Brokerages Set Vestis Corporation (NYSE:VSTS) Target Price at $5.70

Shares of Vestis Corporation (NYSE:VSTS) have received an average rating of “Strong Sell” from the five brokerages that are covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell rating and one has given a hold rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $5.70.

A number of research analysts have recently weighed in on VSTS shares. Weiss Ratings reissued a “sell (d)” rating on shares of Vestis in a research note on Wednesday, January 21st. The Goldman Sachs Group lowered Vestis from a “neutral” rating to a “sell” rating and cut their target price for the company from $6.30 to $5.30 in a research note on Thursday, January 8th. Robert W. Baird boosted their target price on Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research report on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Vestis from $5.50 to $6.00 and gave the company an “underweight” rating in a research report on Wednesday, December 3rd.

Vestis Stock Up 2.2%

Shares of NYSE VSTS opened at $7.34 on Thursday. The firm has a market capitalization of $968.51 million, a PE ratio of -23.68 and a beta of 0.73. The company has a current ratio of 2.08, a quick ratio of 1.64 and a debt-to-equity ratio of 1.49. Vestis has a 1 year low of $3.98 and a 1 year high of $13.90. The firm’s 50-day moving average is $6.80 and its 200-day moving average is $5.66.

Vestis (NYSE:VSTS) last posted 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 negative net margin of 1.47% and a positive return on equity of 2.62%. The business had revenue of $712.01 million during the quarter, compared to the consensus estimate of $690.65 million. During the same period in the previous year, the firm posted $0.11 earnings per share. Vestis’s revenue for the quarter was up 4.1% compared to the same quarter last year. Equities analysts expect that Vestis will post 0.7 EPS for the current year.

Insider Activity

In other news, Director William Goetz purchased 6,746 shares of Vestis stock in a transaction dated Monday, December 8th. The shares were bought at an average cost of $7.42 per share, with a total value of $50,055.32. Following the completion of the transaction, the director directly owned 29,877 shares in the company, valued at $221,687.34. This trade represents a 29.16% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Keith A. Meister acquired 209,842 shares of the stock in a transaction that occurred on Wednesday, December 17th. The stock was purchased at an average price of $6.79 per share, with a total value of $1,424,827.18. Following the transaction, the director owned 19,813,963 shares in the company, valued at $134,536,808.77. This represents a 1.07% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 1,205,810 shares of company stock valued at $8,138,302. 15.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Vestis

Hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its position 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 period. Osaic Holdings Inc. boosted its holdings in shares of Vestis by 703.2% in the second quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock valued at $33,000 after buying an additional 5,028 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Vestis by 147.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,175 shares of the company’s stock worth $35,000 after acquiring an additional 3,082 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Vestis by 176.1% during the fourth quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company’s stock worth $35,000 after acquiring an additional 3,312 shares in the last quarter. Finally, Simplicity Wealth LLC acquired a new stake in shares of Vestis during the third quarter worth $46,000. Institutional investors and hedge funds 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.