Vestis (NYSE:VSTS) Issues Quarterly Earnings Results

Vestis (NYSE:VSTS) issued its quarterly earnings results on Tuesday. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.04, FiscalAI reports. Vestis had a negative net margin of 1.47% and a positive return on equity of 2.62%. The firm had revenue of $663.39 million for the quarter, compared to the consensus estimate of $665.77 million.

Vestis Stock Performance

Shares of VSTS stock opened at $7.34 on Tuesday. The company has a current ratio of 2.08, a quick ratio of 1.64 and a debt-to-equity ratio of 1.49. The firm has a fifty day simple moving average of $6.80 and a two-hundred day simple moving average of $5.66. Vestis has a 12 month low of $3.98 and a 12 month high of $13.90. The firm has a market capitalization of $968.51 million, a PE ratio of -23.68 and a beta of 0.73.

Insider Buying and Selling

In other Vestis news, CEO James J. Barber acquired 82,367 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were acquired at an average price of $6.36 per share, with a total value of $523,854.12. Following the completion of the transaction, the chief executive officer owned 642,469 shares in the company, valued at approximately $4,086,102.84. This trade represents a 14.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William Goetz purchased 6,746 shares of Vestis stock in a transaction that occurred on Monday, December 8th. The shares were bought at an average price of $7.42 per share, with a total value of $50,055.32. Following the transaction, the director owned 29,877 shares of the company’s stock, valued at $221,687.34. This trade represents a 29.16% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 1,205,810 shares of company stock worth $8,138,302 over the last 90 days. Company insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Vestis

A number of large investors have recently made changes to their positions in VSTS. EverSource Wealth Advisors LLC lifted its holdings in Vestis by 471.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock worth $31,000 after purchasing an additional 4,502 shares in the last quarter. Osaic Holdings Inc. increased its position in shares of Vestis by 703.2% during the second quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock valued at $33,000 after buying an additional 5,028 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Vestis by 147.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,006 shares of the company’s stock worth $53,000 after buying an additional 4,766 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Vestis in the third quarter valued at approximately $56,000. Finally, Creative Planning purchased a new position in Vestis during the second quarter valued at approximately $65,000. 97.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on VSTS shares. The Goldman Sachs Group downgraded shares of Vestis from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $6.30 to $5.30 in a research note on Thursday, January 8th. JPMorgan Chase & Co. lifted their price objective on Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 3rd. Robert W. Baird boosted their price objective on Vestis from $5.00 to $6.50 and gave the company a “neutral” rating in a research note on Tuesday, December 2nd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Vestis in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Strong Sell” and a consensus target price of $5.70.

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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.