Vestis (NYSE:VSTS) Sees Large Volume Increase

Shares of Vestis Co. (NYSE:VSTS) saw unusually-strong trading volume on Friday . Approximately 1,939,721 shares traded hands during mid-day trading, an increase of 3% from the previous session’s volume of 1,881,700 shares.The stock last traded at $10.23 and had previously closed at $10.16.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on VSTS shares. Wolfe Research began coverage on shares of Vestis in a research report on Thursday, January 11th. They issued an “outperform” rating and a $24.00 price objective on the stock. Barclays decreased their price target on Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a research note on Friday. Robert W. Baird cut their price objective on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday. JPMorgan Chase & Co. cut shares of 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. Finally, The Goldman Sachs Group initiated coverage on shares of Vestis in a report on Thursday, January 25th. They issued a “neutral” rating and a $22.00 price objective for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Vestis has an average rating of “Hold” and a consensus target price of $19.33.

Vestis Stock Performance

The company has a fifty day simple moving average of $18.38 and a 200-day simple moving average of $18.69. The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.23 and a current ratio of 2.51.

Vestis (NYSE:VSTS) last issued 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 company had revenue of $705.37 million for the quarter, compared to analyst estimates of $722.54 million. Vestis’s quarterly revenue was up .9% on a year-over-year basis. On average, sell-side analysts expect that Vestis Co. 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. Shareholders of record on Friday, March 15th were paid a dividend of $0.035 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.14 annualized dividend and a yield of 1.49%.

Insider Activity at Vestis

In other news, CEO Kim Scott purchased 15,000 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was acquired at an average price of $19.14 per share, with a total value of $287,100.00. Following the purchase, the chief executive officer now owns 183,131 shares in the company, valued at approximately $3,505,127.34. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Strs Ohio acquired a new position in Vestis during the third quarter valued at approximately $359,000. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Vestis in the 3rd quarter worth approximately $1,318,000. Wolverine Asset Management LLC acquired a new stake in shares of Vestis during the 3rd quarter worth approximately $2,412,000. CI Investments Inc. bought a new stake in shares of Vestis during the third quarter valued at approximately $28,000. Finally, Soros Fund Management LLC bought a new stake in shares of Vestis during the third quarter valued at approximately $14,714,000. Institutional investors and hedge funds 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.