Lazard Asset Management LLC Boosts Position in Vestis Co. (NYSE:VSTS)

Lazard Asset Management LLC grew its holdings in shares of Vestis Co. (NYSE:VSTS) by 79.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 290,383 shares of the company’s stock after buying an additional 128,269 shares during the period. Lazard Asset Management LLC’s holdings in Vestis were worth $5,595,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in VSTS. Vanguard Group Inc. purchased a new stake in Vestis in the fourth quarter worth $302,586,000. Capital International Investors purchased a new stake in Vestis in the fourth quarter worth $125,586,000. Channing Capital Management LLC purchased a new stake in Vestis in the fourth quarter worth $72,529,000. Wellington Management Group LLP purchased a new stake in Vestis in the fourth quarter worth $56,431,000. Finally, Victory Capital Management Inc. purchased a new stake in Vestis in the fourth quarter worth $48,292,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Barclays reduced their price target on Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a research note on Friday, May 3rd. Stifel Nicolaus reissued a “hold” rating on shares of Vestis in a report on Friday, May 3rd. The Goldman Sachs Group dropped their target price on Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. William Blair began coverage on Vestis in a report on Friday, May 31st. They issued a “market perform” rating on the stock. Finally, Redburn Atlantic downgraded Vestis from a “buy” rating to a “neutral” rating and set a $13.40 target price on the stock. in a report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $16.38.

Vestis Stock Down 0.7 %

Shares of NYSE:VSTS opened at $12.38 on Monday. The company has a quick ratio of 2.16, a current ratio of 2.51 and a debt-to-equity ratio of 1.69. Vestis Co. has a 1 year low of $8.92 and a 1 year high of $22.37. The stock’s fifty day moving average price is $12.10 and its 200-day moving average price is $16.19.

Vestis (NYSE:VSTS) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). The firm had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The business’s quarterly revenue was up .9% compared to the same quarter last year. As a group, research analysts anticipate that Vestis Co. will post 0.59 earnings per share for the current year.

Vestis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Friday, June 14th were issued a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend was Friday, June 14th.

Insider Activity

In other Vestis news, Director James Phillip Holloman purchased 20,200 shares of the stock in a transaction dated Friday, May 3rd. The shares were purchased at an average cost of $9.93 per share, with a total value of $200,586.00. Following the completion of the acquisition, the director now directly owns 44,132 shares in the company, valued at approximately $438,230.76. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Vestis news, Director James Phillip Holloman purchased 20,200 shares of the stock in a transaction dated Friday, May 3rd. The shares were purchased at an average cost of $9.93 per share, with a total value of $200,586.00. Following the completion of the acquisition, the director now directly owns 44,132 shares in the company, valued at approximately $438,230.76. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Williams Ena Koschel acquired 8,500 shares of Vestis stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $12.27 per share, with a total value of $104,295.00. Following the transaction, the director now owns 29,266 shares of the company’s stock, valued at approximately $359,093.82. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,830,779 shares of company stock valued at $28,501,849 over the last ninety days.

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.