Principal Financial Group Inc. Reduces Stock Position in Vestis Co. (NYSE:VSTS)

Principal Financial Group Inc. lessened its holdings in shares of Vestis Co. (NYSE:VSTS - Free Report) by 16.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 540,049 shares of the company's stock after selling 105,273 shares during the quarter. Principal Financial Group Inc. owned approximately 0.41% of Vestis worth $8,047,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Franklin Resources Inc. lifted its position in Vestis by 34.1% during the third quarter. Franklin Resources Inc. now owns 561,384 shares of the company's stock worth $8,404,000 after buying an additional 142,854 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Vestis during the 3rd quarter valued at about $238,000. Sanctuary Advisors LLC purchased a new position in shares of Vestis during the 3rd quarter worth about $303,000. Barclays PLC boosted its position in shares of Vestis by 445.4% in the third quarter. Barclays PLC now owns 51,981 shares of the company's stock worth $774,000 after acquiring an additional 42,450 shares during the last quarter. Finally, M&T Bank Corp purchased a new stake in Vestis in the third quarter valued at approximately $169,000. Institutional investors and hedge funds own 97.40% of the company's stock.

Vestis Stock Down 0.1 %

NYSE:VSTS traded down $0.02 during mid-day trading on Wednesday, hitting $15.24. The company had a trading volume of 1,207,869 shares, compared to its average volume of 2,179,074. Vestis Co. has a 1 year low of $8.92 and a 1 year high of $22.37. The business has a fifty day simple moving average of $15.16 and a 200-day simple moving average of $14.09. The company has a current ratio of 1.73, a quick ratio of 1.36 and a debt-to-equity ratio of 1.40. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 95.26 and a beta of 1.17.

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

Vestis Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Friday, December 13th will be issued a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Friday, December 13th. Vestis's payout ratio is 87.50%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Vestis from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Friday, November 22nd. Barclays lifted their target price on Vestis from $10.00 to $13.00 and gave the company an "underweight" rating in a report on Friday, November 22nd. Finally, The Goldman Sachs Group upped their price target on Vestis from $13.60 to $15.00 and gave the stock a "neutral" rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $15.73.

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.