Forest Avenue Capital Management LP Makes New $19.49 Million Investment in Vestis Co. (NYSE:VSTS)

Forest Avenue Capital Management LP bought a new position in Vestis Co. (NYSE:VSTS - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm bought 1,307,800 shares of the company's stock, valued at approximately $19,486,000. Vestis comprises approximately 2.4% of Forest Avenue Capital Management LP's portfolio, making the stock its 19th biggest position. Forest Avenue Capital Management LP owned about 0.99% of Vestis as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of VSTS. LMR Partners LLP increased its holdings in shares of Vestis by 726.8% during the 3rd quarter. LMR Partners LLP now owns 160,528 shares of the company's stock worth $2,392,000 after buying an additional 141,113 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of Vestis during the 1st quarter worth approximately $1,069,000. Private Management Group Inc. lifted its stake in Vestis by 9.2% during the second quarter. Private Management Group Inc. now owns 692,394 shares of the company's stock worth $8,468,000 after purchasing an additional 58,538 shares in the last quarter. Royce & Associates LP raised its holdings in shares of Vestis by 10.7% in the 3rd quarter. Royce & Associates LP now owns 689,389 shares of the company's stock valued at $10,272,000 after buying an additional 66,621 shares during the period. Finally, Comerica Bank lifted its position in shares of Vestis by 39.8% during the first quarter. Comerica Bank now owns 168,552 shares of the company's stock worth $3,248,000 after purchasing an additional 47,996 shares in the last quarter. Hedge funds and other institutional investors own 97.40% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on VSTS. JPMorgan Chase & Co. upped their price objective on Vestis from $15.00 to $16.00 and gave the stock a "neutral" rating in a research report on Friday, November 22nd. Robert W. Baird cut Vestis from an "outperform" rating to a "neutral" rating and set a $13.00 price objective for the company. in a research note on Thursday, August 8th. Baird R W lowered shares of Vestis from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 8th. Barclays lifted their price target on shares of Vestis from $10.00 to $13.00 and gave the stock an "underweight" rating in a research note on Friday, November 22nd. Finally, 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 report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $17.43.

Vestis Stock Down 0.9 %

Shares of Vestis stock traded down $0.15 during trading hours on Wednesday, hitting $16.18. The company had a trading volume of 1,601,315 shares, compared to its average volume of 2,143,996. Vestis Co. has a twelve month low of $8.92 and a twelve month high of $22.37. The company has a market cap of $2.13 billion and a P/E ratio of 102.07. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.73 and a quick ratio of 1.36. The company's 50-day moving average is $14.65 and its two-hundred day moving average is $13.41.

Vestis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Friday, December 13th will be given a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date of this dividend is Friday, December 13th. Vestis's dividend payout ratio (DPR) is currently 87.51%.

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.