Vestis (NYSE:VSTS) Lowered to “Neutral” at Redburn Atlantic

Vestis (NYSE:VSTS) was downgraded by research analysts at Redburn Atlantic from a “buy” rating to a “neutral” rating in a report issued on Tuesday, MarketBeat reports. They presently have a $13.40 price target on the stock. Redburn Atlantic’s target price points to a potential upside of 27.01% from the stock’s current price.

A number of other research analysts have also weighed in on the company. The Goldman Sachs Group cut their price objective on Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday. Wolfe Research started coverage on Vestis in a research report on Thursday, January 11th. They set an “outperform” rating and a $24.00 price target on the stock. Stifel Nicolaus restated a “hold” rating on shares of Vestis in a research report on Friday, May 3rd. JPMorgan Chase & Co. downgraded Vestis from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $22.00 to $11.00 in a research report on Friday, May 3rd. Finally, Barclays reduced their price objective on Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a research report on Friday, May 3rd. One equities 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 MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $16.38.

Vestis Stock Up 3.1 %

Vestis stock opened at $10.55 on Tuesday. The stock has a 50-day moving average of $17.83 and a two-hundred day moving average of $18.60. The company has a current ratio of 2.51, a quick ratio of 2.16 and a debt-to-equity ratio of 1.69. Vestis has a one year low of $8.92 and a one year high of $22.37.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The firm had revenue of $705.37 million during the quarter, compared to analyst estimates of $722.54 million. The company’s revenue for the quarter was up .9% compared to the same quarter last year. Equities research analysts forecast that Vestis will post 1.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Vestis news, major shareholder Corvex Management Lp bought 622,346 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was bought at an average price of $10.43 per share, with a total value of $6,491,068.78. Following the completion of the purchase, the insider now directly owns 16,591,833 shares in the company, valued at $173,052,818.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Kim Scott acquired 15,000 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was acquired at an average cost of $19.14 per share, with a total value 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 acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Corvex Management Lp acquired 622,346 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was purchased at an average cost of $10.43 per share, with a total value of $6,491,068.78. Following the completion of the purchase, the insider now directly owns 16,591,833 shares of the company’s stock, valued at approximately $173,052,818.19. The disclosure for this purchase can be found here. Insiders acquired a total of 2,485,555 shares of company stock valued at $24,417,961 over the last quarter.

Institutional Investors Weigh In On Vestis

Institutional investors have recently modified their holdings of the company. Sound Income Strategies LLC acquired a new position in Vestis during the 4th quarter worth $25,000. Parkside Financial Bank & Trust acquired a new position in Vestis during the 4th quarter worth $25,000. CI Investments Inc. acquired a new position in Vestis during the 3rd quarter worth $28,000. Daiwa Securities Group Inc. acquired a new position in Vestis during the 4th quarter worth $34,000. Finally, TFO Wealth Partners LLC acquired a new position in Vestis during the 4th quarter worth $42,000. 97.40% of the stock is owned by institutional investors and hedge funds.

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.