Zacks Investment Research lowered shares of Unifi, Inc. (NYSE:UFI) from a hold rating to a strong sell rating in a report released on Wednesday morning.
According to Zacks, “Unifi, Inc. is one of the world’s largest producers of textured polyester and nylon, both natural and package dyed, covered elastomeric yarns and twisted yarns. They are engaged in the business of processing yarns by: texturizing of synthetic filament polyester and nylon fiber; and spinning of cotton and cotton blend fibers. “
Several other brokerages have also recently weighed in on UFI. ValuEngine cut Unifi from a buy rating to a hold rating in a report on Wednesday, June 14th. BidaskClub cut Unifi from a buy rating to a hold rating in a report on Saturday, July 8th.
Unifi (NYSE:UFI) opened at 32.14 on Wednesday. The firm has a market capitalization of $585.72 million, a price-to-earnings ratio of 18.06 and a beta of 0.79. The firm’s 50-day moving average price is $30.17 and its 200 day moving average price is $28.52. Unifi has a 1-year low of $25.11 and a 1-year high of $34.70.
Unifi (NYSE:UFI) last released its quarterly earnings results on Wednesday, July 26th. The textile maker reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.03. The business had revenue of $171.30 million during the quarter, compared to the consensus estimate of $165.18 million. Unifi had a return on equity of 9.91% and a net margin of 5.08%. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. On average, analysts predict that Unifi will post $1.97 EPS for the current year.
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In related news, Director Paul R. Charron acquired 1,100 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was purchased at an average cost of $32.00 per share, with a total value of $35,200.00. Following the acquisition, the director now directly owns 18,520 shares of the company’s stock, valued at $592,640. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth G. Langone acquired 25,000 shares of the company’s stock in a transaction on Tuesday, May 9th. The stock was bought at an average cost of $28.06 per share, with a total value of $701,500.00. Following the completion of the acquisition, the director now directly owns 1,090,797 shares in the company, valued at $30,607,763.82. The disclosure for this purchase can be found here. Insiders acquired a total of 26,500 shares of company stock valued at $749,268 over the last ninety days. Insiders own 16.40% of the company’s stock.
A number of institutional investors have recently made changes to their positions in UFI. Schwab Charles Investment Management Inc. boosted its position in shares of Unifi by 22.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 125,121 shares of the textile maker’s stock valued at $3,854,000 after buying an additional 22,670 shares in the last quarter. Stearns Financial Services Group boosted its position in shares of Unifi by 1.5% in the second quarter. Stearns Financial Services Group now owns 82,457 shares of the textile maker’s stock valued at $2,540,000 after buying an additional 1,183 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Unifi by 1.0% in the second quarter. Rhumbline Advisers now owns 30,539 shares of the textile maker’s stock valued at $941,000 after buying an additional 313 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Unifi by 8.9% in the second quarter. Legal & General Group Plc now owns 28,013 shares of the textile maker’s stock valued at $863,000 after buying an additional 2,288 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in shares of Unifi by 7.9% in the second quarter. Great West Life Assurance Co. Can now owns 24,450 shares of the textile maker’s stock valued at $752,000 after buying an additional 1,800 shares in the last quarter. 76.70% of the stock is owned by hedge funds and other institutional investors.
About Unifi
Unifi, Inc is a manufacturing company. The Company processes and sells commodity yarns, specialized yarns and premier value-added (PVA) yarns. The Company operates through three segments: Polyester segment, Nylon segment and International segment. The Company’s polyester products include polyester polymer beads (Chip), partially oriented yarn (POY), textured, solution and package dyed, twisted, beamed and draw wound yarns.
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