JPMorgan Chase & Co. Has Lowered Expectations for Vestis (NYSE:VSTS) Stock Price

Key Points

• JPMorgan Chase & Co. has lowered its price target on Vestis (NYSE:VSTS) from $6.00 to $5.50, maintaining an "underweight" rating, indicating a potential upside of only 6.08% from the current stock price.
• Barclays has also reduced its price target for Vestis significantly, from $10.00 to $5.00, contributing to a bearish outlook on the stock with two analysts rating it as a sell.
• Vestis stock has seen a decline of 8.1%, trading at $5.19, while analysts predict it will post earnings of $0.7 EPS for the current year after revenues decreased by 3.5% year-over-year.

Vestis (NYSE:VSTS - Get Free Report) had its target price decreased by equities researchers at JPMorgan Chase & Co. from $6.00 to $5.50 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 13.99% from the stock's current price.

Separately, Barclays cut their target price on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a research note on Friday, May 9th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $9.13.

Vestis Price Performance

Shares of VSTS stock traded down $0.37 on Thursday, reaching $4.83. 3,352,926 shares of the company were exchanged, compared to its average volume of 1,874,580. The company has a market cap of $636.13 million, a price-to-earnings ratio of -20.98 and a beta of 0.96. The business has a 50-day moving average price of $6.05 and a 200 day moving average price of $8.66. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.41 and a current ratio of 1.84. Vestis has a 1 year low of $4.81 and a 1 year high of $17.83.

Vestis (NYSE:VSTS - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.05 EPS for the quarter, hitting analysts' consensus estimates of $0.05. The business had revenue of $673.80 million during the quarter, compared to analysts' expectations of $673.65 million. Vestis had a negative net margin of 1.11% and a positive return on equity of 3.76%. The company's quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.16 earnings per share. Equities research analysts forecast that Vestis will post 0.7 earnings per share for the current fiscal year.

Insider Buying and Selling at Vestis

In other news, Director Keith A. Meister purchased 314,390 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was acquired at an average price of $6.03 per share, with a total value of $1,895,771.70. Following the purchase, the director directly owned 18,803,899 shares in the company, valued at approximately $113,387,510.97. This represents a 1.70% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have purchased 800,675 shares of company stock valued at $4,777,432. Corporate insiders own 13.60% of the company's stock.

Hedge Funds Weigh In On Vestis

Hedge funds have recently made changes to their positions in the stock. True Wealth Design LLC purchased a new position in shares of Vestis during the 4th quarter worth approximately $29,000. Spire Wealth Management boosted its position in shares of Vestis by 168.2% during the 1st quarter. Spire Wealth Management now owns 5,110 shares of the company's stock worth $51,000 after purchasing an additional 3,205 shares during the period. Copeland Capital Management LLC boosted its position in shares of Vestis by 33.0% during the 1st quarter. Copeland Capital Management LLC now owns 5,428 shares of the company's stock worth $54,000 after purchasing an additional 1,346 shares during the period. KBC Group NV lifted its holdings in Vestis by 54.2% during the 1st quarter. KBC Group NV now owns 7,309 shares of the company's stock worth $72,000 after buying an additional 2,568 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its holdings in Vestis by 45.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,882 shares of the company's stock worth $120,000 after buying an additional 2,479 shares in the last quarter. 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.