Vestis Corporation (NYSE:VSTS) Receives $5.70 Consensus Price Target from Brokerages

Vestis Corporation (NYSE:VSTS) has been given a consensus recommendation of “Strong Sell” by the five brokerages that are currently covering the company, MarketBeat reports. Four research analysts have rated the stock with a sell recommendation and one has issued a hold recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $5.70.

VSTS has been the topic of several analyst reports. The Goldman Sachs Group downgraded shares of Vestis from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $6.30 to $5.30 in a research report on Thursday, January 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of Vestis in a research report on Wednesday, January 21st. Robert W. Baird increased their target price on Vestis from $5.00 to $6.50 and gave the company a “neutral” rating in a report on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. raised their target price on Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 3rd.

Insiders Place Their Bets

In other Vestis news, Director Douglas A. Pertz bought 15,000 shares of the stock in a transaction on Friday, December 19th. The shares were bought at an average price of $6.90 per share, with a total value of $103,500.00. Following the purchase, the director directly owned 322,010 shares in the company, valued at $2,221,869. The trade was a 4.89% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James J. Barber purchased 82,367 shares of Vestis stock in a transaction dated Thursday, December 4th. The stock was bought at an average cost of $6.36 per share, with a total value of $523,854.12. Following the completion of the transaction, the chief executive officer directly owned 642,469 shares of the company’s stock, valued at $4,086,102.84. This represents a 14.71% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 1,205,810 shares of company stock valued at $8,138,302. 15.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Vestis

A number of hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its stake in Vestis by 147.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 5,175 shares of the company’s stock valued at $35,000 after acquiring an additional 3,082 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Vestis by 176.1% during the 4th quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company’s stock valued at $35,000 after purchasing an additional 3,312 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Vestis by 471.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock valued at $31,000 after purchasing an additional 4,502 shares during the last quarter. Osaic Holdings Inc. boosted its holdings in Vestis by 703.2% in the second quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock worth $33,000 after purchasing an additional 5,028 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Vestis by 147.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,006 shares of the company’s stock worth $53,000 after purchasing an additional 4,766 shares in the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.

Vestis Stock Up 5.6%

Shares of Vestis stock opened at $7.21 on Thursday. Vestis has a 12-month low of $3.98 and a 12-month high of $13.90. The firm has a market capitalization of $951.35 million, a PE ratio of -23.26 and a beta of 0.73. The company has a quick ratio of 1.64, a current ratio of 2.08 and a debt-to-equity ratio of 1.49. The stock’s fifty day moving average is $6.79 and its 200-day moving average is $5.66.

Vestis (NYSE:VSTS) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. Vestis had a positive return on equity of 2.62% and a negative net margin of 1.47%.The firm had revenue of $712.01 million for the quarter, compared to analysts’ expectations of $690.65 million. During the same quarter last year, the business posted $0.11 EPS. Vestis’s revenue was up 4.1% on a year-over-year basis. Equities analysts anticipate that Vestis will post 0.7 earnings per share for the current year.

About Vestis

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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.