UniFirst (NYSE:UNF) Releases FY 2024 Earnings Guidance

UniFirst (NYSE:UNF) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 6.800-7.160 for the period, compared to the consensus 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.

UniFirst Stock Performance

Shares of NYSE:UNF opened at $173.43 on Friday. The firm has a market cap of $3.24 billion, a PE ratio of 28.38 and a beta of 0.82. The firm’s fifty day moving average is $170.19 and its 200-day moving average is $170.15. UniFirst has a 52 week low of $150.50 and a 52 week high of $187.22.

UniFirst (NYSE:UNF) last announced its earnings results on Wednesday, January 3rd. The textile maker reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.18 by $0.20. UniFirst had a net margin of 4.92% and a return on equity of 6.19%. The business had revenue of $593.50 million during the quarter, compared to the consensus estimate of $589.64 million. During the same quarter last year, the firm earned $2.21 earnings per share. UniFirst’s quarterly revenue was up 9.5% on a year-over-year basis. Sell-side analysts forecast that UniFirst will post 6.98 EPS for the current year.

UniFirst Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 8th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 0.76%. The ex-dividend date is Thursday, March 7th. UniFirst’s dividend payout ratio (DPR) is currently 21.60%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. StockNews.com downgraded shares of UniFirst from a buy rating to a hold rating in a research report on Saturday, March 23rd. UBS Group boosted their target price on shares of UniFirst from $184.00 to $186.00 and gave the stock a neutral rating in a research report on Thursday. Barclays boosted their target price on shares of UniFirst from $160.00 to $180.00 and gave the stock an equal weight rating in a research report on Thursday, February 29th. Finally, Robert W. Baird reissued a neutral rating and set a $185.00 target price on shares of UniFirst in a research report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $177.75.

Insider Buying and Selling

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

Hedge Funds Weigh In On UniFirst

A number of institutional investors have recently made changes to their positions in UNF. Citigroup Inc. increased its holdings in shares of UniFirst by 4.1% in the 1st quarter. Citigroup Inc. now owns 16,104 shares of the textile maker’s stock worth $2,967,000 after buying an additional 635 shares during the last quarter. MetLife Investment Management LLC boosted its stake in shares of UniFirst by 52.7% in the 1st quarter. MetLife Investment Management LLC now owns 7,984 shares of the textile maker’s stock valued at $1,471,000 after purchasing an additional 2,755 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of UniFirst by 9.8% in the 1st quarter. Rhumbline Advisers now owns 50,022 shares of the textile maker’s stock valued at $9,218,000 after purchasing an additional 4,452 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of UniFirst by 13.9% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 13,111 shares of the textile maker’s stock valued at $2,416,000 after purchasing an additional 1,603 shares in the last quarter. Finally, Yousif Capital Management LLC boosted its stake in shares of UniFirst by 1.8% in the 1st quarter. Yousif Capital Management LLC now owns 13,967 shares of the textile maker’s stock valued at $2,574,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 78.17% of the company’s stock.

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.