Vestis (NYSE:VSTS) Price Target Lowered to $10.00 at Barclays

Vestis (NYSE:VSTS) had its price objective trimmed by Barclays from $19.00 to $10.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has an underweight rating on the stock.

Several other brokerages have also issued reports on VSTS. JPMorgan Chase & Co. lowered shares of Vestis from an overweight rating to a neutral rating and cut their target price for the stock from $22.00 to $11.00 in a research note on Friday. Wolfe Research assumed coverage on Vestis in a research report on Thursday, January 11th. They issued an outperform rating and a $24.00 target price for the company. Robert W. Baird dropped their price target on Vestis from $24.00 to $13.00 and set an outperform rating on the stock in a research note on Friday. Finally, The Goldman Sachs Group initiated coverage on Vestis in a research note on Thursday, January 25th. They issued a neutral rating and a $22.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Vestis has an average rating of Hold and a consensus price target of $19.33.

Vestis Stock Down 7.4 %

Shares of NYSE:VSTS traded down $0.75 during midday trading on Friday, reaching $9.41. The company’s stock had a trading volume of 24,764,651 shares, compared to its average volume of 2,588,736. Vestis has a fifty-two week low of $8.92 and a fifty-two week high of $22.37. The company has a quick ratio of 2.23, a current ratio of 2.51 and a debt-to-equity ratio of 1.69. The firm has a 50 day moving average price of $18.38 and a two-hundred day moving average price of $18.67.

Vestis (NYSE:VSTS) last issued its earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share 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 quarterly revenue was up .9% compared to the same quarter last year. As a group, equities analysts forecast that Vestis will post 1.03 earnings per share for the current fiscal year.

Vestis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Friday, March 15th were paid a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Thursday, March 14th.

Insider Activity at Vestis

In other news, CEO Kim Scott bought 15,000 shares of Vestis stock in a transaction dated Friday, February 9th. The stock was purchased at an average price of $19.14 per share, for a total transaction of $287,100.00. Following the purchase, the chief executive officer now directly owns 183,131 shares in the company, valued at approximately $3,505,127.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Hedge Funds Weigh In On Vestis

A number of hedge funds and other institutional investors have recently modified their holdings of VSTS. Parkside Financial Bank & Trust bought a new stake in Vestis during the fourth quarter worth $25,000. Sound Income Strategies LLC bought a new stake in shares of Vestis during the 4th quarter worth $25,000. CI Investments Inc. bought a new stake in shares of Vestis during the 3rd quarter worth $28,000. Daiwa Securities Group Inc. purchased a new position in shares of Vestis in the 4th quarter worth about $34,000. Finally, Wahed Invest LLC bought a new position in Vestis during the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

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.