JPMorgan Chase & Co. Downgrades Vestis (NYSE:VSTS) to Neutral

Vestis (NYSE:VSTS) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Friday, Marketbeat reports. They currently have a $11.00 target price on the stock, down from their previous target price of $22.00. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 16.90% from the stock’s previous close.

VSTS has been the subject of several other research reports. Wolfe Research initiated coverage on shares of Vestis in a report on Thursday, January 11th. They set an “outperform” rating and a $24.00 price objective for the company. The Goldman Sachs Group began coverage on Vestis in a research note on Thursday, January 25th. They set a “neutral” rating and a $22.00 price target for the company. Barclays cut Vestis from an “equal weight” rating to an “underweight” rating and upped their price objective for the stock from $17.00 to $19.00 in a report on Wednesday, February 28th. Finally, Robert W. Baird cut their target price on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a report on Friday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, Vestis has an average rating of “Hold” and a consensus target price of $19.33.

Vestis Stock Performance

Shares of VSTS opened at $9.41 on Friday. The business’s 50 day moving average is $18.38 and its 200 day moving average is $18.69. The company has a debt-to-equity ratio of 1.69, a current ratio of 2.51 and a quick ratio of 2.23. Vestis has a 12-month low of $8.92 and a 12-month high of $22.37.

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 the consensus estimate of $0.22 by ($0.09). The firm had revenue of $705.37 million for the quarter, compared to analysts’ expectations of $722.54 million. The company’s revenue was up .9% on a year-over-year basis. Equities research analysts expect that Vestis will post 1.03 EPS for the current fiscal year.

Insider Activity

In other news, CEO Kim Scott purchased 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average cost of $19.14 per share, with a total value of $287,100.00. Following the purchase, the chief executive officer now owns 183,131 shares in the company, valued at $3,505,127.34. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Investors Weigh In On Vestis

Institutional investors and hedge funds have recently modified their holdings of the business. Sound Income Strategies LLC bought a new position in Vestis in the 4th quarter valued at $25,000. Parkside Financial Bank & Trust purchased a new stake in shares of Vestis in the fourth quarter valued at approximately $25,000. CI Investments Inc. purchased a new position in Vestis during the 3rd quarter worth $28,000. Daiwa Securities Group Inc. bought a new stake in Vestis during the 4th quarter valued at $34,000. Finally, TFO Wealth Partners LLC purchased a new stake in shares of Vestis in the 4th quarter worth $42,000. 97.40% of the stock is owned by institutional investors.

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.