Vestis Corporation $VSTS Holdings Lowered by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors reduced its Vestis stake by 11.8% in the first quarter, selling 477,289 shares and retaining 3.56 million shares worth approximately $28.0 million. Institutional investors collectively own 97.4% of VSTS.
• Analyst sentiment remains cautious: Vestis has an average rating of “Reduce” and a consensus price target of $9.50, despite target increases from several firms and one recent “Strong Buy” upgrade.
• Vestis reported quarterly EPS of $0.16, beating estimates of $0.09, while revenue reached $659.4 million, slightly below the prior-year period. Shares opened at $13.94, within a 52-week range of $3.98 to $16.90.

Dimensional Fund Advisors LP cut its stake in Vestis Corporation (NYSE:VSTS - Free Report) by 11.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,556,133 shares of the company's stock after selling 477,289 shares during the period. Dimensional Fund Advisors LP owned approximately 2.70% of Vestis worth $27,951,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in VSTS. State of Wyoming raised its holdings in Vestis by 10.4% during the fourth quarter. State of Wyoming now owns 15,145 shares of the company's stock worth $101,000 after purchasing an additional 1,428 shares in the last quarter. Captrust Financial Advisors increased its position in shares of Vestis by 15.6% during the 2nd quarter. Captrust Financial Advisors now owns 20,599 shares of the company's stock valued at $118,000 after purchasing an additional 2,787 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of Vestis by 147.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,175 shares of the company's stock worth $35,000 after buying an additional 3,082 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Vestis by 176.1% in the 4th quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company's stock worth $35,000 after buying an additional 3,312 shares in the last quarter. Finally, Mariner LLC lifted its holdings in shares of Vestis by 3.2% in the third quarter. Mariner LLC now owns 123,981 shares of the company's stock valued at $562,000 after buying an additional 3,798 shares during the period. Institutional investors and hedge funds own 97.40% of the company's stock.

Wall Street Analyst Weigh In

VSTS has been the topic of several research reports. Zacks Research upgraded shares of Vestis from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 10th. Barclays increased their target price on shares of Vestis from $6.00 to $9.00 and gave the company an "underweight" rating in a research note on Friday, May 15th. The Goldman Sachs Group restated a "sell" rating and issued a $7.50 target price on shares of Vestis in a report on Wednesday, May 13th. Stifel Nicolaus upped their price target on shares of Vestis from $8.50 to $11.00 and gave the company a "hold" rating in a research report on Wednesday, May 13th. Finally, Robert W. Baird lifted their target price on Vestis from $10.00 to $14.00 and gave the company a "neutral" rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $9.50.

Vestis Stock Performance

Shares of VSTS opened at $13.94 on Thursday. The company has a market capitalization of $1.84 billion, a PE ratio of -99.56 and a beta of 0.97. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.13 and a quick ratio of 1.69. Vestis Corporation has a one year low of $3.98 and a one year high of $16.90. The company's fifty day moving average price is $14.12 and its 200 day moving average price is $10.48.

Vestis (NYSE:VSTS - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.09 by $0.07. The company had revenue of $659.44 million during the quarter, compared to analysts' expectations of $655.32 million. Vestis had a negative net margin of 0.63% and a positive return on equity of 5.27%. The business's quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) earnings per share. As a group, analysts expect that Vestis Corporation will post 0.52 earnings per share for the current year.

Vestis 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.

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