Allspring Global Investments Holdings LLC Boosts Stock Position in Vestis Co. (NYSE:VSTS)

Allspring Global Investments Holdings LLC boosted its holdings in Vestis Co. (NYSE:VSTS) by 357.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 43,390 shares of the company’s stock after buying an additional 33,911 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Vestis were worth $647,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. DAVENPORT & Co LLC acquired a new position in shares of Vestis in the 1st quarter valued at about $21,712,000. Lord Abbett & CO. LLC bought a new stake in shares of Vestis in the 1st quarter valued at approximately $7,364,000. SG Americas Securities LLC increased its position in Vestis by 617.8% in the first quarter. SG Americas Securities LLC now owns 75,697 shares of the company’s stock worth $1,459,000 after buying an additional 65,151 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in Vestis in the first quarter worth $1,069,000. Finally, Illinois Municipal Retirement Fund bought a new position in shares of Vestis in the first quarter worth $1,457,000. 97.40% of the stock is owned by institutional investors and hedge funds.

Vestis Stock Performance

VSTS stock opened at $13.40 on Friday. Vestis Co. has a twelve month low of $8.92 and a twelve month high of $22.37. The company has a debt-to-equity ratio of 1.67, a quick ratio of 2.02 and a current ratio of 2.37. The business has a fifty day moving average of $14.66 and a 200-day moving average of $13.60.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. Vestis had a return on equity of 18.00% and a net margin of 4.13%. The business had revenue of $698.20 million during the quarter, compared to analysts’ expectations of $688.33 million. Vestis’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities research analysts predict that Vestis Co. will post 0.64 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Friday, September 13th were paid a $0.035 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.14 dividend on an annualized basis and a yield of 1.04%.

Wall Street Analyst Weigh In

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

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.