JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Vestis (NYSE:VSTS) Stock

Vestis (NYSE:VSTS) had its price objective upped by stock analysts at JPMorgan Chase & Co. from $5.50 to $6.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 8.81% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Robert W. Baird increased their target price on shares of Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research note on Tuesday. Weiss Ratings reissued a “sell (d)” rating on shares of Vestis in a research report on Wednesday, October 8th. Wall Street Zen upgraded Vestis from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, The Goldman Sachs Group upped their price target on Vestis from $5.50 to $6.30 and gave the stock a “neutral” rating in a research note on Tuesday. Two research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Strong Sell” and an average price target of $5.95.

Vestis Trading Up 3.5%

NYSE VSTS opened at $6.58 on Wednesday. The stock has a market capitalization of $867.70 million, a P/E ratio of -21.23 and a beta of 0.78. The business has a 50 day simple moving average of $5.34 and a 200 day simple moving average of $5.42. The company has a debt-to-equity ratio of 1.49, a current ratio of 2.08 and a quick ratio of 1.42. Vestis has a one year low of $3.98 and a one year high of $17.83.

Vestis (NYSE:VSTS) last posted its quarterly earnings results on Monday, December 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.13). The business had revenue of $712.01 million for the quarter, compared to the consensus estimate of $690.65 million. Vestis had a positive return on equity of 2.62% and a negative net margin of 1.47%.Vestis’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.11 earnings per share. Research analysts expect that Vestis will post 0.7 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Alberta Investment Management Corp raised its position in Vestis by 57.7% in the 2nd quarter. Alberta Investment Management Corp now owns 9,692,000 shares of the company’s stock valued at $55,535,000 after buying an additional 3,547,000 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Vestis by 19.8% in the 2nd quarter. AQR Capital Management LLC now owns 5,593,129 shares of the company’s stock worth $32,049,000 after acquiring an additional 923,459 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Vestis by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 4,587,432 shares of the company’s stock valued at $20,780,000 after purchasing an additional 25,675 shares during the last quarter. Vision One Management Partners LP raised its holdings in shares of Vestis by 8.5% in the second quarter. Vision One Management Partners LP now owns 3,590,017 shares of the company’s stock valued at $20,571,000 after purchasing an additional 281,000 shares during the last quarter. Finally, Scopia Capital Management LP lifted its position in shares of Vestis by 16.1% during the second quarter. Scopia Capital Management LP now owns 2,896,583 shares of the company’s stock valued at $16,597,000 after purchasing an additional 401,223 shares in the last quarter. Institutional investors own 97.40% of the company’s stock.

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.