Vestis (NYSE:VSTS) Sets New 12-Month High – Here’s Why

Vestis Corporation (NYSE:VSTS)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $13.56 and last traded at $13.48, with a volume of 318528 shares. The stock had previously closed at $13.20.

Analysts Set New Price Targets

A number of analysts have recently issued reports on VSTS shares. William Blair upgraded shares of Vestis from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 12th. Barclays raised their target price on shares of Vestis from $6.00 to $9.00 and gave the company an “underweight” rating in a research report on Friday, May 15th. The Goldman Sachs Group reiterated a “sell” rating and issued a $7.50 price target on shares of Vestis in a research note on Wednesday, May 13th. Stifel Nicolaus boosted their price target on shares of Vestis from $8.50 to $11.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings downgraded shares of Vestis from a “sell (d)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Vestis currently has an average rating of “Reduce” and an average price target of $9.50.

Vestis Stock Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 2.13 and a quick ratio of 1.69. The stock has a 50-day moving average price of $11.40 and a 200-day moving average price of $8.74. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -95.11 and a beta of 1.08.

Vestis (NYSE:VSTS) last announced its earnings results on Tuesday, May 12th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.09 by $0.07. The business had revenue of $659.44 million during the quarter, compared to the consensus estimate of $655.32 million. Vestis had a negative net margin of 0.63% and a positive return on equity of 5.27%. Vestis’s revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.05) EPS. As a group, analysts forecast that Vestis Corporation will post 0.52 earnings per share for the current year.

Hedge Funds Weigh In On Vestis

Several institutional investors and hedge funds have recently modified their holdings of VSTS. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Vestis by 10.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 355,493 shares of the company’s stock worth $3,519,000 after purchasing an additional 34,809 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Vestis during the first quarter worth about $762,000. Creative Planning bought a new stake in Vestis during the second quarter worth about $65,000. JPMorgan Chase & Co. grew its stake in Vestis by 739.5% during the second quarter. JPMorgan Chase & Co. now owns 675,770 shares of the company’s stock worth $3,872,000 after buying an additional 595,276 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Vestis by 9.8% during the second quarter. American Century Companies Inc. now owns 275,531 shares of the company’s stock worth $1,579,000 after buying an additional 24,695 shares in the last quarter. 97.40% of the stock is currently owned by institutional investors and hedge funds.

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.