Vestis (NYSE:VSTS) Reaches New 52-Week High on Better-Than-Expected Earnings

Shares of Vestis Corporation (NYSE:VSTS) hit a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $12.23 and last traded at $11.2540, with a volume of 903875 shares traded. The stock had previously closed at $9.30.

The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.09 by $0.07. Vestis had a positive return on equity of 2.08% and a negative net margin of 1.75%.The firm had revenue of $659.44 million during the quarter, compared to analyst estimates of $655.32 million. During the same period in the prior year, the firm posted ($0.05) earnings per share. The business’s quarterly revenue was down .9% compared to the same quarter last year.

Analysts Set New Price Targets

Several research analysts recently weighed in on VSTS shares. The Goldman Sachs Group increased their target price on Vestis from $5.30 to $6.00 and gave the stock a “sell” rating in a research report on Wednesday, February 11th. Weiss Ratings restated a “sell (d)” rating on shares of Vestis in a research note on Monday, April 20th. Finally, Barclays restated an “underweight” rating on shares of Vestis in a report on Tuesday, February 17th. One analyst has rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Strong Sell” and an average target price of $6.17.

Institutional Investors Weigh In On Vestis

Several hedge funds have recently modified their holdings of VSTS. Corvex Management LP lifted its position 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. Vanguard Group Inc. raised its stake in shares of Vestis by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 9,960,651 shares of the company’s stock valued at $66,438,000 after purchasing an additional 346,736 shares during the period. Royal Bank of Canada raised its stake in shares of Vestis by 1,520.5% during the fourth quarter. Royal Bank of Canada now owns 5,688,399 shares of the company’s stock valued at $37,942,000 after purchasing an additional 5,337,380 shares during the period. AQR Capital Management LLC lifted its position in shares of Vestis by 19.8% during the second quarter. AQR Capital Management LLC now owns 5,593,129 shares of the company’s stock worth $32,049,000 after purchasing an additional 923,459 shares in the last quarter. Finally, Greenstone Partners & Co. LLC acquired a new position in shares of Vestis during the fourth quarter worth $33,979,000. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

Vestis Stock Up 25.6%

The firm’s 50 day moving average price is $8.45 and its two-hundred day moving average price is $7.22. The firm has a market capitalization of $1.54 billion, a PE ratio of -31.72 and a beta of 0.85. The company has a quick ratio of 1.74, a current ratio of 2.17 and a debt-to-equity ratio of 1.48.

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.