The Goldman Sachs Group Trims Vestis (NYSE:VSTS) Target Price to $11.00

Vestis (NYSE:VSTS) had its price objective trimmed by The Goldman Sachs Group from $20.00 to $11.00 in a report issued on Monday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. lowered Vestis from an overweight rating to a neutral rating and dropped their price target for the company from $22.00 to $11.00 in a research note on Friday, May 3rd. Wolfe Research started coverage on Vestis in a research note on Thursday, January 11th. They issued an outperform rating and a $24.00 price objective for the company. Robert W. Baird lowered their price objective on Vestis from $24.00 to $13.00 and set an outperform rating for the company in a research note on Friday, May 3rd. Stifel Nicolaus reiterated a hold rating on shares of Vestis in a report on Friday, May 3rd. Finally, Barclays reduced their price target on Vestis from $19.00 to $10.00 and set an underweight rating on the stock in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $16.38.

Vestis Trading Up 3.1 %

Shares of VSTS opened at $10.55 on Monday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.16 and a current ratio of 2.51. The business has a 50-day simple moving average of $17.83 and a two-hundred day simple moving average of $18.60. Vestis has a 52 week low of $8.92 and a 52 week high of $22.37.

Vestis (NYSE:VSTS) last released its earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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. Vestis’s revenue was up .9% on a year-over-year basis. As a group, analysts predict that Vestis will post 1.03 earnings per share for the current year.

Vestis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Friday, March 15th were issued a $0.035 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.33%.

Insider Activity

In other Vestis news, CEO Kim Scott acquired 15,000 shares of the stock in a transaction dated Friday, February 9th. The stock was purchased at an average price of $19.14 per share, with a total value of $287,100.00. Following the transaction, the chief executive officer now directly owns 183,131 shares of the company’s stock, valued at $3,505,127.34. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Kim Scott purchased 15,000 shares of the stock in a transaction on Friday, February 9th. The stock was bought at an average price of $19.14 per share, with a total value of $287,100.00. Following the transaction, the chief executive officer now owns 183,131 shares in the company, valued at approximately $3,505,127.34. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Phillip Holloman purchased 20,200 shares of the stock in a transaction on Friday, May 3rd. The shares were purchased at an average cost of $9.93 per share, with a total value of $200,586.00. Following the transaction, the director now owns 44,132 shares in the company, valued at approximately $438,230.76. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 2,485,555 shares of company stock worth $24,417,961.

Hedge Funds Weigh In On Vestis

Institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB purchased a new stake in Vestis during the 4th quarter worth approximately $3,909,000. Wolverine Asset Management LLC boosted its holdings in shares of Vestis by 48.0% during the 4th quarter. Wolverine Asset Management LLC now owns 185,000 shares of the company’s stock worth $3,911,000 after purchasing an additional 60,000 shares during the last quarter. New York State Teachers Retirement System acquired a new position in shares of Vestis during the 4th quarter worth approximately $1,697,000. State of New Jersey Common Pension Fund D acquired a new position in shares of Vestis during the 4th quarter worth approximately $3,160,000. Finally, Yousif Capital Management LLC acquired a new position in shares of Vestis during the 4th quarter worth approximately $1,400,000. 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.