Vestis (NYSE:VSTS) Shares Gap Up – Here’s Why

Vestis Co. (NYSE:VSTS)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $15.59, but opened at $16.67. Vestis shares last traded at $16.23, with a volume of 164,741 shares changing hands.

Wall Street Analysts Forecast Growth

VSTS has been the topic of a number of recent research reports. The Goldman Sachs Group increased their price objective on shares of Vestis from $13.60 to $15.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. increased their target price on Vestis from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, Barclays boosted their price target on Vestis from $10.00 to $13.00 and gave the stock an “underweight” rating in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Vestis currently has an average rating of “Hold” and a consensus target price of $15.73.

Vestis Stock Performance

The business has a 50-day moving average price of $15.07 and a 200-day moving average price of $13.90. The company has a quick ratio of 1.36, a current ratio of 1.73 and a debt-to-equity ratio of 1.40. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 102.44 and a beta of 1.17.

Vestis (NYSE:VSTS) last announced its earnings results on Thursday, November 21st. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The business had revenue of $684.28 million for the quarter, compared to analyst estimates of $693.54 million. Vestis had a net margin of 0.75% and a return on equity of 9.07%. The firm’s quarterly revenue was down 4.4% on a year-over-year basis. As a group, sell-side analysts forecast that Vestis Co. will post 0.66 earnings per share for the current year.

Vestis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Friday, December 13th will be given a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 0.85%. The ex-dividend date is Friday, December 13th. Vestis’s payout ratio is currently 87.50%.

Hedge Funds Weigh In On Vestis

Several hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. lifted its position in Vestis by 34.1% during the 3rd quarter. Franklin Resources Inc. now owns 561,384 shares of the company’s stock worth $8,404,000 after acquiring an additional 142,854 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Vestis during the third quarter worth about $238,000. Sanctuary Advisors LLC purchased a new stake in Vestis in the third quarter valued at approximately $303,000. Barclays PLC increased its holdings in Vestis by 445.4% in the 3rd quarter. Barclays PLC now owns 51,981 shares of the company’s stock worth $774,000 after buying an additional 42,450 shares during the period. Finally, M&T Bank Corp purchased a new position in Vestis during the 3rd quarter worth approximately $169,000. 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.