abrdn plc Invests $822,000 in Vestis Co. (NYSE:VSTS)

abrdn plc acquired a new stake in Vestis Co. (NYSE:VSTS) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 38,862 shares of the company’s stock, valued at approximately $822,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC bought a new stake in Vestis during the 4th quarter worth approximately $25,000. CI Investments Inc. bought a new stake in shares of Vestis during the third quarter worth $28,000. Daiwa Securities Group Inc. acquired a new stake in shares of Vestis during the fourth quarter worth $34,000. S.A. Mason LLC bought a new stake in Vestis in the 4th quarter valued at $52,000. Finally, Rosenberg Matthew Hamilton acquired a new position in Vestis in the 4th quarter worth $55,000. 97.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

VSTS has been the topic of several recent research reports. Barclays downgraded Vestis from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $17.00 to $19.00 in a research note on Wednesday, February 28th. The Goldman Sachs Group started coverage on Vestis in a research report on Thursday, January 25th. They set a “neutral” rating and a $22.00 price target for the company. Finally, Wolfe Research initiated coverage on shares of Vestis in a report on Thursday, January 11th. They issued an “outperform” rating and a $24.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.56.

Insider Activity at Vestis

In other news, CEO Kim Scott acquired 15,000 shares of Vestis stock in a transaction dated Friday, February 9th. The stock was bought at an average price of $19.14 per share, for a total transaction of $287,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 183,131 shares in the company, valued at approximately $3,505,127.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Vestis Trading Down 0.4 %

Shares of VSTS opened at $18.83 on Tuesday. Vestis Co. has a one year low of $13.83 and a one year high of $22.37. The firm has a 50-day moving average of $18.82 and a 200-day moving average of $18.75. 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 issued its earnings results on Wednesday, February 7th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). The firm had revenue of $717.90 million during the quarter, compared to the consensus estimate of $724.72 million. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. Sell-side analysts anticipate that Vestis Co. will post 1.03 earnings per share for the current year.

Vestis Dividend Announcement

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

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.