Vestis (NYSE:VSTS) Hits New 52-Week Low on Analyst Downgrade

Vestis Co. (NYSE:VSTS - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Friday after Barclays lowered their price target on the stock from $13.00 to $10.00. Barclays currently has an underweight rating on the stock. Vestis traded as low as $8.20 and last traded at $8.27, with a volume of 409138 shares traded. The stock had previously closed at $9.04.

Several other equities analysts have also recently commented on the stock. Robert W. Baird reduced their price target on shares of Vestis from $17.00 to $13.00 and set a "neutral" rating on the stock in a research report on Thursday, March 20th. The Goldman Sachs Group decreased their target price on Vestis from $15.00 to $13.00 and set a "neutral" rating for the company in a research report on Monday, March 17th. One research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $13.08.

Institutional Trading of Vestis

Several hedge funds have recently made changes to their positions in the stock. Captrust Financial Advisors acquired a new stake in Vestis in the third quarter worth $201,000. HighTower Advisors LLC lifted its position in Vestis by 223.0% in the 3rd quarter. HighTower Advisors LLC now owns 361,348 shares of the company's stock valued at $5,386,000 after purchasing an additional 249,479 shares during the last quarter. Quantinno Capital Management LP acquired a new position in Vestis during the 3rd quarter valued at about $164,000. Nomura Asset Management Co. Ltd. grew its position in Vestis by 104.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,000 shares of the company's stock worth $30,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of Vestis by 105.2% during the third quarter. Public Employees Retirement System of Ohio now owns 122,255 shares of the company's stock valued at $1,822,000 after buying an additional 62,675 shares during the last quarter. Institutional investors own 97.40% of the company's stock.

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Vestis Stock Performance

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 firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 102.78 and a beta of 1.55. The company has a 50-day moving average price of $11.61 and a 200-day moving average price of $14.02.

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

Vestis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Friday, February 21st were paid a dividend of $0.035 per share. The ex-dividend date was Friday, February 21st. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.69%. Vestis's dividend payout ratio is presently 175.00%.

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.