Vestis (NYSE:VSTS) Stock Rating Lowered by Redburn Atlantic

Vestis (NYSE:VSTS) was downgraded by stock analysts at Redburn Atlantic from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $13.40 price target on the stock. Redburn Atlantic’s price objective indicates a potential upside of 27.01% from the company’s current price.

Several other equities analysts also recently commented on the stock. Stifel Nicolaus reiterated a “hold” rating on shares of Vestis in a report on Friday, May 3rd. Wolfe Research assumed coverage on shares of Vestis in a research note on Thursday, January 11th. They issued an “outperform” rating and a $24.00 price target on the stock. JPMorgan Chase & Co. downgraded shares of Vestis from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $22.00 to $11.00 in a research note on Friday, May 3rd. Robert W. Baird decreased their price target on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Finally, Barclays decreased their price target on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Vestis presently has an average rating of “Hold” and a consensus target price of $16.38.

Vestis Price Performance

NYSE VSTS opened at $10.55 on Tuesday. The company has a quick ratio of 2.16, a current ratio of 2.51 and a debt-to-equity ratio of 1.69. The firm’s fifty day moving average price is $17.83 and its two-hundred day moving average price is $18.60. Vestis has a 1 year low of $8.92 and a 1 year high of $22.37.

Vestis (NYSE:VSTS) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.09). The business had revenue of $705.37 million for the quarter, compared to analysts’ expectations of $722.54 million. The business’s revenue for the quarter was up .9% compared to the same quarter last year. Equities research analysts expect that Vestis will post 1.03 earnings per share for the current year.

Insider Activity at Vestis

In other Vestis news, CEO Kim Scott acquired 15,000 shares of the company’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 acquisition, the chief executive officer now directly owns 183,131 shares in the company, valued at $3,505,127.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder Corvex Management Lp purchased 622,346 shares of the stock in a transaction on Wednesday, May 8th. The stock was purchased at an average price of $10.43 per share, for a total transaction of $6,491,068.78. Following the acquisition, the insider now owns 16,591,833 shares in the company, valued at $173,052,818.19. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kim Scott purchased 15,000 shares of the stock in a transaction on Friday, February 9th. The shares were purchased at an average price of $19.14 per share, with a total value of $287,100.00. Following the acquisition, the chief executive officer now owns 183,131 shares in the company, valued at approximately $3,505,127.34. The disclosure for this purchase can be found here. Insiders acquired a total of 2,485,555 shares of company stock worth $24,417,961 in the last quarter.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in VSTS. Vanguard Group Inc. acquired a new stake in shares of Vestis during the 4th quarter worth approximately $302,586,000. Capital International Investors acquired a new stake in Vestis in the 4th quarter valued at $125,586,000. Channing Capital Management LLC acquired a new stake in Vestis in the 4th quarter valued at $72,529,000. Wellington Management Group LLP acquired a new stake in Vestis in the 4th quarter valued at $56,431,000. Finally, Victory Capital Management Inc. acquired a new stake in Vestis in the 4th quarter valued at $48,292,000. Institutional investors 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.