Vestis Co. Announces Quarterly Dividend of $0.04 (NYSE:VSTS)

Vestis Co. (NYSE:VSTS) declared a quarterly dividend on Thursday, May 23rd, Zacks reports. Investors of record on Friday, June 14th will be given a dividend of 0.035 per share on Tuesday, July 2nd. This represents a $0.14 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend is Friday, June 14th.

Vestis Price Performance

Shares of NYSE VSTS opened at $12.11 on Friday. Vestis has a twelve month low of $8.92 and a twelve month high of $22.37. The company has a debt-to-equity ratio of 1.69, a current ratio of 2.51 and a quick ratio of 2.16. The firm has a 50-day moving average of $16.45 and a two-hundred day moving average of $18.35.

Vestis (NYSE:VSTS) last released its earnings results on Thursday, May 2nd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.09). The company had revenue of $705.37 million for the quarter, compared to analyst estimates of $722.54 million. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, research analysts expect that Vestis will post 0.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Corvex Management Lp bought 100,000 shares of the stock in a transaction on Thursday, May 23rd. The shares were purchased at an average price of $12.17 per share, for a total transaction of $1,217,000.00. Following the completion of the purchase, the insider now directly owns 16,907,877 shares of the company’s stock, valued at approximately $205,768,863.09. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Vestis news, CFO Ricky T. Dillon acquired 16,200 shares of Vestis stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $12.43 per share, with a total value of $201,366.00. Following the purchase, the chief financial officer now owns 58,837 shares in the company, valued at $731,343.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Corvex Management Lp bought 100,000 shares of the stock in a transaction on Thursday, May 23rd. The shares were acquired at an average cost of $12.17 per share, for a total transaction of $1,217,000.00. Following the completion of the transaction, the insider now directly owns 16,907,877 shares of the company’s stock, valued at $205,768,863.09. The disclosure for this purchase can be found here. Insiders purchased a total of 2,753,069 shares of company stock worth $27,578,402 in the last quarter.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on VSTS shares. Robert W. Baird reduced their price objective on Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Redburn Atlantic lowered Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price target for the company. in a research report on Tuesday, May 7th. The Goldman Sachs Group cut their price objective on Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. 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 research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. downgraded shares of Vestis from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $22.00 to $11.00 in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $16.38.

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.