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

Vestis Co. (NYSE:VSTS) shares gapped down before the market opened on Friday . The stock had previously closed at $15.84, but opened at $14.08. Vestis shares last traded at $13.81, with a volume of 339,835 shares traded.

Wall Street Analyst Weigh In

VSTS has been the topic of a number of research analyst reports. Barclays lifted their price target on shares of Vestis from $10.00 to $13.00 and gave the company an “underweight” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. boosted their target price on shares of Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Finally, The Goldman Sachs Group boosted their target price on shares of Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $14.08.

Vestis Price Performance

The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.36 and a current ratio of 1.73. The business’s 50 day simple moving average is $16.05 and its 200-day simple moving average is $14.68. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 84.47 and a beta of 1.17.

Vestis (NYSE:VSTS) last posted its earnings results on Friday, January 31st. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. Vestis had a net margin of 0.75% and a return on equity of 9.07%. During the same quarter last year, the business posted $0.22 earnings per share. Research analysts anticipate that Vestis Co. will post 0.66 earnings per share for the current year.

Vestis Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Friday, February 21st will be paid a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.04%. Vestis’s dividend payout ratio is currently 87.51%.

Institutional Trading of Vestis

A number of institutional investors have recently made changes to their positions in VSTS. Dimensional Fund Advisors LP raised its holdings in shares of Vestis by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,541,710 shares of the company’s stock worth $18,854,000 after purchasing an additional 8,997 shares in the last quarter. Sei Investments Co. grew its position in Vestis by 11.3% in the second quarter. Sei Investments Co. now owns 128,748 shares of the company’s stock worth $1,575,000 after acquiring an additional 13,120 shares in the last quarter. Quarry LP grew its position in Vestis by 346.0% in the second quarter. Quarry LP now owns 6,556 shares of the company’s stock worth $80,000 after acquiring an additional 5,086 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Vestis during the 2nd quarter worth $2,607,000. Finally, Truist Financial Corp bought a new stake in shares of Vestis during the 2nd quarter worth $224,000. 97.40% of the stock is owned by institutional investors and hedge funds.

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.