Vestis (NYSE:VSTS) PT Lowered to $11.00

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

VSTS has been the subject of a number of other research reports. Barclays cut their price target on Vestis from $19.00 to $10.00 and set an underweight rating for the company in a research note on Friday, May 3rd. Robert W. Baird cut their price target on Vestis from $24.00 to $13.00 and set an outperform rating for the company in a research note on Friday, May 3rd. JPMorgan Chase & Co. lowered Vestis from an overweight rating to a neutral rating and cut their price objective for the company from $22.00 to $11.00 in a research report on Friday, May 3rd. Stifel Nicolaus restated a hold rating on shares of Vestis in a research report on Friday, May 3rd. Finally, Wolfe Research started coverage on Vestis in a research report on Thursday, January 11th. They set an outperform rating and a $24.00 price objective for the company. One equities 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. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $16.38.

Vestis Trading Up 9.8 %

Shares of VSTS stock opened at $11.60 on Monday. Vestis has a 52-week low of $8.92 and a 52-week high of $22.37. The company has a current ratio of 2.51, a quick ratio of 2.16 and a debt-to-equity ratio of 1.69. The stock has a fifty day simple moving average of $17.69 and a two-hundred day simple moving average of $18.55.

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

Vestis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors 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 1.21%. The ex-dividend date was Thursday, March 14th.

Insider Activity at Vestis

In other Vestis news, Director James Phillip Holloman purchased 20,200 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was purchased at an average price of $9.93 per share, with a total value of $200,586.00. Following the acquisition, the director now owns 44,132 shares in the company, valued at $438,230.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Corvex Management Lp acquired 622,346 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was acquired at an average price of $10.43 per share, with a total value of $6,491,068.78. Following the completion of the purchase, the insider now directly owns 16,591,833 shares in the company, valued at $173,052,818.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Phillip Holloman acquired 20,200 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was purchased at an average cost of $9.93 per share, with a total value of $200,586.00. Following the purchase, the director now owns 44,132 shares of the company’s stock, valued at $438,230.76. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 2,470,555 shares of company stock valued at $24,130,861.

Institutional Trading of Vestis

Several institutional investors have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust bought a new stake in Vestis in the fourth quarter worth about $25,000. Sound Income Strategies LLC bought a new stake in shares of Vestis during the fourth quarter valued at approximately $25,000. CI Investments Inc. bought a new stake in shares of Vestis during the third quarter valued at approximately $28,000. Daiwa Securities Group Inc. bought a new stake in shares of Vestis during the fourth quarter valued at approximately $34,000. Finally, Wahed Invest LLC bought a new stake in shares of Vestis during the fourth quarter valued at approximately $42,000. Institutional investors own 97.40% of the company’s stock.

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.