Unifi (NYSE:UFI) Upgraded by Zacks Investment Research to “Buy”

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Zacks Investment Research upgraded shares of Unifi (NYSE:UFI) from a hold rating to a buy rating in a report released on Thursday morning, Zacks.com reports. They currently have $22.00 price objective on the textile maker’s stock.

According to Zacks, “Unifi, Inc. is a global textile solutions provider and one of the world’s leading innovators in manufacturing synthetic and recycled performance fibers. The Company’s proprietary technologies offer increased performance, comfort and style advantages, enabling customers to develop products that perform, look and feel better. Through REPREVE , one of Unifi’s proprietary technologies and the global leader in branded recycled performance fibers, Unifi has transformed more than 10 billion plastic bottles into recycled fiber for new clothing, shoes, home goods and other consumer products. Unifi continually innovates to meet consumer needs in moisture management, thermal regulation, antimicrobial, UV protection, stretch, water repellency and enhanced softness with leading products such as Sorbtek, XS Cross Section technology and Cotton-like technology. Unifi collaborates with many of the world’s most influential brands in the sports apparel, fashion, home, automotive and other industries. “

Separately, ValuEngine upgraded shares of Unifi from a sell rating to a hold rating in a research note on Saturday, May 4th.

Shares of Unifi stock opened at $19.69 on Thursday. Unifi has a twelve month low of $15.90 and a twelve month high of $33.28. The company has a quick ratio of 1.76, a current ratio of 3.55 and a debt-to-equity ratio of 0.32. The company has a 50-day simple moving average of $18.48 and a two-hundred day simple moving average of $19.81. The stock has a market capitalization of $371.60 million, a price-to-earnings ratio of 151.46 and a beta of 0.71.

Unifi (NYSE:UFI) last issued its quarterly earnings data on Wednesday, August 7th. The textile maker reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. Unifi had a net margin of 0.35% and a return on equity of 0.14%. The business had revenue of $179.49 million during the quarter, compared to analysts’ expectations of $186.90 million. On average, sell-side analysts anticipate that Unifi will post 0.86 earnings per share for the current fiscal year.

In other Unifi news, Director Kenneth G. Langone acquired 12,500 shares of the company’s stock in a transaction on Friday, August 9th. The stock was acquired at an average price of $18.42 per share, for a total transaction of $230,250.00. Following the purchase, the director now directly owns 1,182,500 shares of the company’s stock, valued at $21,781,650. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kenneth G. Langone acquired 20,711 shares of the company’s stock in a transaction on Monday, August 12th. The stock was acquired at an average price of $18.27 per share, with a total value of $378,389.97. Following the purchase, the director now directly owns 1,182,500 shares in the company, valued at $21,604,275. The disclosure for this purchase can be found here. Insiders acquired a total of 148,211 shares of company stock valued at $2,770,640 in the last quarter. Corporate insiders own 22.41% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its holdings in Unifi by 0.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,602,985 shares of the textile maker’s stock valued at $31,018,000 after buying an additional 5,597 shares during the period. Impala Asset Management LLC increased its holdings in Unifi by 4.6% in the 1st quarter. Impala Asset Management LLC now owns 1,580,040 shares of the textile maker’s stock valued at $30,574,000 after buying an additional 69,638 shares during the period. ValueAct Holdings L.P. increased its holdings in Unifi by 14.8% in the 2nd quarter. ValueAct Holdings L.P. now owns 1,298,402 shares of the textile maker’s stock valued at $23,592,000 after buying an additional 167,500 shares during the period. Pinnacle Associates Ltd. increased its holdings in Unifi by 3.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 473,960 shares of the textile maker’s stock valued at $9,171,000 after buying an additional 15,588 shares during the period. Finally, Kennedy Capital Management Inc. increased its holdings in Unifi by 31.9% in the 1st quarter. Kennedy Capital Management Inc. now owns 219,499 shares of the textile maker’s stock valued at $4,247,000 after buying an additional 53,089 shares during the period. 81.37% of the stock is currently owned by hedge funds and other institutional investors.

Unifi Company Profile

Unifi, Inc, together with its subsidiaries, manufactures and sells synthetic and recycled products made from polyester and nylon in the United States, Brazil, China, and internationally. The company operates in three segments: Polyester, Nylon, and International. The Polyester segment manufactures and sells polyester plastic bottle flakes, polymer beads, partially oriented yarns, textured, solution and package dyed, twisted, beamed, and draw wound yarns to other yarn manufacturers, and knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, home furnishings, automotive, industrial, and other end-use markets.

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