Redburn Atlantic Lowers Vestis (NYSE:VSTS) to Neutral

Vestis (NYSE:VSTS) was downgraded by research analysts at Redburn Atlantic from a “buy” rating to a “neutral” rating in a research report issued on Tuesday, Briefing.com reports. They currently have a $13.40 price objective on the stock. Redburn Atlantic’s price objective would indicate a potential upside of 35.22% from the company’s current price.

A number of other equities analysts also recently commented on VSTS. Robert W. Baird cut their price objective on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a research report on Friday. JPMorgan Chase & Co. downgraded shares of Vestis from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $22.00 to $11.00 in a research report on Friday. Stifel Nicolaus restated a “hold” rating on shares of Vestis in a research report on Friday. The Goldman Sachs Group cut their price objective on shares of Vestis from $20.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday. Finally, Barclays cut their price target on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.38.

Vestis Stock Performance

Shares of NYSE:VSTS opened at $9.91 on Tuesday. The firm has a fifty day moving average price of $18.19 and a 200 day moving average price of $18.69. The company has a current ratio of 2.51, a quick ratio of 2.16 and a debt-to-equity ratio of 1.69. Vestis has a 1-year low of $8.92 and a 1-year high of $22.37.

Vestis (NYSE:VSTS) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The company had revenue of $705.37 million for the quarter, compared to analysts’ expectations of $722.54 million. The firm’s revenue was up .9% on a year-over-year basis. On average, equities analysts anticipate that Vestis will post 1.03 EPS for the current fiscal year.

Insider Buying and Selling at Vestis

In other Vestis news, CEO Kim Scott bought 15,000 shares of the company’s stock in a transaction on Friday, February 9th. The stock was purchased at an average cost of $19.14 per share, for a total transaction of $287,100.00. Following the acquisition, the chief executive officer now owns 183,131 shares of the company’s stock, valued at approximately $3,505,127.34. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Vestis news, CEO Kim Scott bought 15,000 shares of the company’s stock in a transaction on Friday, February 9th. The stock was purchased at an average cost of $19.14 per share, for a total transaction of $287,100.00. Following the acquisition, the chief executive officer now owns 183,131 shares of the company’s stock, valued at approximately $3,505,127.34. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Phillip Holloman purchased 20,200 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were purchased at an average cost of $9.93 per share, for a total transaction of $200,586.00. Following the completion of the purchase, the director now directly owns 44,132 shares in the company, valued at $438,230.76. The disclosure for this purchase can be found here.

Institutional Investors Weigh In On Vestis

Hedge funds have recently modified their holdings of the company. Parkside Financial Bank & Trust acquired a new stake in shares of Vestis in the fourth quarter worth approximately $25,000. Sound Income Strategies LLC acquired a new stake in shares of Vestis in the fourth quarter worth approximately $25,000. CI Investments Inc. acquired a new stake in shares of Vestis in the third quarter worth approximately $28,000. Daiwa Securities Group Inc. acquired a new stake in shares of Vestis in the fourth quarter worth approximately $34,000. Finally, Wahed Invest LLC acquired a new stake in shares of Vestis in the fourth quarter worth approximately $42,000. 97.40% of the stock is owned by institutional investors and hedge funds.

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.