Vestis Co. (NYSE:VSTS) Shares Sold by Redwood Investment Management LLC

Redwood Investment Management LLC reduced its stake in shares of Vestis Co. (NYSE:VSTS - Free Report) by 19.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 196,830 shares of the company's stock after selling 47,461 shares during the period. Redwood Investment Management LLC owned 0.15% of Vestis worth $2,974,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. LMR Partners LLP grew its stake in Vestis by 726.8% in the 3rd quarter. LMR Partners LLP now owns 160,528 shares of the company's stock worth $2,392,000 after acquiring an additional 141,113 shares during the period. Private Management Group Inc. grew its stake in Vestis by 9.2% in the 2nd quarter. Private Management Group Inc. now owns 692,394 shares of the company's stock worth $8,468,000 after acquiring an additional 58,538 shares during the period. Royce & Associates LP grew its stake in Vestis by 10.7% in the 3rd quarter. Royce & Associates LP now owns 689,389 shares of the company's stock worth $10,272,000 after acquiring an additional 66,621 shares during the period. Comerica Bank grew its stake in Vestis by 39.8% in the 1st quarter. Comerica Bank now owns 168,552 shares of the company's stock worth $3,248,000 after acquiring an additional 47,996 shares during the period. Finally, Seven Eight Capital LP purchased a new stake in Vestis in the 2nd quarter worth approximately $1,627,000. 97.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

VSTS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on Vestis from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Friday, November 22nd. Baird R W downgraded shares of Vestis from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 8th. The Goldman Sachs Group raised their target price 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. Robert W. Baird cut shares of Vestis from an "outperform" rating to a "neutral" rating and set a $13.00 price objective for the company. in a research report on Thursday, August 8th. Finally, Barclays lifted their target price on Vestis from $10.00 to $13.00 and gave the stock an "underweight" 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's stock. According to MarketBeat.com, Vestis currently has a consensus rating of "Hold" and a consensus price target of $16.91.

Vestis Stock Down 0.4 %

Shares of VSTS stock traded down $0.06 during mid-day trading on Thursday, reaching $16.30. 1,558,052 shares of the company were exchanged, compared to its average volume of 2,128,913. Vestis Co. has a fifty-two week low of $8.92 and a fifty-two week high of $22.37. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.36 and a current ratio of 1.73. The company has a market capitalization of $2.14 billion, a P/E ratio of 101.88 and a beta of 1.17. The business's 50 day simple moving average is $14.76 and its 200 day simple moving average is $13.58.

Vestis (NYSE:VSTS - Get Free Report) last released its quarterly earnings results on Thursday, November 21st. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates 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 quarterly revenue was down 4.4% compared to the same quarter last year. Research analysts predict that Vestis Co. will post 0.66 earnings per share for the current year.

Vestis Dividend Announcement

The business also recently declared 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 0.86%. The ex-dividend date is Friday, December 13th. Vestis's payout ratio is currently 87.51%.

About Vestis

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.