Vestis (NYSE:VSTS) Issues Earnings Results

Vestis (NYSE:VSTS) announced its earnings results on Tuesday. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.08, FiscalAI reports. Vestis had a negative net margin of 0.63% and a positive return on equity of 5.27%. The company had revenue of $661.66 million during the quarter, compared to the consensus estimate of $668.94 million.

Vestis Stock Performance

Shares of VSTS stock opened at $13.60 on Tuesday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.69 and a current ratio of 2.13. Vestis has a fifty-two week low of $3.98 and a fifty-two week high of $16.90. The company has a market capitalization of $1.80 billion, a P/E ratio of -98.61 and a beta of 0.97. The stock has a 50 day moving average price of $14.19 and a two-hundred day moving average price of $10.63.

Institutional Investors Weigh In On Vestis

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its holdings in Vestis by 471.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock worth $31,000 after buying an additional 4,502 shares in the last quarter. Osaic Holdings Inc. grew its position in shares of Vestis by 703.2% during the second quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock worth $33,000 after purchasing an additional 5,028 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Vestis by 147.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,006 shares of the company’s stock valued at $53,000 after acquiring an additional 4,766 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Vestis in the 4th quarter worth approximately $63,000. Finally, Creative Planning purchased a new position in Vestis in the second quarter worth about $65,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Zacks Research raised Vestis from a “hold” rating to a “strong-buy” rating in a report on Friday, July 10th. The Goldman Sachs Group reiterated a “sell” rating and issued a $7.50 price objective on shares of Vestis in a report on Wednesday, May 13th. Stifel Nicolaus increased their price objective on Vestis from $8.50 to $11.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Weiss Ratings lowered shares of Vestis from a “sell (d)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. Finally, Barclays boosted their target price on shares of Vestis from $6.00 to $9.00 and gave the company an “underweight” rating in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Vestis presently has an average rating of “Reduce” and a consensus target price of $9.50.

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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.