Vestis (NYSE:VSTS) Trading Down 5.6% After Analyst Downgrade

Vestis Corporation (NYSE:VSTS) shares fell 5.6% during trading on Tuesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $13.03 and last traded at $13.0910. 1,326,252 shares were traded during mid-day trading, a decline of 19% from the average session volume of 1,632,456 shares. The stock had previously closed at $13.87.

VSTS has been the topic of several other research reports. Robert W. Baird boosted their target price on Vestis from $10.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Vestis in a report on Friday, August 7th. Stifel Nicolaus upped their price target on Vestis from $8.50 to $11.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. The Goldman Sachs Group raised their price objective on Vestis from $8.20 to $9.30 and gave the company a “sell” rating in a research note on Tuesday. Finally, Barclays upped their target price on Vestis from $6.00 to $9.00 and gave the stock an “underweight” rating in a research report on Friday, May 15th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $10.86.

Hedge Funds Weigh In On Vestis

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VSTS. State of Wyoming lifted its holdings in Vestis by 10.4% during the 4th quarter. State of Wyoming now owns 15,145 shares of the company’s stock valued at $101,000 after purchasing an additional 1,428 shares during the last quarter. Quantinno Capital Management LP grew its holdings in Vestis by 2.1% in the 1st quarter. Quantinno Capital Management LP now owns 86,042 shares of the company’s stock valued at $676,000 after buying an additional 1,756 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Vestis by 15.6% during the second quarter. Captrust Financial Advisors now owns 20,599 shares of the company’s stock worth $118,000 after buying an additional 2,787 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Vestis by 176.1% in the fourth quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company’s stock valued at $35,000 after acquiring an additional 3,312 shares in the last quarter. Finally, Mariner LLC grew its stake in shares of Vestis by 3.2% in the third quarter. Mariner LLC now owns 123,981 shares of the company’s stock valued at $562,000 after acquiring an additional 3,798 shares in the last quarter. Institutional investors own 97.40% of the company’s stock.

Vestis Trading Up 2.0%

The firm has a market capitalization of $1.87 billion, a P/E ratio of -283.14 and a beta of 0.97. The business’s 50-day moving average is $14.23 and its 200 day moving average is $10.74. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.13 and a quick ratio of 1.69.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.08. The business had revenue of $661.66 million during the quarter, compared to analysts’ expectations of $668.94 million. Vestis had a negative net margin of 0.20% and a positive return on equity of 7.30%. As a group, analysts anticipate that Vestis Corporation will post 0.52 EPS for the current fiscal year.

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.