Unifi (UFI) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Unifi (NYSE:UFI) from a hold rating to a sell rating in a report released on Saturday morning.

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. “

Separately, ValuEngine raised Unifi from a sell rating to a hold rating in a research note on Thursday, November 1st.

UFI opened at $26.54 on Friday. The company has a current ratio of 3.52, a quick ratio of 1.87 and a debt-to-equity ratio of 0.35. The firm has a market cap of $484.87 million, a P/E ratio of 20.11 and a beta of 0.89. Unifi has a 52 week low of $22.78 and a 52 week high of $38.65.

Unifi (NYSE:UFI) last posted its quarterly earnings data on Tuesday, October 30th. The textile maker reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.17). The company had revenue of $181.61 million for the quarter, compared to analyst estimates of $170.90 million. Unifi had a net margin of 3.53% and a return on equity of 4.46%. Equities analysts predict that Unifi will post 0.72 earnings per share for the current fiscal year.

In other Unifi news, Director Robert J. Bishop purchased 22,459 shares of the firm’s stock in a transaction on Tuesday, August 28th. The shares were purchased at an average cost of $32.35 per share, with a total value of $726,548.65. Following the purchase, the director now owns 10,288 shares in the company, valued at $332,816.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert J. Bishop purchased 4,000 shares of the firm’s stock in a transaction on Friday, August 31st. The stock was acquired at an average cost of $31.79 per share, for a total transaction of $127,160.00. Following the completion of the purchase, the director now owns 10,288 shares in the company, valued at approximately $327,055.52. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 34,459 shares of company stock worth $1,102,109. 22.41% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the business. Piedmont Investment Advisors LLC acquired a new stake in Unifi in the 2nd quarter worth about $125,000. Barclays PLC boosted its stake in Unifi by 120.7% in the 1st quarter. Barclays PLC now owns 5,467 shares of the textile maker’s stock worth $199,000 after buying an additional 2,990 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Unifi in the 1st quarter worth about $203,000. James Investment Research Inc. acquired a new stake in Unifi in the 2nd quarter worth about $194,000. Finally, Engineers Gate Manager LP acquired a new stake in Unifi in the 2nd quarter worth about $213,000. 80.09% of the stock is currently owned by hedge funds and other institutional investors.

About Unifi

Unifi, Inc, together with its subsidiaries, manufactures and sells synthetic and recycled products made from polyester and nylon in the United States, Brazil, China, and internationally. The company operates in three segments: Polyester, Nylon, and International. The Polyester segment manufactures and sells polyester plastic bottle flakes, polymer beads, partially oriented yarns, textured, solution and package dyed, twisted, beamed, and draw wound yarns 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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