Allspring Global Investments Holdings LLC Takes $89,000 Position in Vestis Co. (NYSE:VSTS)

Allspring Global Investments Holdings LLC purchased a new position in Vestis Co. (NYSE:VSTS) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,228 shares of the company’s stock, valued at approximately $89,000.

Other hedge funds also recently bought and sold shares of the company. Soros Fund Management LLC bought a new stake in shares of Vestis in the 3rd quarter worth about $14,714,000. Nordea Investment Management AB purchased a new stake in Vestis during the fourth quarter valued at approximately $3,909,000. Wolverine Asset Management LLC bought a new stake in shares of Vestis in the 3rd quarter valued at approximately $2,412,000. State of Alaska Department of Revenue purchased a new position in shares of Vestis in the 4th quarter worth approximately $1,700,000. Finally, New York State Teachers Retirement System bought a new position in shares of Vestis during the 4th quarter valued at approximately $1,697,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on VSTS. Barclays lowered shares of Vestis from an “equal weight” rating to an “underweight” rating and lifted their price objective for the stock from $17.00 to $19.00 in a research note on Wednesday, February 28th. The Goldman Sachs Group initiated coverage on shares of Vestis in a report on Thursday, January 25th. They set a “neutral” rating and a $22.00 price target on the stock. Finally, Wolfe Research started coverage on shares of Vestis in a research note on Thursday, January 11th. They issued an “outperform” rating and a $24.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $22.56.

Vestis Price Performance

Vestis stock opened at $18.83 on Tuesday. The firm has a 50-day moving average of $18.82 and a two-hundred day moving average of $18.75. Vestis Co. has a 1 year low of $13.83 and a 1 year high of $22.37. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.61 and a quick ratio of 2.23.

Vestis (NYSE:VSTS) last announced its quarterly earnings results on Wednesday, February 7th. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The company had revenue of $717.90 million during the quarter, compared to analysts’ expectations of $724.72 million. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. Equities analysts anticipate that Vestis Co. will post 1.03 EPS for the current fiscal year.

Vestis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Friday, March 15th were paid a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date 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 dated 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 transaction, the chief executive officer now owns 183,131 shares of the company’s stock, valued at $3,505,127.34. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Vestis 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.