Vestis (NYSE:VSTS) Shares Gap Down – Here’s What Happened

Vestis Co. (NYSE:VSTS) gapped down prior to trading on Friday . The stock had previously closed at $14.52, but opened at $13.80. Vestis shares last traded at $14.12, with a volume of 2,508,606 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on VSTS shares. The Goldman Sachs Group boosted their target price on shares of Vestis from $12.50 to $13.80 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Robert W. Baird downgraded Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 price objective for the company. in a research report on Thursday, August 8th. Finally, Baird R W cut Vestis from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.69.

Vestis Trading Down 3.2 %

The business has a fifty day simple moving average of $13.98 and a 200-day simple moving average of $14.21. The company has a current ratio of 2.37, a quick ratio of 2.02 and a debt-to-equity ratio of 1.67.

Vestis (NYSE:VSTS) last issued its earnings results on Wednesday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, topping 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 business had revenue of $698.20 million for the quarter, compared to analyst estimates of $688.33 million. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, sell-side analysts forecast that Vestis Co. will post 0.64 EPS for the current year.

Vestis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Friday, September 13th were given a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend was Friday, September 13th.

Hedge Funds Weigh In On Vestis

Institutional investors have recently modified their holdings of the company. TFO Wealth Partners LLC bought a new position in shares of Vestis in the fourth quarter valued at $42,000. Wahed Invest LLC purchased a new stake in shares of Vestis in the fourth quarter worth approximately $42,000. Canada Pension Plan Investment Board purchased a new stake in shares of Vestis in the second quarter worth approximately $44,000. nVerses Capital LLC bought a new position in shares of Vestis in the second quarter valued at approximately $61,000. Finally, PNC Financial Services Group Inc. purchased a new position in shares of Vestis during the fourth quarter valued at approximately $65,000. 97.40% of the stock is owned by institutional investors and hedge funds.

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.