Scopia Capital Management LP Sells 342,956 Shares of Vestis Co. (NYSE:VSTS)

Scopia Capital Management LP decreased its stake in shares of Vestis Co. (NYSE:VSTS) by 23.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,105,356 shares of the company’s stock after selling 342,956 shares during the quarter. Vestis accounts for about 3.4% of Scopia Capital Management LP’s investment portfolio, making the stock its 13th biggest position. Scopia Capital Management LP’s holdings in Vestis were worth $16,470,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. AQR Capital Management LLC boosted its stake in Vestis by 223.0% during the second quarter. AQR Capital Management LLC now owns 3,753,889 shares of the company’s stock worth $45,197,000 after buying an additional 2,591,593 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Vestis by 9.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,156,811 shares of the company’s stock valued at $32,136,000 after acquiring an additional 192,525 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Vestis by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,541,710 shares of the company’s stock valued at $18,854,000 after acquiring an additional 8,997 shares during the period. Forest Avenue Capital Management LP acquired a new position in Vestis in the third quarter worth about $19,486,000. Finally, Granite Investment Partners LLC bought a new position in Vestis during the second quarter worth about $13,752,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on VSTS shares. Baird R W lowered Vestis from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 8th. Robert W. Baird lowered Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 price objective for the company. in a research note on Thursday, August 8th. The Goldman Sachs Group boosted their target price on shares of Vestis from $13.60 to $15.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Barclays upped their target price on shares of Vestis from $10.00 to $13.00 and gave the stock an “underweight” rating in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Vestis from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Vestis currently has a consensus rating of “Hold” and an average price target of $17.43.

Vestis Stock Performance

Vestis stock opened at $16.08 on Friday. Vestis Co. has a 12-month low of $8.92 and a 12-month high of $22.37. The stock has a 50-day simple moving average of $14.69 and a 200 day simple moving average of $13.48. The company has a quick ratio of 1.36, a current ratio of 1.73 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of $2.12 billion and a price-to-earnings ratio of 100.51.

Vestis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Friday, December 13th will be given a dividend of $0.035 per share. The ex-dividend date is Friday, December 13th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.87%. Vestis’s payout ratio is 87.51%.

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.