Marshall Wace LLP Trims Stock Position in Vestis Co. (NYSE:VSTS)

Marshall Wace LLP reduced its stake in Vestis Co. (NYSE:VSTS) by 5.8% during the 2nd quarter, Holdings Channel reports. The fund owned 942,047 shares of the company’s stock after selling 58,376 shares during the period. Marshall Wace LLP’s holdings in Vestis were worth $11,521,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. TFO Wealth Partners LLC acquired a new position in shares of Vestis in the fourth quarter valued at approximately $42,000. Wahed Invest LLC purchased a new stake in Vestis in the 4th quarter worth approximately $42,000. Canada Pension Plan Investment Board acquired a new position in Vestis in the 2nd quarter valued at $44,000. nVerses Capital LLC purchased a new position in shares of Vestis during the 2nd quarter worth $61,000. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Vestis during the fourth quarter worth $65,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

Analysts Set New Price Targets

VSTS has been the topic of several recent analyst reports. Baird R W downgraded Vestis from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 8th. The Goldman Sachs Group increased their price objective on shares of Vestis from $12.50 to $13.80 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Robert W. Baird cut shares of Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 target price on the stock. in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.69.

Vestis Price Performance

Vestis stock opened at $15.11 on Friday. The firm has a fifty day moving average of $13.80 and a 200-day moving average of $14.31. Vestis Co. has a 52-week low of $8.92 and a 52-week high of $22.37. The company has a quick ratio of 2.02, a current ratio of 2.37 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $1.99 billion and a P/E ratio of 18.89.

Vestis (NYSE:VSTS) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.10 by $0.06. Vestis had a return on equity of 18.00% and a net margin of 4.13%. The company had revenue of $698.20 million for the quarter, compared to analyst estimates of $688.33 million. Vestis’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, analysts predict that Vestis Co. will post 0.64 EPS for the current year.

Vestis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Friday, September 13th will be given a dividend of $0.035 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.93%. Vestis’s payout ratio is currently 17.50%.

Vestis 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.