Vestis (NYSE:VSTS) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Vestis (NYSE:VSTS) from an overweight rating to a neutral rating in a report issued on Friday, MarketBeat Ratings reports. They currently have $11.00 price target on the stock, down from their previous price target of $22.00.

Several other brokerages have also weighed in on VSTS. Wolfe Research started coverage on Vestis in a report on Thursday, January 11th. They issued an outperform rating and a $24.00 price objective for the company. Barclays downgraded shares of Vestis from an equal weight rating to an underweight rating and upped their price target for the company from $17.00 to $19.00 in a report on Wednesday, February 28th. The Goldman Sachs Group initiated coverage on shares of Vestis in a research note on Thursday, January 25th. They issued a neutral rating and a $22.00 price objective on the stock. Finally, Robert W. Baird decreased their price target on shares of Vestis from $24.00 to $13.00 and set an outperform rating on the stock in a research report on Friday. 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 MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $18.11.

Vestis Stock Up 5.3 %

Shares of NYSE VSTS opened at $9.91 on Friday. The firm’s 50-day simple moving average is $18.19 and its 200 day simple moving average is $18.69. The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.16 and a current ratio of 2.51. Vestis has a fifty-two week low of $8.92 and a fifty-two week high of $22.37.

Vestis (NYSE:VSTS) last posted its quarterly earnings data 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 firm had revenue of $705.37 million for the quarter, compared to analyst estimates of $722.54 million. The firm’s revenue was up .9% compared to the same quarter last year. On average, equities research analysts predict that Vestis will post 1.03 EPS for the current year.

Vestis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Friday, March 15th were issued a dividend of $0.035 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.41%.

Insider Activity at Vestis

In related news, Director James Phillip Holloman purchased 20,200 shares of Vestis stock in a transaction dated Friday, May 3rd. The stock was acquired at an average cost of $9.93 per share, with a total value of $200,586.00. Following the completion of the transaction, the director now directly owns 44,132 shares of the company’s stock, valued at $438,230.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director James Phillip Holloman acquired 20,200 shares of Vestis stock in a transaction that occurred on Friday, May 3rd. The stock was purchased at an average price of $9.93 per share, with a total value of $200,586.00. Following the completion of the transaction, the director now owns 44,132 shares in the company, valued at $438,230.76. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Kim Scott bought 15,000 shares of the company’s 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 transaction, the chief executive officer now owns 183,131 shares in the company, valued at $3,505,127.34. The disclosure for this purchase can be found here.

Institutional Investors Weigh In On Vestis

A number of large investors have recently added to or reduced their stakes in VSTS. Parkside Financial Bank & Trust bought a new position in shares of Vestis in the fourth quarter worth about $25,000. Sound Income Strategies LLC acquired a new position in shares of Vestis during the fourth quarter worth approximately $25,000. CI Investments Inc. bought a new stake in shares of Vestis in the third quarter valued at approximately $28,000. Daiwa Securities Group Inc. acquired a new stake in shares of Vestis in the fourth quarter worth $34,000. Finally, Wahed Invest LLC bought a new position in Vestis during the fourth quarter worth $42,000. Institutional investors own 97.40% of the company’s stock.

Vestis Company Profile

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.