The Manufacturers Life Insurance Company Reduces Stock Holdings in Vestis Co. (NYSE:VSTS)

The Manufacturers Life Insurance Company decreased its holdings in Vestis Co. (NYSE:VSTS) by 19.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,754 shares of the company’s stock after selling 5,138 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Vestis were worth $254,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VSTS. Vanguard Group Inc. purchased a new stake in Vestis in the fourth quarter worth $302,586,000. Wellington Management Group LLP purchased a new stake in Vestis in the fourth quarter worth $56,431,000. AQR Capital Management LLC lifted its stake in Vestis by 223.0% in the second quarter. AQR Capital Management LLC now owns 3,753,889 shares of the company’s stock worth $45,197,000 after acquiring an additional 2,591,593 shares during the period. DAVENPORT & Co LLC purchased a new position in Vestis during the first quarter valued at $21,712,000. Finally, Granite Investment Partners LLC purchased a new position in Vestis during the second quarter valued at $13,752,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on VSTS. The Goldman Sachs Group raised their price objective on Vestis from $12.50 to $13.80 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Baird R W lowered Vestis from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Robert W. Baird lowered 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. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Vestis currently has a consensus rating of “Hold” and an average target price of $16.69.

Vestis Trading Down 0.1 %

VSTS opened at $15.23 on Friday. The stock has a 50-day moving average price of $14.47 and a 200-day moving average price of $13.94. The company has a quick ratio of 2.02, a current ratio of 2.37 and a debt-to-equity ratio of 1.67. Vestis Co. has a 1 year low of $8.92 and a 1 year high of $22.37.

Vestis (NYSE:VSTS) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.06. The firm had revenue of $698.20 million during the quarter, compared to analyst estimates of $688.33 million. Vestis had a return on equity of 18.00% and a net margin of 4.13%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities research analysts anticipate that Vestis Co. will post 0.64 EPS for the current fiscal year.

Vestis Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Friday, September 13th were issued a $0.035 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.14 annualized dividend and a yield of 0.92%.

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.