Vestis (NYSE:VSTS) Downgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Vestis (NYSE:VSTS) from an overweight rating to a neutral rating in a report published on Friday morning, MarketBeat Ratings reports. They currently have $11.00 target price on the stock, down from their previous target price of $22.00.

Several other brokerages have also issued reports on VSTS. Wolfe Research started 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. Robert W. Baird reduced their target price on Vestis from $24.00 to $13.00 and set an outperform rating for the company 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, Barclays cut Vestis from an equal weight rating to an underweight rating and raised their price objective for the company from $17.00 to $19.00 in a research note on Wednesday, February 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $19.33.

Vestis Stock Down 7.4 %

Shares of VSTS opened at $9.41 on Friday. The business has a 50-day moving average of $18.38 and a 200-day moving average of $18.72. Vestis has a 1 year low of $8.92 and a 1 year high of $22.37. 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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business’s quarterly revenue was up .9% on a year-over-year basis. Equities research analysts anticipate that Vestis will post 1.03 EPS for the current fiscal year.

Vestis Dividend Announcement

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

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VSTS. DAVENPORT & Co LLC bought a new position in shares of Vestis during the 1st quarter worth approximately $21,712,000. Iridian Asset Management LLC CT purchased a new stake in shares of Vestis during the first quarter valued at approximately $257,000. Capstone Investment Advisors LLC purchased a new stake in shares of Vestis during the first quarter valued at approximately $409,000. Commonwealth Equity Services LLC boosted its position in Vestis by 2.3% in the first quarter. Commonwealth Equity Services LLC now owns 120,230 shares of the company’s stock worth $2,317,000 after purchasing an additional 2,686 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Vestis by 0.7% in the first quarter. Principal Financial Group Inc. now owns 677,163 shares of the company’s stock worth $13,049,000 after purchasing an additional 4,572 shares during the last quarter. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

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.