Vestis Co. (NYSE:VSTS) Given Consensus Recommendation of “Hold” by Brokerages

Vestis Co. (NYSE:VSTS) has been assigned an average recommendation of “Hold” from the ten analysts that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $16.38.

A number of research firms have commented on VSTS. Robert W. Baird lowered their price objective on Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Barclays lowered their price objective on Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a research note on Friday, May 3rd. William Blair began coverage on Vestis in a research note on Friday, May 31st. They set a “market perform” rating on the stock. Stifel Nicolaus restated a “hold” rating on shares of Vestis in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. lowered Vestis from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $22.00 to $11.00 in a research note on Friday, May 3rd.

Vestis Price Performance

VSTS opened at $11.46 on Wednesday. Vestis has a 12-month low of $8.92 and a 12-month high of $22.37. The business has a 50 day moving average of $12.69 and a 200-day moving average of $17.27. The company has a quick ratio of 2.16, a current ratio of 2.51 and a debt-to-equity ratio of 1.69.

Vestis (NYSE:VSTS) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The firm had revenue of $705.37 million during the quarter, compared to the consensus estimate of $722.54 million. The firm’s revenue was up .9% compared to the same quarter last year. As a group, research analysts predict that Vestis will post 0.59 earnings per share for the current year.

Vestis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Friday, June 14th were issued a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Friday, June 14th.

Insider Activity at Vestis

In related news, major shareholder Corvex Management Lp bought 1,828,009 shares of the business’s stock in a transaction on Monday, May 6th. The shares were purchased at an average cost of $9.54 per share, with a total value of $17,439,205.86. Following the acquisition, the insider now owns 14,973,187 shares of the company’s stock, valued at $142,844,203.98. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Vestis news, major shareholder Corvex Management Lp bought 1,828,009 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were bought at an average price of $9.54 per share, for a total transaction of $17,439,205.86. Following the transaction, the insider now directly owns 14,973,187 shares in the company, valued at $142,844,203.98. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tracy C. Jokinen bought 8,395 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average price of $11.69 per share, for a total transaction of $98,137.55. Following the transaction, the director now owns 29,161 shares in the company, valued at $340,892.09. The disclosure for this purchase can be found here. Insiders have bought a total of 2,830,779 shares of company stock valued at $28,501,849 in the last 90 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nordea Investment Management AB purchased a new stake in shares of Vestis in the fourth quarter worth approximately $3,909,000. Sound Income Strategies LLC purchased a new stake in shares of Vestis in the fourth quarter worth approximately $25,000. Sanders Morris Harris LLC purchased a new stake in shares of Vestis in the fourth quarter worth approximately $217,000. SG Americas Securities LLC purchased a new stake in shares of Vestis in the fourth quarter worth approximately $223,000. Finally, Rosenberg Matthew Hamilton purchased a new stake in shares of Vestis in the fourth quarter worth approximately $55,000. Institutional investors own 97.40% of the company’s stock.

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.