Vestis (NYSE:VSTS) Shares Down 5.6% – What’s Next?

Vestis Corporation (NYSE:VSTS) dropped 5.6% during trading on Tuesday . The stock traded as low as $13.03 and last traded at $13.0910. 1,326,252 shares changed hands during mid-day trading, a decline of 19% from the average session volume of 1,632,456 shares. The stock had previously closed at $13.87.

Analysts Set New Price Targets

Several brokerages have weighed in on VSTS. Barclays upped their target price on shares of Vestis from $6.00 to $9.00 and gave the stock an “underweight” rating in a research report on Friday, May 15th. Zacks Research raised Vestis from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 10th. William Blair upgraded Vestis from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 12th. Robert W. Baird upped their price target on Vestis from $10.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Finally, Stifel Nicolaus raised their price objective on Vestis from $8.50 to $11.00 and gave the company a “hold” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Vestis currently has an average rating of “Reduce” and a consensus target price of $9.50.

Vestis Stock Down 4.4%

The company has a debt-to-equity ratio of 1.44, a current ratio of 2.13 and a quick ratio of 1.69. The firm’s 50-day moving average price is $14.19 and its 200 day moving average price is $10.63. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -94.18 and a beta of 0.97.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.08. Vestis had a positive return on equity of 5.27% and a negative net margin of 0.63%.The firm had revenue of $661.66 million during the quarter, compared to the consensus estimate of $668.94 million. Sell-side analysts expect that Vestis Corporation will post 0.52 EPS for the current year.

Institutional Trading of Vestis

Institutional investors and hedge funds have recently made changes to their positions in the stock. Weiss Asset Management LP acquired a new position in Vestis in the 1st quarter valued at about $584,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Vestis by 69.1% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,072,081 shares of the company’s stock valued at $8,427,000 after purchasing an additional 437,965 shares in the last quarter. Militia Capital Management LLC acquired a new stake in shares of Vestis during the 1st quarter worth about $618,000. UBS Group AG grew its holdings in shares of Vestis by 121.2% during the fourth quarter. UBS Group AG now owns 885,984 shares of the company’s stock worth $5,910,000 after buying an additional 485,396 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Vestis by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 9,960,651 shares of the company’s stock worth $66,438,000 after buying an additional 346,736 shares in the last quarter. 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.