Vestis Co. (NYSE:VSTS) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lowered its position in Vestis Co. (NYSE:VSTS) by 4.1% during the third quarter, HoldingsChannel.com reports. The fund owned 364,232 shares of the company’s stock after selling 15,686 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Vestis were worth $5,427,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Brooklyn Investment Group acquired a new stake in Vestis in the third quarter valued at $27,000. Nomura Asset Management Co. Ltd. boosted its position in shares of 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 buying an additional 1,020 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in Vestis in the 3rd quarter valued at about $41,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Vestis during the 3rd quarter valued at about $51,000. Finally, Canada Pension Plan Investment Board acquired a new position in Vestis during the second quarter worth about $44,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on VSTS shares. JPMorgan Chase & Co. raised their price objective on shares of Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. The Goldman Sachs Group boosted their price target on Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Finally, Barclays upped their price objective on Vestis from $10.00 to $13.00 and gave the company an “underweight” rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $15.73.

Vestis Stock Performance

Vestis stock opened at $16.35 on Tuesday. The stock has a fifty day moving average price of $14.94 and a 200 day moving average price of $13.78. The company has a current ratio of 1.73, a quick ratio of 1.36 and a debt-to-equity ratio of 1.40. Vestis Co. has a 52 week low of $8.92 and a 52 week high of $22.37. The firm has a market capitalization of $2.15 billion, a P/E ratio of 102.19 and a beta of 1.17.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Thursday, November 21st. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $693.54 million. The company’s quarterly revenue was down 4.4% on a year-over-year basis. Equities research analysts anticipate 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. Shareholders of record on Friday, December 13th will be issued a $0.035 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.86%. Vestis’s dividend payout ratio (DPR) is presently 87.50%.

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.