M&G Plc Grows Stock Position in UniFirst Co. (NYSE:UNF)

M&G Plc lifted its holdings in shares of UniFirst Co. (NYSE:UNF) by 1.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 111,928 shares of the textile maker’s stock after acquiring an additional 1,344 shares during the period. M&G Plc’s holdings in UniFirst were worth $22,274,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Quarry LP raised its stake in UniFirst by 1,627.3% in the 2nd quarter. Quarry LP now owns 190 shares of the textile maker’s stock worth $33,000 after acquiring an additional 179 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of UniFirst by 60.5% in the third quarter. GAMMA Investing LLC now owns 183 shares of the textile maker’s stock valued at $36,000 after purchasing an additional 69 shares during the period. Covestor Ltd raised its stake in shares of UniFirst by 69.7% in the first quarter. Covestor Ltd now owns 414 shares of the textile maker’s stock worth $72,000 after purchasing an additional 170 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of UniFirst during the second quarter worth about $92,000. Finally, Eastern Bank purchased a new stake in UniFirst in the third quarter valued at approximately $109,000. Institutional investors and hedge funds own 78.17% of the company’s stock.

UniFirst Price Performance

Shares of NYSE UNF opened at $195.75 on Friday. The firm’s 50 day simple moving average is $188.68 and its 200-day simple moving average is $177.04. UniFirst Co. has a 12 month low of $149.58 and a 12 month high of $200.07. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of 25.19 and a beta of 0.82.

UniFirst Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be issued a $0.35 dividend. This is a boost from UniFirst’s previous quarterly dividend of $0.33. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.72%. UniFirst’s payout ratio is presently 16.99%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on UNF. Robert W. Baird lifted their price objective on shares of UniFirst from $199.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. StockNews.com raised shares of UniFirst from a “hold” rating to a “buy” rating in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $186.25.

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.