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

JPMorgan Chase & Co. cut shares of Vestis (NYSE:VSTS - Free Report) from an overweight rating to a neutral rating in a report released on Friday, MarketBeat Ratings reports. The firm currently has $11.00 target price on the stock, down from their prior target price of $22.00.

A number of other brokerages have also issued reports on VSTS. Wolfe Research initiated coverage on Vestis in a research report on Thursday, January 11th. They issued an outperform rating and a $24.00 target price on the stock. Robert W. Baird cut their price objective on Vestis from $24.00 to $13.00 and set an outperform rating on the stock in a research report on Friday. Barclays lowered Vestis from an equal weight rating to an underweight rating and upped their price objective for the stock from $17.00 to $19.00 in a research report on Wednesday, February 28th. Finally, The Goldman Sachs Group assumed coverage on shares of Vestis in a research note on Thursday, January 25th. They issued a neutral rating and a $22.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $19.33.

Vestis Stock Down 7.5 %

VSTS traded down $0.77 during trading hours on Friday, reaching $9.40. The company's stock had a trading volume of 24,763,820 shares, compared to its average volume of 2,154,511. Vestis has a fifty-two week low of $8.92 and a fifty-two week high of $22.37. The business's 50-day moving average is $18.38 and its 200-day moving average is $18.67. The company has a current ratio of 2.61, a quick ratio of 2.23 and a debt-to-equity ratio of 1.73.

Vestis (NYSE:VSTS - Get Free Report) last announced its earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.09). The business had revenue of $705.37 million during the quarter, compared to the consensus estimate of $722.54 million. The business's revenue for the quarter was up .9% on a year-over-year basis. On average, research analysts anticipate that Vestis will post 1.03 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were issued a $0.035 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.14 dividend on an annualized basis and a yield of 1.49%.

Insider Transactions at Vestis

In other Vestis news, CEO Kim Scott acquired 15,000 shares of the company's stock in a transaction dated Friday, February 9th. The stock was acquired at an average cost of $19.14 per share, with a total value of $287,100.00. Following the purchase, the chief executive officer now directly owns 183,131 shares in the company, valued at approximately $3,505,127.34. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Sound Income Strategies LLC acquired a new position in shares of Vestis in the 4th quarter valued at $25,000. Parkside Financial Bank & Trust acquired a new position in shares of Vestis in the 4th quarter valued at $25,000. CI Investments Inc. acquired a new position in shares of Vestis in the 3rd quarter valued at $28,000. Daiwa Securities Group Inc. purchased a new stake in Vestis during the 4th quarter worth $34,000. Finally, TFO Wealth Partners LLC purchased a new stake in Vestis during the 4th quarter worth $42,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

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.