Vestis (NYSE:VSTS) Shares Gap Down – Here’s What Happened

Vestis Co. (NYSE:VSTS)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $15.84, but opened at $14.08. Vestis shares last traded at $13.81, with a volume of 339,835 shares traded.

Wall Street Analyst Weigh In

Several research firms have issued reports on VSTS. JPMorgan Chase & Co. upped their price objective on shares of Vestis from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Barclays upped their target price on Vestis from $10.00 to $13.00 and gave the company an “underweight” rating in a research report on Friday, November 22nd. Finally, The Goldman Sachs Group boosted their price objective on Vestis from $13.60 to $15.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, Vestis presently has a consensus rating of “Hold” and an average price target of $14.08.

Vestis Stock Down 12.3 %

The company has a market capitalization of $1.83 billion, a PE ratio of 86.83 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. The firm has a 50 day simple moving average of $16.01 and a two-hundred day simple moving average of $14.71.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Friday, January 31st. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. Vestis had a net margin of 0.75% and a return on equity of 9.07%. During the same period in the previous year, the company posted $0.22 EPS. Research analysts expect that Vestis Co. will post 0.66 EPS for the current year.

Vestis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Friday, February 21st will be issued a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Friday, February 21st. Vestis’s dividend payout ratio is presently 87.51%.

Hedge Funds Weigh In On Vestis

Large investors have recently modified their holdings of the business. Brooklyn Investment Group purchased a new position in Vestis in the third quarter worth $27,000. Spire Wealth Management purchased a new position in shares of Vestis in the 4th quarter valued at about $29,000. Nomura Asset Management Co. Ltd. lifted its stake in shares of Vestis by 104.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 2,000 shares of the company’s stock valued at $30,000 after purchasing an additional 1,020 shares during the period. Capital Performance Advisors LLP purchased a new stake in Vestis during the third quarter worth about $41,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Vestis during the third quarter worth about $51,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

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.