Vestis’ (VSTS) Underweight Rating Reaffirmed at JPMorgan Chase & Co.

JPMorgan Chase & Co. reiterated their underweight rating on shares of Vestis (NYSE:VSTS) in a research report released on Monday, Marketbeat Ratings reports. The firm currently has a $6.00 target price on the stock, up from their prior target price of $5.00.

A number of other research firms also recently issued reports on VSTS. The Goldman Sachs Group cut their target price on shares of Vestis from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Robert W. Baird cut their price target on shares of Vestis from $17.00 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday, March 20th. Finally, Barclays cut their price target on shares of Vestis from $10.00 to $5.00 and set an “underweight” rating on the stock in a research report on Friday, May 9th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $9.25.

Vestis Trading Down 3.2%

Vestis stock opened at $5.95 on Monday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.41 and a current ratio of 1.87. Vestis has a 1 year low of $5.20 and a 1 year high of $17.83. The firm’s 50-day moving average is $6.18 and its 200-day moving average is $10.00. The company has a market cap of $783.45 million, a P/E ratio of -33.03 and a beta of 0.96.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.20). The business had revenue of $665.25 million during the quarter, compared to analyst estimates of $690.81 million. Vestis had a positive return on equity of 5.36% and a negative net margin of 0.89%. The firm’s quarterly revenue was down 5.7% on a year-over-year basis. On average, equities analysts expect that Vestis will post 0.7 earnings per share for the current year.

Insider Buying and Selling at Vestis

In related news, COO William J. Seward bought 10,000 shares of the company’s stock in a transaction dated Thursday, May 8th. The stock was purchased at an average price of $6.23 per share, for a total transaction of $62,300.00. Following the acquisition, the chief operating officer owned 130,862 shares in the company, valued at $815,270.26. This trade represents a 8.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Keith A. Meister acquired 377,277 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average price of $5.89 per share, with a total value of $2,222,161.53. Following the acquisition, the director owned 18,380,501 shares in the company, valued at $108,261,150.89. This trade represents a 2.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 880,675 shares of company stock valued at $5,271,632. 13.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. True Wealth Design LLC acquired a new position in shares of Vestis during the fourth quarter valued at approximately $29,000. Spire Wealth Management raised its holdings in shares of Vestis by 168.2% during the first quarter. Spire Wealth Management now owns 5,110 shares of the company’s stock valued at $51,000 after acquiring an additional 3,205 shares during the last quarter. Copeland Capital Management LLC raised its holdings in shares of Vestis by 33.0% during the first quarter. Copeland Capital Management LLC now owns 5,428 shares of the company’s stock valued at $54,000 after acquiring an additional 1,346 shares during the last quarter. KBC Group NV raised its holdings in shares of Vestis by 54.2% during the first quarter. KBC Group NV now owns 7,309 shares of the company’s stock valued at $72,000 after acquiring an additional 2,568 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Vestis during the fourth quarter valued at approximately $93,000. 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.