Vestis (NYSE:VSTS) Price Target Raised to $16.00

Vestis (NYSE:VSTS) had its price target raised by Robert W. Baird from $15.00 to $16.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities research analysts have also issued research reports about the stock. Barclays lifted their target price on shares of Vestis from $6.00 to $9.00 and gave the company an “underweight” rating in a research note on Friday, May 15th. Stifel Nicolaus increased their price target on shares of Vestis from $8.50 to $11.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Vestis in a report on Friday, August 7th. The Goldman Sachs Group lifted their price objective on Vestis from $8.20 to $9.30 and gave the company a “sell” rating in a research report on Tuesday. Finally, William Blair upgraded Vestis from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, Vestis has a consensus rating of “Reduce” and a consensus price target of $12.66.

Vestis Stock Performance

Shares of VSTS stock opened at $13.32 on Wednesday. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of -266.43 and a beta of 0.97. The stock has a fifty day moving average of $14.24 and a 200 day moving average of $10.80. Vestis has a 52 week low of $3.98 and a 52 week high of $16.90. The company has a quick ratio of 1.69, a current ratio of 2.17 and a debt-to-equity ratio of 1.38.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.08. Vestis had a negative net margin of 0.20% and a positive return on equity of 7.27%. The business had revenue of $661.66 million for the quarter, compared to the consensus estimate of $668.94 million. As a group, research analysts expect that Vestis will post 0.57 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Vestis by 10.9% in 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 buying an additional 34,809 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Vestis in the first quarter worth approximately $762,000. Creative Planning purchased a new stake in Vestis in the second quarter worth approximately $65,000. JPMorgan Chase & Co. grew its position in Vestis by 739.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 675,770 shares of the company’s stock worth $3,872,000 after purchasing an additional 595,276 shares during the period. Finally, American Century Companies Inc. grew its position in Vestis by 9.8% in the 2nd quarter. American Century Companies Inc. now owns 275,531 shares of the company’s stock worth $1,579,000 after purchasing an additional 24,695 shares during the period. 97.40% of the stock is owned by institutional investors.

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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.