UniFirst (NYSE:UNF) Issues FY24 Earnings Guidance

UniFirst (NYSE:UNF) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $6.80-7.16 for the period, compared to the consensus EPS estimate of $7.51. The company issued revenue guidance of $2.415-2.425 billion, compared to the consensus revenue estimate of $2.42 billion. UniFirst also updated its FY 2024 guidance to 6.800-7.160 EPS.

UniFirst Price Performance

Shares of NYSE:UNF opened at $172.07 on Thursday. The company’s 50 day simple moving average is $170.03 and its 200 day simple moving average is $170.12. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 28.82 and a beta of 0.82. UniFirst has a 1 year low of $150.50 and a 1 year high of $193.52.

UniFirst (NYSE:UNF) last announced its quarterly earnings data on Wednesday, January 3rd. The textile maker reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.18 by $0.20. UniFirst had a net margin of 4.90% and a return on equity of 6.01%. The business had revenue of $593.50 million for the quarter, compared to analysts’ expectations of $589.64 million. During the same period last year, the firm posted $2.21 earnings per share. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. As a group, analysts anticipate that UniFirst will post 7.6 EPS for the current fiscal year.

UniFirst Announces Dividend

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

Analyst Ratings Changes

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

Insider Activity at UniFirst

In related news, EVP William Masters Ross sold 2,282 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.27, for a total value of $399,966.14. Following the transaction, the executive vice president now owns 4,034 shares in the company, valued at $707,039.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.74% of the stock is owned by company insiders.

Institutional Investors Weigh In On UniFirst

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Covestor Ltd increased its stake in UniFirst by 187.4% in the first quarter. Covestor Ltd now owns 273 shares of the textile maker’s stock valued at $50,000 after purchasing an additional 178 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of UniFirst during the first quarter worth about $69,000. Tower Research Capital LLC TRC increased its position in shares of UniFirst by 28.9% during the third quarter. Tower Research Capital LLC TRC now owns 393 shares of the textile maker’s stock worth $64,000 after acquiring an additional 88 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of UniFirst during the first quarter worth about $103,000. Finally, SRS Capital Advisors Inc. increased its position in shares of UniFirst by 16.7% during the second quarter. SRS Capital Advisors Inc. now owns 579 shares of the textile maker’s stock worth $90,000 after acquiring an additional 83 shares in the last quarter. 78.17% of the stock is 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.