Public Sector Pension Investment Board Grows Holdings in Vestis Co. (NYSE:VSTS)

Public Sector Pension Investment Board grew its position in shares of Vestis Co. (NYSE:VSTS) by 7.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 289,192 shares of the company’s stock after purchasing an additional 19,772 shares during the period. Public Sector Pension Investment Board owned 0.22% of Vestis worth $3,537,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. DAVENPORT & Co LLC acquired a new position in Vestis in the first quarter valued at $21,712,000. Hsbc Holdings PLC acquired a new position in shares of Vestis during the 4th quarter valued at about $4,646,000. Madison Avenue Partners LP lifted its holdings in shares of Vestis by 1,124.5% during the 4th quarter. Madison Avenue Partners LP now owns 1,346,980 shares of the company’s stock worth $28,475,000 after acquiring an additional 1,236,980 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Vestis by 2,290.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 101,064 shares of the company’s stock worth $1,948,000 after acquiring an additional 96,836 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in Vestis in the first quarter valued at approximately $7,364,000. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

Vestis Price Performance

Shares of NYSE VSTS opened at $15.11 on Friday. The company has a debt-to-equity ratio of 1.67, a current ratio of 2.37 and a quick ratio of 2.02. Vestis Co. has a 1-year low of $8.92 and a 1-year high of $22.37. The company has a market capitalization of $1.99 billion and a price-to-earnings ratio of 18.89. The business has a 50-day moving average of $13.75 and a 200-day moving average of $14.33.

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

Vestis Dividend Announcement

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

Analyst Upgrades and Downgrades

VSTS has been the topic of a number of research analyst reports. The Goldman Sachs Group lifted their price target on shares of Vestis from $12.50 to $13.80 and gave the company a “neutral” rating in a report on Tuesday, August 20th. William Blair initiated coverage on Vestis in a report on Friday, May 31st. They issued a “market perform” rating on the stock. Robert W. Baird lowered Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 price target for the company. in a research note on Thursday, August 8th. Finally, Baird R W downgraded Vestis from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Vestis currently has a consensus rating of “Hold” and a consensus price target of $16.69.

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.