Vestis (NYSE:VSTS) Sees Strong Trading Volume

Vestis Co. (NYSE:VSTS - Get Free Report) shares saw unusually-high trading volume on Friday . Approximately 1,939,721 shares were traded during trading, an increase of 3% from the previous session's volume of 1,881,700 shares.The stock last traded at $10.23 and had previously closed at $10.16.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on VSTS shares. Robert W. Baird reduced their price target on Vestis from $24.00 to $13.00 and set an "outperform" rating for the company in a report on Friday. Wolfe Research started coverage on shares of Vestis in a report on Thursday, January 11th. They set an "outperform" rating and a $24.00 price objective on the stock. Barclays dropped their target price on Vestis from $19.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday. The Goldman Sachs Group assumed coverage on Vestis in a research report on Thursday, January 25th. They issued a "neutral" rating and a $22.00 price target for the company. Finally, JPMorgan Chase & Co. downgraded Vestis from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $22.00 to $11.00 in a research note on Friday. One 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's stock. According to data from MarketBeat, Vestis has a consensus rating of "Hold" and an average target price of $19.33.

Vestis Trading Down 7.5 %

The stock has a 50 day moving average price of $18.38 and a 200-day moving average price of $18.67. The company has a quick ratio of 2.23, a current ratio of 2.61 and a debt-to-equity ratio of 1.73.

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

Vestis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Friday, March 15th were given a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend was Thursday, March 14th.

Insiders Place Their Bets

In other Vestis news, CEO Kim Scott purchased 15,000 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average price of $19.14 per share, with a total value of $287,100.00. Following the acquisition, the chief executive officer now owns 183,131 shares in the company, valued at $3,505,127.34. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Investors Weigh In On Vestis

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. acquired a new position in shares of Vestis during the fourth quarter valued at about $302,586,000. Capital International Investors acquired a new stake in shares of Vestis during the fourth quarter worth $125,586,000. Channing Capital Management LLC acquired a new position in shares of Vestis in the 4th quarter valued at $72,529,000. Wellington Management Group LLP purchased a new position in Vestis in the 4th quarter worth $56,431,000. Finally, Victory Capital Management Inc. acquired a new stake in Vestis during the 4th quarter worth about $48,292,000. 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.

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