Barclays Lowers Vestis (NYSE:VSTS) Price Target to $10.00

Vestis (NYSE:VSTS) had its target price decreased by Barclays from $19.00 to $10.00 in a report issued on Friday morning, Benzinga reports. Barclays currently has an underweight rating on the stock.

Several other research analysts also recently commented on VSTS. JPMorgan Chase & Co. downgraded shares of Vestis from an overweight rating to a neutral rating and cut their price target for the company from $22.00 to $11.00 in a report on Friday. 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 objective for the company. Robert W. Baird decreased their target price on Vestis from $24.00 to $13.00 and set an outperform rating on the stock in a research note on Friday. Finally, Wolfe Research began coverage on Vestis in a research report on Thursday, January 11th. They set an outperform rating and a $24.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $19.33.

Vestis Price Performance

NYSE:VSTS opened at $9.41 on Friday. Vestis has a 52-week low of $8.92 and a 52-week high of $22.37. The business’s fifty day moving average is $18.38 and its 200 day moving average is $18.72. The company has a current ratio of 2.51, a quick ratio of 2.23 and a debt-to-equity ratio of 1.69.

Vestis (NYSE:VSTS) last announced its quarterly earnings results 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 firm had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The company’s revenue was up .9% compared to the same quarter last year. As a group, equities research analysts forecast that Vestis will post 1.03 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Friday, March 15th were issued a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend was Thursday, March 14th.

Insider Activity

In other news, CEO Kim Scott bought 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was bought at an average price of $19.14 per share, for a total transaction of $287,100.00. Following the transaction, the chief executive officer now directly owns 183,131 shares of the company’s stock, valued at approximately $3,505,127.34. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Hedge Funds Weigh In On Vestis

Large investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB bought a new stake in Vestis in the fourth quarter valued at approximately $3,909,000. Wolverine Asset Management LLC raised its holdings in Vestis by 48.0% during the 4th quarter. Wolverine Asset Management LLC now owns 185,000 shares of the company’s stock valued at $3,911,000 after buying an additional 60,000 shares during the last quarter. New York State Teachers Retirement System purchased a new stake in Vestis during the 4th quarter valued at $1,697,000. State of New Jersey Common Pension Fund D bought a new stake in Vestis in the 4th quarter worth $3,160,000. Finally, Yousif Capital Management LLC bought a new stake in Vestis in the 4th quarter worth $1,400,000. Hedge funds and other 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.