Verition Fund Management LLC Takes Position in UniFirst Co. (NYSE:UNF)

Verition Fund Management LLC acquired a new position in shares of UniFirst Co. (NYSE:UNF) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,103 shares of the textile maker’s stock, valued at approximately $219,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of UniFirst by 60.5% during 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 in the last quarter. Quarry LP raised its holdings in UniFirst by 1,627.3% in the 2nd quarter. Quarry LP now owns 190 shares of the textile maker’s stock valued at $33,000 after buying an additional 179 shares during the last quarter. First Horizon Advisors Inc. boosted its position in UniFirst by 16.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 367 shares of the textile maker’s stock worth $73,000 after buying an additional 52 shares during the period. Innealta Capital LLC bought a new stake in UniFirst during the 2nd quarter worth approximately $92,000. Finally, Eastern Bank acquired a new position in UniFirst in the 3rd quarter valued at approximately $109,000. Institutional investors and hedge funds own 78.17% of the company’s stock.

UniFirst Stock Performance

Shares of NYSE UNF opened at $190.05 on Monday. The company’s 50 day moving average price is $193.27 and its 200-day moving average price is $183.59. UniFirst Co. has a 52-week low of $149.58 and a 52-week high of $208.20. The company has a market capitalization of $3.53 billion, a P/E ratio of 24.46 and a beta of 0.84.

UniFirst Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be issued a $0.35 dividend. This is a positive change from UniFirst’s previous quarterly dividend of $0.33. The ex-dividend date is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 0.74%. UniFirst’s payout ratio is presently 18.02%.

Insider Buying and Selling at UniFirst

In other UniFirst news, CEO Steven S. Sintros sold 3,207 shares of UniFirst stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.04, for a total value of $619,079.28. Following the completion of the sale, the chief executive officer now directly owns 22,571 shares in the company, valued at approximately $4,357,105.84. The trade was a 12.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP David Martin Katz sold 587 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.08, for a total value of $113,337.96. Following the transaction, the vice president now owns 5,625 shares in the company, valued at $1,086,075. The trade was a 9.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,294 shares of company stock valued at $2,546,632. 0.86% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on UNF shares. Robert W. Baird lifted their price target on shares of UniFirst from $199.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. StockNews.com downgraded UniFirst from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target 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.