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

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

VSTS has been the subject of a number of other research reports. The Goldman Sachs Group assumed coverage on shares of Vestis in a research note on Thursday, January 25th. They issued a neutral rating and a $22.00 price objective for the company. Wolfe Research started 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 report on Friday. Finally, JPMorgan Chase & Co. lowered Vestis from an overweight rating to a neutral rating and decreased their price objective for the stock from $22.00 to $11.00 in a research report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $19.33.

Vestis Price Performance

Shares of Vestis stock opened at $9.41 on Friday. Vestis has a 12-month low of $8.92 and a 12-month 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 stock’s fifty day moving average is $18.38 and its 200-day moving average is $18.72.

Vestis (NYSE:VSTS) last issued its quarterly 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 company had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The business’s revenue was up .9% on a year-over-year basis. Equities research analysts predict that Vestis will post 1.03 EPS for the current fiscal year.

Vestis Dividend Announcement

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

Insider Transactions at Vestis

In other Vestis news, CEO Kim Scott bought 15,000 shares of Vestis stock in a transaction on Friday, February 9th. The stock was purchased at an average cost of $19.14 per share, for a total transaction of $287,100.00. Following the completion of the purchase, the chief executive officer now directly owns 183,131 shares of the company’s stock, valued at $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

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. bought a new position in shares of Vestis in the fourth quarter valued at approximately $302,586,000. Capital International Investors acquired a new position in Vestis in the 4th quarter valued at $125,586,000. Channing Capital Management LLC bought a new position in Vestis in the 4th quarter worth $72,529,000. Wellington Management Group LLP acquired a new position in Vestis during the 4th quarter worth $56,431,000. Finally, Victory Capital Management Inc. acquired a new position in Vestis during the 4th quarter worth $48,292,000. 97.40% of the stock is owned by institutional investors and hedge funds.

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.