Vestis Corporation (NYSE:VSTS) Given Consensus Recommendation of “Strong Sell” by Brokerages

Shares of Vestis Corporation (NYSE:VSTS) have been given a consensus recommendation of “Strong Sell” by the five research firms that are covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $5.70.

A number of research firms have recently commented on VSTS. The Goldman Sachs Group downgraded Vestis from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $6.30 to $5.30 in a report on Thursday. Robert W. Baird upped their target price on Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research report on Tuesday, December 2nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Vestis in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised their target price on Vestis from $5.50 to $6.00 and gave the company an “underweight” rating in a report on Wednesday, December 3rd.

Vestis Stock Performance

NYSE:VSTS opened at $6.45 on Friday. The company has a current ratio of 2.08, a quick ratio of 1.64 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $849.88 million, a P/E ratio of -20.79 and a beta of 0.73. The firm has a 50-day moving average price of $6.35 and a two-hundred day moving average price of $5.57. Vestis has a twelve month low of $3.98 and a twelve month high of $16.56.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. The business had revenue of $712.01 million for the quarter, compared to the consensus estimate of $690.65 million. Vestis had a positive return on equity of 2.62% and a negative net margin of 1.47%.The business’s revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.11 earnings per share. As a group, research analysts expect that Vestis will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Keith A. Meister purchased 800,222 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were acquired at an average cost of $6.81 per share, with a total value of $5,449,511.82. Following the transaction, the director owned 19,604,121 shares in the company, valued at approximately $133,504,064.01. The trade was a 4.26% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas A. Pertz bought 15,000 shares of the company’s stock in a transaction on Friday, December 19th. The shares were acquired at an average cost of $6.90 per share, for a total transaction of $103,500.00. Following the completion of the acquisition, the director directly owned 322,010 shares of the company’s stock, valued at $2,221,869. This trade represents a 4.89% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 1,205,810 shares of company stock valued at $8,138,302. Company insiders own 13.60% of the company’s stock.

Hedge Funds Weigh In On Vestis

Several hedge funds and other institutional investors have recently modified their holdings of VSTS. EverSource Wealth Advisors LLC increased its holdings in shares of Vestis by 471.9% in the second quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock valued at $31,000 after buying an additional 4,502 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of Vestis by 703.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock worth $33,000 after acquiring an additional 5,028 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in shares of Vestis during the third quarter worth $46,000. Sanders Morris Harris LLC purchased a new stake in shares of Vestis during the third quarter valued at $47,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Vestis by 331.4% during the second quarter. PNC Financial Services Group Inc. now owns 9,427 shares of the company’s stock valued at $54,000 after purchasing an additional 7,242 shares during the last quarter. Institutional investors and hedge funds 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.