The Goldman Sachs Group Trims Vestis (NYSE:VSTS) Target Price to $11.00

Vestis (NYSE:VSTS) had its price objective decreased by The Goldman Sachs Group from $20.00 to $11.00 in a report issued on Monday morning, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

VSTS has been the topic of a number of other reports. Stifel Nicolaus reiterated a hold rating on shares of Vestis in a research note on Friday, May 3rd. Barclays reduced their price objective on shares of Vestis from $19.00 to $10.00 and set an underweight rating for the company in a report on Friday, May 3rd. Robert W. Baird cut their price target on shares of Vestis from $24.00 to $13.00 and set an outperform rating for the company in a report on Friday, May 3rd. 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, May 3rd. Finally, Wolfe Research assumed coverage on shares of Vestis in a report on Thursday, January 11th. They issued an outperform rating and a $24.00 price target for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $16.38.

Vestis Stock Performance

Vestis stock opened at $10.55 on Monday. The company has a fifty day moving average price of $17.83 and a two-hundred day moving average price of $18.60. The company has a quick ratio of 2.16, a current ratio of 2.51 and a debt-to-equity ratio of 1.69. 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 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The business had revenue of $705.37 million for the quarter, compared to analysts’ expectations of $722.54 million. Vestis’s quarterly revenue was up .9% on a year-over-year basis. On average, equities analysts anticipate that Vestis will post 1.03 earnings per share for the current fiscal year.

Vestis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Friday, March 15th were paid a $0.035 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.14 annualized dividend and a dividend yield of 1.33%.

Insiders Place Their Bets

In related news, CEO Kim Scott bought 15,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was purchased at an average price of $19.14 per share, with a total value of $287,100.00. Following the completion of the transaction, the chief executive officer now directly owns 183,131 shares of the company’s stock, valued at $3,505,127.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Vestis news, CEO Kim Scott acquired 15,000 shares of Vestis stock in a transaction dated Friday, February 9th. The stock was bought at an average cost of $19.14 per share, with a total value of $287,100.00. Following the completion of the transaction, the chief executive officer now owns 183,131 shares of the company’s stock, valued at $3,505,127.34. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Corvex Management Lp acquired 622,346 shares of Vestis stock in a transaction dated Wednesday, May 8th. The stock was acquired at an average cost of $10.43 per share, with a total value of $6,491,068.78. Following the completion of the transaction, the insider now directly owns 16,591,833 shares of the company’s stock, valued at approximately $173,052,818.19. The disclosure for this purchase can be found here. Insiders purchased 2,485,555 shares of company stock valued at $24,417,961 over the last 90 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of VSTS. Everence Capital Management Inc. acquired a new position in Vestis during the first quarter worth $233,000. Sei Investments Co. raised its stake in Vestis by 22.7% during the first quarter. Sei Investments Co. now owns 115,628 shares of the company’s stock worth $2,228,000 after acquiring an additional 21,414 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new position in Vestis during the first quarter worth $1,457,000. SG Americas Securities LLC raised its stake in Vestis by 617.8% during the first quarter. SG Americas Securities LLC now owns 75,697 shares of the company’s stock worth $1,459,000 after acquiring an additional 65,151 shares in the last quarter. Finally, Texas Permanent School Fund Corp raised its stake in Vestis by 1.9% during the first quarter. Texas Permanent School Fund Corp now owns 115,037 shares of the company’s stock worth $2,217,000 after acquiring an additional 2,124 shares in the last quarter. 97.40% of the stock is currently owned by institutional investors and hedge funds.

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.