Vestis (NYSE:VSTS) Cut to "Neutral" at Redburn Atlantic

Redburn Atlantic downgraded shares of Vestis (NYSE:VSTS - Free Report) from a buy rating to a neutral rating in a report released on Tuesday, Marketbeat.com reports. They currently have $13.40 price objective on the stock.

A number of other analysts have also recently weighed in on the company. The Goldman Sachs Group lowered their price target on Vestis from $20.00 to $11.00 and set a neutral rating on the stock in a research report on Monday. Barclays decreased their target price on Vestis from $19.00 to $10.00 and set an underweight rating on the stock in a report on Friday. Stifel Nicolaus restated a hold rating on shares of Vestis in a report on Friday. Wolfe Research started coverage on Vestis in a research note on Thursday, January 11th. They set an outperform rating and a $24.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered Vestis from an overweight rating to a neutral rating and cut their price target for the company from $22.00 to $11.00 in a research note on Friday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Vestis currently has a consensus rating of Hold and a consensus price target of $16.38.

Vestis Stock Performance

NYSE:VSTS traded up $0.33 during trading hours on Tuesday, reaching $10.24. The company had a trading volume of 8,759,888 shares, compared to its average volume of 2,341,758. The stock has a 50-day moving average of $18.19 and a two-hundred day moving average of $18.69. Vestis has a one year low of $8.92 and a one year high of $22.37. 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 (NYSE:VSTS - Get Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share 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 analysts' expectations of $722.54 million. The company's revenue was up .9% compared to the same quarter last year. As a group, research analysts predict that Vestis will post 1.03 EPS 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 paid a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 1.37%. The ex-dividend date was Thursday, March 14th.

Insider Buying and Selling at Vestis

In related news, CEO Kim Scott bought 15,000 shares of the business's stock in a transaction on Friday, February 9th. The shares were purchased at an average price of $19.14 per share, with a total value of $287,100.00. Following the completion of the purchase, the chief executive officer now owns 183,131 shares of the company's stock, valued at approximately $3,505,127.34. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In other Vestis 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 cost of $19.14 per share, for a total transaction of $287,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 183,131 shares of the company's stock, valued at $3,505,127.34. The transaction was disclosed in a document filed with the SEC, 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 stock was acquired at an average price of $9.93 per share, with a total value of $200,586.00. Following the completion of the acquisition, the director now directly owns 44,132 shares of the company's stock, valued at $438,230.76. The disclosure for this purchase can be found here.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Nordea Investment Management AB bought a new position in shares of Vestis during the fourth quarter worth about $3,909,000. Wolverine Asset Management LLC grew its stake in Vestis by 48.0% in the fourth quarter. Wolverine Asset Management LLC now owns 185,000 shares of the company's stock valued at $3,911,000 after purchasing an additional 60,000 shares in the last quarter. New York State Teachers Retirement System bought a new position in Vestis in the fourth quarter valued at approximately $1,697,000. State of New Jersey Common Pension Fund D bought a new position in Vestis in the fourth quarter valued at approximately $3,160,000. Finally, Yousif Capital Management LLC bought a new position in Vestis in the fourth quarter valued at approximately $1,400,000. 97.40% of the stock is currently owned by 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.