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

Vestis (NYSE:VSTS) had its target price cut by Barclays from $19.00 to $10.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s price target points to a potential upside of 6.27% from the company’s current price.

A number of other equities analysts have also issued reports on the stock. Robert W. Baird reduced their target price on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday. JPMorgan Chase & Co. cut Vestis from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $22.00 to $11.00 in a research note on Friday. The Goldman Sachs Group initiated coverage on Vestis in a research note on Thursday, January 25th. They set a “neutral” rating and a $22.00 price target on the stock. Finally, Wolfe Research assumed coverage on Vestis in a report on Thursday, January 11th. They set an “outperform” rating and a $24.00 price objective for the company. One equities 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. According to data from MarketBeat, Vestis has an average rating of “Hold” and an average target price of $19.33.

Vestis Price Performance

VSTS stock opened at $9.41 on Friday. 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 has a fifty day moving average price of $18.38 and a 200 day moving average price of $18.69. Vestis has a fifty-two week low of $8.92 and a fifty-two week high of $22.37.

Vestis (NYSE:VSTS) last announced its earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The firm had revenue of $705.37 million during the quarter, compared to the consensus estimate of $722.54 million. Vestis’s revenue for the quarter was up .9% compared to the same quarter last year. On average, analysts anticipate that Vestis will post 1.03 earnings per share for the current year.

Insider Transactions at Vestis

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

Hedge Funds Weigh In On Vestis

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nordea Investment Management AB bought a new position in Vestis during the fourth quarter worth about $3,909,000. Wolverine Asset Management LLC lifted its holdings in shares of Vestis by 48.0% during the 4th quarter. Wolverine Asset Management LLC now owns 185,000 shares of the company’s stock valued at $3,911,000 after purchasing an additional 60,000 shares in the last quarter. New York State Teachers Retirement System acquired a new position in shares of Vestis in the 4th quarter valued at approximately $1,697,000. State of New Jersey Common Pension Fund D bought a new stake in Vestis during the 4th quarter worth approximately $3,160,000. Finally, Yousif Capital Management LLC acquired a new stake in Vestis during the 4th quarter worth approximately $1,400,000. Institutional investors and hedge funds 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.