Solas Capital Management LLC Trims Stock Position in Vestis Co. (NYSE:VSTS)

Solas Capital Management LLC decreased its position in shares of Vestis Co. (NYSE:VSTS - Free Report) by 92.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,386 shares of the company's stock after selling 521,604 shares during the quarter. Vestis comprises 0.4% of Solas Capital Management LLC's holdings, making the stock its 19th largest holding. Solas Capital Management LLC's holdings in Vestis were worth $631,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. bought a new stake in shares of Vestis during the fourth quarter valued at approximately $210,766,000. Dimensional Fund Advisors LP grew its holdings in Vestis by 46.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,095,278 shares of the company's stock worth $47,172,000 after buying an additional 980,303 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Vestis by 17.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,538,882 shares of the company's stock worth $38,693,000 after buying an additional 382,071 shares in the last quarter. Marshall Wace LLP grew its holdings in Vestis by 35.9% during the fourth quarter. Marshall Wace LLP now owns 1,595,446 shares of the company's stock worth $24,315,000 after buying an additional 421,297 shares in the last quarter. Finally, First Trust Advisors LP bought a new stake in Vestis during the fourth quarter worth $22,936,000. Institutional investors own 97.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VSTS. Robert W. Baird decreased their price target on Vestis from $17.00 to $13.00 and set a "neutral" rating for the company in a report on Thursday, March 20th. The Goldman Sachs Group decreased their price target on Vestis from $15.00 to $13.00 and set a "neutral" rating for the company in a report on Monday, March 17th. Finally, Barclays decreased their price target on Vestis from $13.00 to $10.00 and set an "underweight" rating for the company in a report on Friday, April 4th. One investment analyst has rated the stock with a sell rating and seven have issued a hold rating to the company's stock. According to MarketBeat.com, Vestis has an average rating of "Hold" and a consensus price target of $13.08.

Vestis Stock Performance

VSTS stock traded up $0.02 during midday trading on Monday, hitting $8.82. The company's stock had a trading volume of 1,395,810 shares, compared to its average volume of 2,320,542. The company has a quick ratio of 1.43, a current ratio of 1.80 and a debt-to-equity ratio of 1.39. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 110.26 and a beta of 1.55. Vestis Co. has a 1 year low of $7.35 and a 1 year high of $18.99. The stock's 50-day moving average price is $9.89 and its 200 day moving average price is $13.30.

Vestis (NYSE:VSTS - Get Free Report) last posted its earnings results on Friday, January 31st. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. Vestis had a net margin of 0.34% and a return on equity of 7.91%. During the same period in the prior year, the business earned $0.22 earnings per share. On average, equities analysts forecast that Vestis Co. will post 0.7 EPS for the current year.

Vestis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Friday, February 21st were paid a $0.035 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.14 annualized dividend and a dividend yield of 1.59%. Vestis's payout ratio is 175.00%.

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.