Vestis (NYSE:VSTS) Reaches New 52-Week High on Better-Than-Expected Earnings

Vestis Corporation (NYSE:VSTS) shares reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $12.23 and last traded at $11.2540, with a volume of 903875 shares changing hands. The stock had previously closed at $9.30.

The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.07. Vestis had a positive return on equity of 2.08% and a negative net margin of 1.75%.The company had revenue of $659.44 million during the quarter, compared to the consensus estimate of $655.32 million. During the same period last year, the firm earned ($0.05) earnings per share. The company’s revenue was down .9% on a year-over-year basis.

Analysts Set New Price Targets

A number of equities analysts have issued reports on VSTS shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Vestis in a research report on Monday, April 20th. The Goldman Sachs Group raised their price target on shares of Vestis from $5.30 to $6.00 and gave the stock a “sell” rating in a research report on Wednesday, February 11th. Finally, Barclays reaffirmed an “underweight” rating on shares of Vestis in a report on Tuesday, February 17th. One research analyst has rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Vestis currently has a consensus rating of “Strong Sell” and a consensus price target of $6.17.

Institutional Investors Weigh In On Vestis

A number of institutional investors have recently made changes to their positions in VSTS. Illinois Municipal Retirement Fund lifted its stake in Vestis by 9.2% during the first quarter. Illinois Municipal Retirement Fund now owns 60,225 shares of the company’s stock worth $473,000 after purchasing an additional 5,065 shares during the last quarter. Bleakley Financial Group LLC increased its stake in Vestis by 54.9% during the first quarter. Bleakley Financial Group LLC now owns 112,609 shares of the company’s stock valued at $885,000 after purchasing an additional 39,894 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Vestis by 1.9% during the first quarter. Principal Financial Group Inc. now owns 544,214 shares of the company’s stock worth $4,278,000 after purchasing an additional 9,901 shares during the period. Fifth Third Bancorp raised its holdings in shares of Vestis by 110.6% during the first quarter. Fifth Third Bancorp now owns 45,379 shares of the company’s stock worth $357,000 after purchasing an additional 23,834 shares during the period. Finally, R Squared Ltd bought a new position in shares of Vestis in the 1st quarter worth about $88,000. 97.40% of the stock is currently owned by institutional investors.

Vestis Stock Performance

The stock’s 50-day moving average price is $8.45 and its 200-day moving average price is $7.22. The company has a current ratio of 2.17, a quick ratio of 1.74 and a debt-to-equity ratio of 1.48. The company has a market capitalization of $1.54 billion, a P/E ratio of -31.72 and a beta of 0.85.

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.