4th quarter valued at $1,038,000. Hedge funds and other institutional investors own 65.06% of the company’s stock.

About Unifi

Unifi, Inc, together with its subsidiaries, engages in the manufacture and sale of recycled and synthetic products made from polyester and nylon in the United States, Brazil, China, and internationally. It operates in four segments: Polyester, Nylon, Brazil, and Asia. The Polyester segment offers partially oriented, textured, solution and package dyed, twisted, beamed, and draw wound yarns; and pre-consumer and post-consumer waste products, including plastic bottle flakes and polyester polymer beads to other yarn manufacturers, and knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, home furnishings, automotive, industrial, and other end-use markets.

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