Vestis Corporation (NYSE:VSTS) Given Average Recommendation of “Reduce” by Brokerages

Shares of Vestis Corporation (NYSE:VSTS) have received a consensus recommendation of “Reduce” from the eight analysts that are presently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $12.66.

VSTS has been the subject of a number of research reports. The Goldman Sachs Group lifted their price objective on shares of Vestis from $8.20 to $9.30 and gave the company a “sell” rating in a report on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Vestis in a research report on Friday, August 7th. Barclays raised their price target on shares of Vestis from $9.00 to $11.00 and gave the company an “underweight” rating in a research report on Wednesday, August 12th. Robert W. Baird upped their price objective on Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 12th. Finally, Stifel Nicolaus increased their price objective on Vestis from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th.

Insider Buying and Selling

In related news, CEO James Barber purchased 84,500 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were bought at an average price of $12.37 per share, for a total transaction of $1,045,265.00. Following the acquisition, the chief executive officer directly owned 867,222 shares in the company, valued at $10,727,536.14. This trade represents a 10.80% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 15.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Vestis

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Weiss Asset Management LP purchased a new stake in shares of Vestis during the first quarter worth approximately $584,000. Militia Capital Management LLC purchased a new position in Vestis in the first quarter worth approximately $618,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Vestis by 69.1% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,072,081 shares of the company’s stock worth $8,427,000 after acquiring an additional 437,965 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Vestis during the 2nd quarter worth approximately $9,368,000. Finally, Corvex Management LP grew its holdings in Vestis by 5.4% during the 4th quarter. Corvex Management LP now owns 19,813,963 shares of the company’s stock worth $132,159,000 after acquiring an additional 1,010,064 shares in the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Vestis Trading Up 0.5%

NYSE VSTS traded up $0.07 during trading on Friday, hitting $13.91. The stock had a trading volume of 176,891 shares, compared to its average volume of 1,597,471. The company has a market capitalization of $1.84 billion, a PE ratio of -277.76 and a beta of 0.95. The company has a quick ratio of 1.75, a current ratio of 2.17 and a debt-to-equity ratio of 1.38. The firm has a 50 day moving average price of $13.94 and a 200 day moving average price of $11.77. Vestis has a twelve month low of $4.02 and a twelve month high of $16.90.

Vestis (NYSE:VSTS) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.08. Vestis had a negative net margin of 0.20% and a positive return on equity of 7.27%. The business had revenue of $661.66 million for the quarter, compared to analysts’ expectations of $668.94 million. As a group, equities research analysts forecast that Vestis will post 0.62 earnings per share for the current year.

Vestis Company Profile

Vestis Corporation (NYSE: VSTS) is a provider of workplace apparel and facility services serving businesses across the United States and Canada. The company helps organizations manage employee uniforms, workwear and related workplace needs through rental, direct-sale and service programs.

Its offerings include uniforms and career apparel, protective clothing, industrial workwear, floor mats, towels, linens and restroom supplies. Vestis also provides services such as garment cleaning, repair, replacement and delivery, allowing customers to outsource the ongoing management of workplace apparel and facility products.

Vestis was established as an independent public company in 2023 following the separation of Aramark Uniform Services from Aramark.