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

Vestis (NYSE:VSTS) had its target price lowered by Barclays from $19.00 to $10.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has an underweight rating on the stock.

Several other research firms also recently weighed in on VSTS. JPMorgan Chase & Co. downgraded shares of Vestis from an overweight rating to a neutral rating and decreased their price target for the stock from $22.00 to $11.00 in a research report on Friday. Wolfe Research assumed coverage on Vestis in a research report on Thursday, January 11th. They set an outperform rating and a $24.00 target price on the stock. 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 research report on Friday. Finally, The Goldman Sachs Group assumed coverage on Vestis in a research note on Thursday, January 25th. They issued a neutral rating and a $22.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $19.33.

Vestis Price Performance

Vestis stock traded down $0.75 during mid-day trading on Friday, reaching $9.41. 24,764,651 shares of the stock traded hands, compared to its average volume of 2,588,736. The company has a quick ratio of 2.23, a current ratio of 2.51 and a debt-to-equity ratio of 1.69. The business’s 50-day moving average is $18.38 and its 200-day moving average is $18.67. Vestis has a 12-month low of $8.92 and a 12-month high of $22.37.

Vestis (NYSE:VSTS) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.09). The firm had revenue of $705.37 million for the quarter, compared to analysts’ expectations of $722.54 million. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts anticipate that Vestis will post 1.03 earnings per share for the current year.

Vestis Announces Dividend

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

Insider Buying and Selling

In related news, CEO Kim Scott bought 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average price of $19.14 per share, for a total transaction of $287,100.00. Following the completion of the transaction, the chief executive officer now owns 183,131 shares in the company, valued at $3,505,127.34. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional Investors Weigh In On Vestis

Large investors have recently made changes to their positions in the company. Strs Ohio bought a new stake in Vestis in the 3rd quarter worth approximately $359,000. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Vestis during the third quarter valued at $1,318,000. Wolverine Asset Management LLC purchased a new stake in Vestis during the third quarter valued at $2,412,000. CI Investments Inc. bought a new position in Vestis during the third quarter valued at $28,000. Finally, Soros Fund Management LLC purchased a new position in shares of Vestis in the 3rd quarter worth $14,714,000. 97.40% of the stock is owned by institutional investors.

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.