Vestis (NYSE:VSTS) Stock Price Down 5.6% After Analyst Downgrade

Vestis Corporation (NYSE:VSTS)’s share price was down 5.6% during trading on Tuesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $13.03 and last traded at $13.0910. 1,326,252 shares traded hands during trading, a decline of 19% from the average daily volume of 1,632,456 shares. The stock had previously closed at $13.87.

VSTS has been the subject of several other reports. William Blair upgraded Vestis from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Vestis in a research note on Friday, August 7th. Stifel Nicolaus upped their price target on shares of Vestis from $8.50 to $11.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Robert W. Baird raised their price objective on shares of Vestis from $10.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Finally, Barclays increased their price target on shares of Vestis from $6.00 to $9.00 and gave the stock an “underweight” rating in a research report on Friday, May 15th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $10.86.

Institutional Investors Weigh In On Vestis

Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new position in Vestis during the 2nd quarter valued at about $9,368,000. Militia Capital Management LLC acquired a new stake in shares of Vestis in the 1st quarter worth approximately $618,000. Allen Capital Group LLC acquired a new stake in shares of Vestis in the 1st quarter worth approximately $94,000. RBF Capital LLC boosted its holdings in shares of Vestis by 2.0% in the first quarter. RBF Capital LLC now owns 878,251 shares of the company’s stock valued at $6,903,000 after acquiring an additional 17,009 shares in the last quarter. Finally, Empowered Funds LLC boosted its holdings in shares of Vestis by 8.5% in the first quarter. Empowered Funds LLC now owns 502,782 shares of the company’s stock valued at $3,952,000 after acquiring an additional 39,433 shares in the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.

Vestis Stock Up 2.0%

The company has a debt-to-equity ratio of 1.44, a current ratio of 2.13 and a quick ratio of 1.69. The firm has a market capitalization of $1.87 billion, a P/E ratio of -283.14 and a beta of 0.97. The firm’s fifty day moving average price is $14.23 and its 200-day moving average price is $10.74.

Vestis (NYSE:VSTS) last released its earnings results on Tuesday, August 11th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.08. The firm had revenue of $661.66 million for the quarter, compared to analyst estimates of $668.94 million. Vestis had a positive return on equity of 7.30% and a negative net margin of 0.20%. As a group, equities research analysts forecast that Vestis Corporation will post 0.52 earnings per share for the current year.

About Vestis

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.