Gabelli Funds LLC Has $2.63 Million Stock Position in Vestis Co. (NYSE:VSTS)

Gabelli Funds LLC lessened its position in shares of Vestis Co. (NYSE:VSTS) by 6.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 215,000 shares of the company’s stock after selling 15,500 shares during the quarter. Gabelli Funds LLC owned approximately 0.16% of Vestis worth $2,629,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. acquired a new position in shares of Vestis in the 4th quarter valued at about $302,586,000. Capital International Investors bought a new position in shares of Vestis during the 4th quarter worth approximately $125,586,000. Wellington Management Group LLP acquired a new stake in shares of Vestis during the 4th quarter worth approximately $56,431,000. Dimensional Fund Advisors LP increased its stake in shares of Vestis by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,541,710 shares of the company’s stock valued at $18,854,000 after acquiring an additional 8,997 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Vestis during the 4th quarter valued at $31,033,000. Institutional investors own 97.40% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on VSTS. Baird R W downgraded shares of Vestis from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 8th. William Blair initiated coverage on Vestis in a report on Friday, May 31st. They issued a “market perform” rating on the stock. The Goldman Sachs Group upped their price objective on shares of Vestis from $12.50 to $13.80 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Robert W. Baird cut shares of Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 price objective for the company. in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $16.69.

Vestis Trading Down 2.9 %

NYSE:VSTS opened at $15.22 on Thursday. The firm’s 50 day moving average is $13.68 and its 200 day moving average is $14.33. Vestis Co. has a 12 month low of $8.92 and a 12 month high of $22.37. The company has a quick ratio of 2.02, a current ratio of 2.37 and a debt-to-equity ratio of 1.67.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. The business had revenue of $698.20 million for the quarter, compared to analysts’ expectations of $688.33 million. Vestis had a return on equity of 18.00% and a net margin of 4.13%. Vestis’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts expect that Vestis Co. will post 0.64 earnings per share for the current fiscal year.

Vestis Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Friday, September 13th will be paid a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend is Friday, September 13th.

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.