Barclays Trims Vestis (NYSE:VSTS) Target Price to $10.00

Vestis (NYSE:VSTS) had its price objective decreased by Barclays from $19.00 to $10.00 in a research note published on Friday morning, Benzinga reports. Barclays currently has an underweight rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group assumed coverage on shares of Vestis in a report on Thursday, January 25th. They issued a neutral rating and a $22.00 target price on the stock. Wolfe Research initiated coverage on Vestis in a research report on Thursday, January 11th. They set an outperform rating and a $24.00 price objective for the company. Robert W. Baird cut their price target on Vestis from $24.00 to $13.00 and set an outperform rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. cut shares of Vestis from an overweight rating to a neutral rating and lowered their price objective for the stock from $22.00 to $11.00 in a research note on Friday. 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $18.11.

Vestis Price Performance

Shares of Vestis stock opened at $9.91 on Friday. Vestis has a 1 year low of $8.92 and a 1 year high of $22.37. The company has a 50-day moving average of $18.19 and a 200 day moving average of $18.69. The company has a current ratio of 2.51, a quick ratio of 2.16 and a debt-to-equity ratio of 1.69.

Vestis (NYSE:VSTS) last issued 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 firm had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The firm’s quarterly revenue was up .9% compared to the same quarter last year. As a group, analysts anticipate that Vestis will post 1.03 EPS for the current fiscal year.

Vestis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were paid a $0.035 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.14 annualized dividend and a yield of 1.41%.

Insider Buying and Selling

In other news, Director James Phillip Holloman purchased 20,200 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was acquired at an average price of $9.93 per share, for a total transaction of $200,586.00. Following the acquisition, the director now directly owns 44,132 shares of the company’s stock, valued at approximately $438,230.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Kim Scott bought 15,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 183,131 shares in the company, valued at approximately $3,505,127.34. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James Phillip Holloman bought 20,200 shares of the stock in a transaction dated Friday, May 3rd. The stock was purchased at an average price of $9.93 per share, with a total value of $200,586.00. Following the acquisition, the director now directly owns 44,132 shares in the company, valued at approximately $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 business. Texas Permanent School Fund Corp raised its position in shares of Vestis by 1.9% during the 1st quarter. Texas Permanent School Fund Corp now owns 115,037 shares of the company’s stock worth $2,217,000 after purchasing an additional 2,124 shares during the last quarter. DAVENPORT & Co LLC acquired a new position in shares of Vestis during the first quarter valued at approximately $21,712,000. Iridian Asset Management LLC CT purchased a new position in shares of Vestis in the first quarter valued at approximately $257,000. Capstone Investment Advisors LLC acquired a new stake in shares of Vestis in the first quarter worth approximately $409,000. Finally, Commonwealth Equity Services LLC increased its position in shares of Vestis by 2.3% during the first quarter. Commonwealth Equity Services LLC now owns 120,230 shares of the company’s stock worth $2,317,000 after purchasing an additional 2,686 shares in the last quarter. 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.