Vestis (NYSE:VSTS) Price Target Cut to $11.00

Vestis (NYSE:VSTS) had its price objective decreased by analysts at The Goldman Sachs Group from $20.00 to $11.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 7.42% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Barclays dropped their price target on Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a report on Friday, May 3rd. Robert W. Baird cut their price target on Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Stifel Nicolaus reissued a “hold” rating on shares of Vestis in a report on Friday, May 3rd. Wolfe Research assumed coverage on shares of Vestis in a research note on Thursday, January 11th. They issued an “outperform” rating and a $24.00 target price for the company. Finally, JPMorgan Chase & Co. cut shares of Vestis from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $22.00 to $11.00 in a research note on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Vestis presently has an average rating of “Hold” and an average price target of $16.38.

Vestis Trading Up 3.3 %

VSTS opened at $10.24 on Monday. The company has a quick ratio of 2.16, a current ratio of 2.51 and a debt-to-equity ratio of 1.69. The firm’s 50-day simple moving average is $18.00 and its 200-day simple moving average is $18.66. Vestis has a twelve month low of $8.92 and a twelve month high of $22.37.

Vestis (NYSE:VSTS) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The business had revenue of $705.37 million for the quarter, compared to analysts’ expectations of $722.54 million. The company’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, sell-side analysts forecast that Vestis will post 1.03 EPS for the current fiscal year.

Insider Activity at Vestis

In other Vestis news, Director James Phillip Holloman bought 20,200 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was purchased at an average cost of $9.93 per share, with a total value of $200,586.00. Following the completion of the purchase, the director now owns 44,132 shares in the company, valued at $438,230.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director James Phillip Holloman acquired 20,200 shares of Vestis stock in a transaction dated Friday, May 3rd. The stock was bought at an average cost of $9.93 per share, with a total value of $200,586.00. Following the completion of the transaction, the director now directly owns 44,132 shares of the company’s stock, valued at $438,230.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kim Scott purchased 15,000 shares of Vestis stock in a transaction on Friday, February 9th. The shares were purchased at an average cost of $19.14 per share, with a total value of $287,100.00. Following the transaction, the chief executive officer now owns 183,131 shares in the company, valued at $3,505,127.34. The disclosure for this purchase can be found here.

Institutional Investors Weigh In On Vestis

Several institutional investors and hedge funds have recently added to or reduced their stakes in VSTS. Sound Income Strategies LLC acquired a new stake in shares of Vestis in the 4th quarter valued at approximately $25,000. Parkside Financial Bank & Trust bought a new stake in Vestis during the fourth quarter worth $25,000. CI Investments Inc. acquired a new stake in Vestis in the third quarter valued at $28,000. Daiwa Securities Group Inc. bought a new position in shares of Vestis in the 4th quarter valued at about $34,000. Finally, TFO Wealth Partners LLC bought a new stake in shares of Vestis in the 4th quarter valued at about $42,000. 97.40% of the stock is owned by institutional investors.

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.