Vestis (NYSE:VSTS) Receives "Underweight" Rating from JPMorgan Chase & Co.

JPMorgan Chase & Co. reaffirmed their underweight rating on shares of Vestis (NYSE:VSTS - Free Report) in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm currently has a $6.00 price target on the stock, up from their previous price target of $5.00.

VSTS has been the subject of several other reports. Barclays reduced their target price on Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a report on Friday, May 9th. Robert W. Baird reduced their price objective on Vestis from $17.00 to $13.00 and set a "neutral" rating for the company in a research note on Thursday, March 20th. Finally, The Goldman Sachs Group lowered their target price on Vestis from $15.00 to $13.00 and set a "neutral" rating on the stock in a research note on Monday, March 17th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat.com, Vestis presently has a consensus rating of "Hold" and a consensus price target of $9.25.

Vestis Stock Down 3.2%

VSTS stock traded down $0.20 during mid-day trading on Monday, reaching $5.95. 3,063,139 shares of the company traded hands, compared to its average volume of 2,435,020. The company has a quick ratio of 1.41, a current ratio of 1.87 and a debt-to-equity ratio of 1.46. The firm's 50 day moving average price is $6.18 and its 200 day moving average price is $10.00. The stock has a market cap of $783.45 million, a price-to-earnings ratio of -33.03 and a beta of 0.96. Vestis has a fifty-two week low of $5.20 and a fifty-two week high of $17.83.

Vestis (NYSE:VSTS - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.20). Vestis had a negative net margin of 0.89% and a positive return on equity of 5.36%. The firm had revenue of $665.25 million for the quarter, compared to the consensus estimate of $690.81 million. Vestis's quarterly revenue was down 5.7% compared to the same quarter last year. As a group, equities research analysts predict that Vestis will post 0.7 EPS for the current fiscal year.

Insider Activity at Vestis

In other news, Director Douglas A. Pertz purchased 70,000 shares of the business's stock in a transaction dated Thursday, May 8th. The stock was bought at an average price of $6.17 per share, for a total transaction of $431,900.00. Following the purchase, the director owned 297,010 shares of the company's stock, valued at $1,832,551.70. The trade was a 30.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Keith A. Meister acquired 377,277 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average price of $5.89 per share, for a total transaction of $2,222,161.53. Following the completion of the purchase, the director directly owned 18,380,501 shares in the company, valued at $108,261,150.89. This trade represents a 2.10% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 880,675 shares of company stock worth $5,271,632. Insiders own 13.60% of the company's stock.

Hedge Funds Weigh In On Vestis

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VSTS. True Wealth Design LLC bought a new position in Vestis in the 4th quarter worth about $29,000. Spire Wealth Management lifted its holdings in shares of Vestis by 168.2% in the first quarter. Spire Wealth Management now owns 5,110 shares of the company's stock worth $51,000 after buying an additional 3,205 shares in the last quarter. Copeland Capital Management LLC boosted its position in shares of Vestis by 33.0% in the first quarter. Copeland Capital Management LLC now owns 5,428 shares of the company's stock valued at $54,000 after acquiring an additional 1,346 shares during the period. KBC Group NV grew its stake in Vestis by 54.2% during the first quarter. KBC Group NV now owns 7,309 shares of the company's stock valued at $72,000 after acquiring an additional 2,568 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in Vestis during the fourth quarter valued at approximately $93,000. 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.