Vestis (NYSE:VSTS) Trading Down 5.5% – What’s Next?

Shares of Vestis Co. (NYSE:VSTS) dropped 5.5% during trading on Tuesday . The company traded as low as $11.00 and last traded at $10.96. Approximately 628,196 shares were traded during trading, a decline of 69% from the average daily volume of 2,054,930 shares. The stock had previously closed at $11.59.

Analysts Set New Price Targets

A number of brokerages have issued reports on VSTS. Barclays boosted their target price on shares of Vestis from $10.00 to $13.00 and gave the company an “underweight” rating in a report on Friday, November 22nd. The Goldman Sachs Group raised their price target on Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. boosted their price objective on Vestis from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $14.08.

Vestis Price Performance

The stock has a market capitalization of $1.46 billion, a PE ratio of 138.20 and a beta of 1.16. The business’s 50-day moving average price is $14.77 and its 200 day moving average price is $14.81. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.43 and a current ratio of 1.80.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Friday, January 31st. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. Vestis had a return on equity of 7.91% and a net margin of 0.34%. During the same quarter last year, the business earned $0.22 earnings per share. Research analysts forecast that Vestis Co. will post 0.7 earnings per share for the current year.

Vestis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Friday, February 21st will be given a dividend of $0.035 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $0.14 dividend on an annualized basis and a yield of 1.27%. Vestis’s payout ratio is 175.00%.

Hedge Funds Weigh In On Vestis

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. purchased a new stake in Vestis in the fourth quarter worth approximately $210,766,000. Millennium Management LLC lifted its holdings in shares of Vestis by 179.4% in the 4th quarter. Millennium Management LLC now owns 3,003,762 shares of the company’s stock worth $45,777,000 after acquiring an additional 1,928,687 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Vestis in the 4th quarter valued at $25,805,000. First Trust Advisors LP bought a new position in shares of Vestis during the 4th quarter valued at $22,936,000. Finally, Birnam Oak Advisors LP purchased a new position in Vestis in the 4th quarter worth $21,446,000. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

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.