Sumitomo Mitsui Trust Holdings Inc. Makes New Investment in Vestis Co. (NYSE:VSTS)

Sumitomo Mitsui Trust Holdings Inc. bought a new position in Vestis Co. (NYSE:VSTS) during the fourth quarter, Holdings Channel.com reports. The fund bought 35,021 shares of the company’s stock, valued at approximately $740,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Lecap Asset Management Ltd. bought a new position in Vestis in the 4th quarter worth about $350,000. Louisiana State Employees Retirement System bought a new position in shares of Vestis during the fourth quarter valued at approximately $1,385,000. Mutual of America Capital Management LLC bought a new position in shares of Vestis during the fourth quarter valued at approximately $484,000. Allspring Global Investments Holdings LLC bought a new position in shares of Vestis during the fourth quarter valued at approximately $89,000. Finally, Americana Partners LLC bought a new position in shares of Vestis during the fourth quarter valued at approximately $242,000. 97.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on VSTS. Wolfe Research began coverage on shares of Vestis in a research note on Thursday, January 11th. They set an “outperform” rating and a $24.00 price objective on the stock. Barclays downgraded shares of Vestis from an “equal weight” rating to an “underweight” rating and increased their price objective for the company from $17.00 to $19.00 in a research note on Wednesday, February 28th. Finally, The Goldman Sachs Group started coverage on shares of Vestis in a research note on Thursday, January 25th. They set a “neutral” rating and a $22.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.56.

Insider Transactions at Vestis

In related news, CEO Kim Scott acquired 15,000 shares of the stock in a transaction dated Friday, February 9th. The stock was acquired at an average cost of $19.14 per share, for a total transaction of $287,100.00. Following the completion of the purchase, the chief executive officer now owns 183,131 shares of the company’s stock, valued at approximately $3,505,127.34. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Vestis Stock Performance

NYSE:VSTS opened at $18.83 on Friday. Vestis Co. has a 52 week low of $13.83 and a 52 week high of $22.37. The firm has a 50 day moving average of $18.82 and a 200 day moving average of $18.65. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.61 and a quick ratio of 2.23.

Vestis (NYSE:VSTS) last posted its earnings results on Wednesday, February 7th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The company had revenue of $717.90 million for the quarter, compared to the consensus estimate of $724.72 million. Vestis’s revenue was up 2.5% on a year-over-year basis. As a group, research analysts predict that Vestis Co. will post 1.03 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Friday, March 15th were paid a dividend of $0.035 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.14 annualized dividend and a dividend yield of 0.74%.

Vestis 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.