Vestis (NYSE:VSTS) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Vestis (NYSE:VSTS) from an overweight rating to a neutral rating in a research report sent to investors on Friday, MarketBeat reports. The brokerage currently has $11.00 target price on the stock, down from their prior target price of $22.00.

A number of other equities research analysts have also recently issued reports on VSTS. Wolfe Research began coverage on shares of Vestis in a research note on Thursday, January 11th. They issued an outperform rating and a $24.00 price target on the stock. Barclays lowered shares of Vestis from an equal weight rating to an underweight rating and lifted their target price for the company from $17.00 to $19.00 in a research report on Wednesday, February 28th. The Goldman Sachs Group initiated coverage on shares of Vestis in a research report on Thursday, January 25th. They set a neutral rating and a $22.00 price target for the company. Finally, Robert W. Baird lowered their price objective on Vestis from $24.00 to $13.00 and set an outperform rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $19.33.

Vestis Stock Performance

Vestis stock opened at $9.41 on Friday. The business’s 50-day simple moving average is $18.38 and its two-hundred day simple moving average is $18.72. The company has a current ratio of 2.51, a quick ratio of 2.23 and a debt-to-equity ratio of 1.69. Vestis has a fifty-two week low of $8.92 and a fifty-two week high of $22.37.

Vestis (NYSE:VSTS) last released its earnings results on Thursday, May 2nd. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The company had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. Vestis’s quarterly revenue was up .9% on a year-over-year basis. As a group, sell-side analysts forecast that Vestis will post 1.03 EPS for the current year.

Vestis Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Friday, March 15th were issued a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Thursday, March 14th.

Insider Activity at Vestis

In related news, CEO Kim Scott bought 15,000 shares of the company’s stock in a transaction on Friday, February 9th. The stock was bought at an average cost of $19.14 per share, for a total transaction of $287,100.00. Following the acquisition, the chief executive officer now directly owns 183,131 shares in the company, valued at $3,505,127.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Institutional Trading of Vestis

Hedge funds have recently made changes to their positions in the company. Sound Income Strategies LLC acquired a new position in Vestis in the fourth quarter valued at approximately $25,000. Parkside Financial Bank & Trust purchased a new stake in Vestis in the fourth quarter valued at $25,000. CI Investments Inc. acquired a new position in shares of Vestis in the 3rd quarter valued at $28,000. Daiwa Securities Group Inc. purchased a new position in shares of Vestis during the 4th quarter worth $34,000. Finally, TFO Wealth Partners LLC acquired a new stake in shares of Vestis during the 4th quarter worth about $42,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

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.