Vestis (NYSE:VSTS) Stock Price Down 6.6% – Here’s Why
by Renee Jackson · The Cerbat GemVestis Corporation (NYSE:VSTS – Get Free Report)’s share price fell 6.6% during trading on Wednesday . The company traded as low as $6.25 and last traded at $6.3020. 1,471,231 shares traded hands during trading, a decline of 15% from the average session volume of 1,724,435 shares. The stock had previously closed at $6.75.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on VSTS. JPMorgan Chase & Co. upped their target price on Vestis from $5.50 to $6.00 and gave the company an “underweight” rating in a research report on Wednesday, December 3rd. Weiss Ratings reissued a “sell (d)” rating on shares of Vestis in a report on Wednesday, January 21st. Robert W. Baird upped their price target on shares of Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a report on Tuesday, December 2nd. Finally, The Goldman Sachs Group lowered shares of Vestis from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $6.30 to $5.30 in a research report on Thursday, January 8th. One research analyst has rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Strong Sell” and an average target price of $5.70.
Get Our Latest Research Report on VSTS
Vestis Price Performance
The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.64 and a current ratio of 2.08. The business has a 50 day moving average price of $6.73 and a 200-day moving average price of $5.63. The company has a market capitalization of $863.88 million, a price-to-earnings ratio of -21.12 and a beta of 0.73.
Vestis (NYSE:VSTS – Get Free Report) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.03. Vestis had a positive return on equity of 2.62% and a negative net margin of 1.47%.The firm had revenue of $712.01 million for the quarter, compared to analysts’ expectations of $690.65 million. During the same period in the prior year, the business earned $0.11 EPS. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. Research analysts predict that Vestis Corporation will post 0.7 EPS for the current fiscal year.
Insider Activity at Vestis
In related news, Director William Goetz acquired 6,746 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were bought at an average price of $7.42 per share, with a total value of $50,055.32. Following the transaction, the director directly owned 29,877 shares of the company’s stock, valued at $221,687.34. This trade represents a 29.16% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Douglas A. Pertz purchased 15,000 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The shares were purchased at an average cost of $6.90 per share, for a total transaction of $103,500.00. Following the completion of the purchase, the director owned 322,010 shares in the company, valued at $2,221,869. This trade represents a 4.89% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 1,205,810 shares of company stock worth $8,138,302 over the last three months. 15.70% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Vestis
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Vestis by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 9,960,651 shares of the company’s stock worth $66,438,000 after buying an additional 346,736 shares during the last quarter. Alberta Investment Management Corp grew its position in Vestis by 57.7% during the second quarter. Alberta Investment Management Corp now owns 9,692,000 shares of the company’s stock valued at $55,535,000 after buying an additional 3,547,000 shares during the period. AQR Capital Management LLC increased its holdings in Vestis by 19.8% during the second quarter. AQR Capital Management LLC now owns 5,593,129 shares of the company’s stock worth $32,049,000 after buying an additional 923,459 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Vestis by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 4,587,432 shares of the company’s stock worth $20,780,000 after acquiring an additional 25,675 shares during the period. Finally, Vision One Management Partners LP boosted its stake in Vestis by 8.5% in the second quarter. Vision One Management Partners LP now owns 3,590,017 shares of the company’s stock valued at $20,571,000 after acquiring an additional 281,000 shares during the last quarter. Hedge funds and other 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.