What Could Drive UniFirst Corporation (UNF)’s Growth?
The London Company, an investment management company, released “The London Company Mid Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 6.5% gross, (6.4% net) compared to a 4.1% return for the Russell Midcap Index. The outperformance of the fund is due to strong stock selection and limited exposure to banks. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Mid Cap Strategy highlighted stocks like UniFirst Corporation (NYSE:UNF) in the first quarter 2023 investor letter. Headquartered in Wilmington, Massachusetts, UniFirst Corporation (NYSE:UNF) is a workplace uniforms and protective workwear clothing provider. On June 30, 2023, UniFirst Corporation (NYSE:UNF) stock closed at $155.01 per share. One-month return of UniFirst Corporation (NYSE:UNF) was -12.12%, and its shares lost 10.14% of their value over the last 52 weeks. UniFirst Corporation (NYSE:UNF) has a market capitalization of $2.898 billion.
The London Company Mid Cap Strategy made the following comment about UniFirst Corporation (NYSE:UNF) in its first quarter 2023 investor letter:
"UniFirst Corporation (NYSE:UNF) - UNF experienced a challenging quarter. resulting in management reducing guidance due to inflationary pressures. The reduction largely reflected higher expenses on leased merchandise and a lower than expected decline in energy prices. On a positive note, UNF finally found an opportunity to deploy its strong balance sheet via a larger acquisition (Clean Uniform), which has solid prospects for synergies and scale benefits."
UniFirst Corporation (NYSE:UNF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held UniFirst Corporation (NYSE:UNF) at the end of first quarter 2023 which was 9 in the previous quarter.
We discussed UniFirst Corporation (NYSE:UNF) in another article and shared the list of stocks in focus after releasing their financial results. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
