Vestis Co. (NYSE:VSTS) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC cut its holdings in shares of Vestis Co. (NYSE:VSTS) by 7.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,905,422 shares of the company’s stock after selling 150,535 shares during the quarter. Geode Capital Management LLC’s holdings in Vestis were worth $28,398,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Brooklyn Investment Group acquired a new position in Vestis during the third quarter worth $27,000. Nomura Asset Management Co. Ltd. raised its holdings in shares of Vestis by 104.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,000 shares of the company’s stock valued at $30,000 after buying an additional 1,020 shares during the period. Capital Performance Advisors LLP acquired a new position in Vestis during the 3rd quarter worth about $41,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Vestis during the 3rd quarter valued at about $51,000. Finally, Canada Pension Plan Investment Board acquired a new position in Vestis in the 2nd quarter valued at about $44,000. 97.40% of the stock is owned by institutional investors and hedge funds.

Vestis Trading Down 0.9 %

Shares of NYSE:VSTS opened at $15.70 on Friday. Vestis Co. has a 52 week low of $8.92 and a 52 week high of $22.37. The company’s 50 day moving average is $15.12 and its two-hundred day moving average is $13.97. The company has a market cap of $2.07 billion, a PE ratio of 98.13 and a beta of 1.17. The company has a current ratio of 1.73, a quick ratio of 1.36 and a debt-to-equity ratio of 1.40.

Vestis (NYSE:VSTS) last posted its earnings results on Thursday, November 21st. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.02). The business had revenue of $684.28 million during the quarter, compared to analysts’ expectations of $693.54 million. Vestis had a net margin of 0.75% and a return on equity of 9.07%. Vestis’s revenue was down 4.4% compared to the same quarter last year. Equities analysts predict that Vestis Co. will post 0.66 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Friday, December 13th will be paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend is Friday, December 13th. Vestis’s payout ratio is 87.50%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VSTS. JPMorgan Chase & Co. increased their price target on shares of Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. The Goldman Sachs Group increased their target price on shares of Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Finally, Barclays boosted their price target on shares of Vestis from $10.00 to $13.00 and gave the stock an “underweight” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $15.73.

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.