Fmr LLC Sells 972,659 Shares of Vestis Co. (NYSE:VSTS)

Fmr LLC reduced its position in Vestis Co. (NYSE:VSTS) by 10.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,637,988 shares of the company’s stock after selling 972,659 shares during the quarter. Fmr LLC owned approximately 0.07% of Vestis worth $131,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of VSTS. Pacer Advisors Inc. bought a new position in Vestis in the 4th quarter worth $210,766,000. Charles Schwab Investment Management Inc. lifted its position in shares of Vestis by 17.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,538,882 shares of the company’s stock valued at $38,693,000 after acquiring an additional 382,071 shares in the last quarter. Birnam Oak Advisors LP bought a new position in shares of Vestis in the fourth quarter worth about $21,446,000. Bank of New York Mellon Corp grew its position in shares of Vestis by 20.8% during the fourth quarter. Bank of New York Mellon Corp now owns 1,096,922 shares of the company’s stock worth $16,717,000 after purchasing an additional 188,661 shares in the last quarter. Finally, Royce & Associates LP raised its stake in Vestis by 39.2% during the 4th quarter. Royce & Associates LP now owns 959,830 shares of the company’s stock valued at $14,628,000 after purchasing an additional 270,441 shares during the period. 97.40% of the stock is owned by hedge funds and other institutional investors.

Vestis Price Performance

VSTS stock opened at $7.86 on Monday. Vestis Co. has a 52 week low of $7.37 and a 52 week high of $19.34. The firm has a market capitalization of $1.03 billion, a P/E ratio of 98.20 and a beta of 1.55. The company has a fifty day simple moving average of $11.12 and a two-hundred day simple moving average of $13.82. The company has a quick ratio of 1.43, a current ratio of 1.80 and a debt-to-equity ratio of 1.39.

Vestis (NYSE:VSTS) last released its quarterly earnings results on Friday, January 31st. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. Vestis had a return on equity of 7.91% and a net margin of 0.34%. During the same period last year, the company earned $0.22 earnings per share. Analysts anticipate that Vestis Co. will post 0.7 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Friday, February 21st were issued a dividend of $0.035 per share. The ex-dividend date was Friday, February 21st. This represents a $0.14 annualized dividend and a yield of 1.78%. Vestis’s payout ratio is presently 175.00%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on VSTS. Barclays cut their price objective on shares of Vestis from $13.00 to $10.00 and set an “underweight” rating for the company in a report on Friday, April 4th. Robert W. Baird cut their target price on shares of Vestis from $17.00 to $13.00 and set a “neutral” rating for the company in a research note on Thursday, March 20th. Finally, The Goldman Sachs Group reduced their price target on shares of Vestis from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.08.

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.