Vestis (NYSE:VSTS) Reaches New 1-Year Low After Earnings Miss

Vestis Co. (NYSE:VSTS)’s share price hit a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $11.85 and last traded at $12.00, with a volume of 3294384 shares changing hands. The stock had previously closed at $18.47.

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 for the quarter, compared to analysts’ expectations of $722.54 million. The company’s revenue was up .9% on a year-over-year basis.

Vestis Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have commented on VSTS. JPMorgan Chase & Co. cut shares of Vestis from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $22.00 to $11.00 in a research note on Friday. Robert W. Baird decreased their target price on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday. Stifel Nicolaus restated a “hold” rating on shares of Vestis in a research note on Friday. Wolfe Research began coverage on shares of Vestis in a research note on Thursday, January 11th. They set an “outperform” rating and a $24.00 target price on the stock. Finally, The Goldman Sachs Group started coverage on shares of Vestis in a research note on Thursday, January 25th. They set a “neutral” rating and a $22.00 target price on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Vestis presently has a consensus rating of “Hold” and a consensus price target of $19.33.

Insider Buying and Selling at Vestis

In related news, CEO Kim Scott acquired 15,000 shares of the business’s stock in a transaction on Friday, February 9th. The stock was acquired at an average cost of $19.14 per share, with a total value of $287,100.00. Following the acquisition, the chief executive officer now directly owns 183,131 shares in the company, valued at approximately $3,505,127.34. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Institutional Investors Weigh In On Vestis

Large investors have recently bought and sold shares of the business. Sound Income Strategies LLC bought a new stake in Vestis in the fourth quarter worth $25,000. Parkside Financial Bank & Trust bought a new stake in Vestis in the fourth quarter worth $25,000. CI Investments Inc. bought a new position in Vestis during the third quarter valued at $28,000. Daiwa Securities Group Inc. bought a new position in Vestis during the fourth quarter valued at $34,000. Finally, TFO Wealth Partners LLC bought a new position in Vestis during the fourth quarter valued at $42,000. Institutional investors own 97.40% of the company’s stock.

Vestis Trading Down 7.5 %

The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.23 and a current ratio of 2.51. The stock’s 50-day simple moving average is $18.38 and its two-hundred day simple moving average is $18.67.

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.