Robert W. Baird Forecasts Strong Price Appreciation for Vestis (NYSE:VSTS) Stock

Vestis (NYSE:VSTS) had its target price increased by analysts at Robert W. Baird from $10.00 to $14.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s price target indicates a potential upside of 16.93% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. William Blair upgraded Vestis from a “market perform” rating to an “outperform” rating in a research note on Tuesday. Barclays reiterated an “underweight” rating on shares of Vestis in a research note on Tuesday, February 17th. The Goldman Sachs Group reiterated a “sell” rating on shares of Vestis in a research note on Wednesday. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Vestis in a research note on Monday, April 20th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $8.67.

Vestis Price Performance

Shares of NYSE VSTS opened at $11.97 on Wednesday. The business’s 50 day moving average price is $8.54 and its two-hundred day moving average price is $7.27. The company has a market cap of $1.58 billion, a PE ratio of -32.36 and a beta of 0.85. The company has a quick ratio of 1.74, a current ratio of 2.17 and a debt-to-equity ratio of 1.48. Vestis has a twelve month low of $3.98 and a twelve month high of $12.47.

Vestis (NYSE:VSTS) last announced its quarterly earnings results on Tuesday, May 12th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.07. Vestis had a positive return on equity of 2.08% and a negative net margin of 1.75%.The firm had revenue of $659.44 million for the quarter, compared to the consensus estimate of $655.32 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The business’s revenue was down .9% compared to the same quarter last year. On average, analysts predict that Vestis will post 0.43 EPS for the current year.

Institutional Investors Weigh In On Vestis

Several institutional investors have recently bought and sold shares of the company. Corvex Management LP boosted its stake in Vestis by 5.4% in the fourth quarter. Corvex Management LP now owns 19,813,963 shares of the company’s stock valued at $132,159,000 after acquiring an additional 1,010,064 shares in the last quarter. Vanguard Group Inc. raised its stake in Vestis by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 9,960,651 shares of the company’s stock worth $66,438,000 after acquiring an additional 346,736 shares during the last quarter. Royal Bank of Canada raised its stake in Vestis by 1,520.5% in the 4th quarter. Royal Bank of Canada now owns 5,688,399 shares of the company’s stock worth $37,942,000 after acquiring an additional 5,337,380 shares during the last quarter. AQR Capital Management LLC raised its stake in Vestis by 19.8% in the 2nd quarter. AQR Capital Management LLC now owns 5,593,129 shares of the company’s stock worth $32,049,000 after acquiring an additional 923,459 shares during the last quarter. Finally, Greenstone Partners & Co. LLC purchased a new position in Vestis in the 4th quarter worth $33,979,000. 97.40% of the stock is currently 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.