Vestis (NYSE:VSTS) PT Lowered to $11.00

Vestis (NYSE:VSTS) had its target price trimmed by The Goldman Sachs Group from $20.00 to $11.00 in a report published on Monday morning, Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts have also issued research reports about the company. Barclays reduced their price target on Vestis from $19.00 to $10.00 and set an underweight rating on the stock in a research report on Friday, May 3rd. Robert W. Baird cut their target price on Vestis from $24.00 to $13.00 and set an outperform rating on the stock in a research report on Friday, May 3rd. Stifel Nicolaus restated a hold rating on shares of Vestis in a research report on Friday, May 3rd. Wolfe Research began coverage on Vestis in a research report on Thursday, January 11th. They set an outperform rating and a $24.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered Vestis from an overweight rating to a neutral rating and cut their target price for the company from $22.00 to $11.00 in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $16.38.

Vestis Trading Up 9.8 %

NYSE VSTS opened at $11.60 on Monday. The business’s 50-day moving average price is $17.69 and its two-hundred day moving average price is $18.55. Vestis has a 12 month low of $8.92 and a 12 month high of $22.37. The company has a current ratio of 2.51, a quick ratio of 2.16 and a debt-to-equity ratio of 1.69.

Vestis (NYSE:VSTS) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The business had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The business’s revenue for the quarter was up .9% on a year-over-year basis. Sell-side analysts expect that Vestis will post 1.03 earnings per share for the current year.

Vestis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Friday, March 15th were paid a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Thursday, March 14th.

Insider Buying and Selling

In related news, major shareholder Corvex Management Lp acquired 622,346 shares of the stock in a transaction dated Wednesday, May 8th. The stock was purchased at an average cost of $10.43 per share, with a total value of $6,491,068.78. Following the completion of the purchase, the insider now directly owns 16,591,833 shares in the company, valued at approximately $173,052,818.19. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director James Phillip Holloman acquired 20,200 shares of the stock in a transaction dated Friday, May 3rd. The stock was purchased at an average cost of $9.93 per share, with a total value of $200,586.00. Following the completion of the purchase, the director now directly owns 44,132 shares in the company, valued at approximately $438,230.76. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Corvex Management Lp bought 622,346 shares of Vestis stock in a transaction dated Wednesday, May 8th. The stock was acquired at an average cost of $10.43 per share, with a total value of $6,491,068.78. Following the completion of the acquisition, the insider now owns 16,591,833 shares of the company’s stock, valued at $173,052,818.19. The disclosure for this purchase can be found here. In the last three months, insiders have bought 2,470,555 shares of company stock valued at $24,130,861.

Hedge Funds Weigh In On Vestis

Several institutional investors have recently modified their holdings of the business. Strs Ohio purchased a new stake in Vestis in the third quarter worth $359,000. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Vestis in the third quarter worth $1,318,000. Wolverine Asset Management LLC purchased a new stake in Vestis in the third quarter worth $2,412,000. CI Investments Inc. purchased a new stake in Vestis in the third quarter worth $28,000. Finally, Soros Fund Management LLC purchased a new stake in Vestis in the third quarter worth $14,714,000. 97.40% of the stock is owned by institutional investors.

Vestis Company Profile

Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens.