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

JPMorgan Chase & Co. downgraded shares of Vestis (NYSE:VSTS) from an overweight rating to a neutral rating in a research note issued to investors on Friday, MarketBeat reports. The brokerage currently has $11.00 target price on the stock, down from their previous target price of $22.00.

A number of other research firms have also issued reports on VSTS. Barclays lowered Vestis from an equal weight rating to an underweight rating and lifted their target price for the company from $17.00 to $19.00 in a report on Wednesday, February 28th. The Goldman Sachs Group assumed coverage on Vestis in a research report on Thursday, January 25th. They set a neutral rating and a $22.00 price objective for the company. Wolfe Research initiated coverage on shares of Vestis in a research note on Thursday, January 11th. They issued an outperform rating and a $24.00 price target for the company. Finally, Robert W. Baird dropped their price objective on shares of Vestis from $24.00 to $13.00 and set an outperform rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $19.33.

Vestis Stock Performance

NYSE:VSTS traded down $0.75 on Friday, reaching $9.41. 24,764,651 shares of the company’s stock were exchanged, compared to its average volume of 2,588,736. The business has a fifty day moving average of $18.38 and a 200-day moving average of $18.67. The company has a quick ratio of 2.23, a current ratio of 2.51 and a debt-to-equity ratio of 1.69. Vestis has a 52-week low of $8.92 and a 52-week high of $22.37.

Vestis (NYSE:VSTS) last released its 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 business had revenue of $705.37 million for the quarter, compared to the consensus estimate of $722.54 million. The company’s revenue for the quarter was up .9% compared to the same quarter last year. Equities analysts predict that Vestis will post 1.03 earnings per share for the current fiscal year.

Vestis Dividend Announcement

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

Insider Activity at Vestis

In other news, CEO Kim Scott purchased 15,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were bought at an average price of $19.14 per share, with a total value of $287,100.00. Following the completion of the transaction, the chief executive officer now directly owns 183,131 shares in the company, valued at approximately $3,505,127.34. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Investors Weigh In On Vestis

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB purchased a new stake in shares of Vestis during the fourth quarter worth approximately $3,909,000. Wolverine Asset Management LLC boosted its holdings in shares of Vestis by 48.0% in the fourth quarter. Wolverine Asset Management LLC now owns 185,000 shares of the company’s stock valued at $3,911,000 after acquiring an additional 60,000 shares in the last quarter. New York State Teachers Retirement System acquired a new position in shares of Vestis during the fourth quarter worth about $1,697,000. State of New Jersey Common Pension Fund D purchased a new position in Vestis during the fourth quarter worth about $3,160,000. Finally, Yousif Capital Management LLC acquired a new stake in Vestis in the fourth quarter valued at about $1,400,000. 97.40% of the stock is 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.