Robert W. Baird Lowers Vestis (NYSE:VSTS) Price Target to $13.00

Vestis (NYSE:VSTS) had its price objective dropped by investment analysts at Robert W. Baird from $24.00 to $13.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s target price would suggest a potential upside of 38.15% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group began coverage on Vestis in a report on Thursday, January 25th. They set a “neutral” rating and a $22.00 price target for the company. Wolfe Research began coverage on Vestis in a report on Thursday, January 11th. They set an “outperform” rating and a $24.00 price target for the company. Finally, Barclays cut Vestis from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $17.00 to $19.00 in a report on Wednesday, February 28th. One equities research 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $19.33.

Vestis Stock Down 7.4 %

VSTS opened at $9.41 on Friday. The business has a fifty day simple moving average of $18.38 and a 200 day simple moving average of $18.69. Vestis has a 1 year low of $8.92 and a 1 year high of $22.37. The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.23 and a current ratio of 2.51.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.09). The business had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The firm’s revenue was up .9% compared to the same quarter last year. Equities analysts anticipate that Vestis will post 1.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Kim Scott bought 15,000 shares of the stock in a transaction on Friday, February 9th. The stock was acquired at an average price of $19.14 per share, with a total value of $287,100.00. Following the acquisition, the chief executive officer now directly owns 183,131 shares in the company, valued at $3,505,127.34. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Institutional Investors Weigh In On Vestis

A number of institutional investors have recently made changes to their positions in the stock. DAVENPORT & Co LLC bought a new stake in shares of Vestis in the 1st quarter valued at about $21,712,000. Iridian Asset Management LLC CT bought a new stake in shares of Vestis during the 1st quarter valued at about $257,000. Capstone Investment Advisors LLC bought a new stake in shares of Vestis during the 1st quarter valued at about $409,000. Commonwealth Equity Services LLC boosted its position in shares of Vestis by 2.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 120,230 shares of the company’s stock valued at $2,317,000 after purchasing an additional 2,686 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Vestis by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 677,163 shares of the company’s stock valued at $13,049,000 after purchasing an additional 4,572 shares in the last quarter. Institutional investors own 97.40% of the company’s stock.

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.