Geode Capital Management LLC Trims Stake in Vestis Co. (NYSE:VSTS)

Geode Capital Management LLC lessened its stake in Vestis Co. (NYSE:VSTS) by 7.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,905,422 shares of the company’s stock after selling 150,535 shares during the period. Geode Capital Management LLC owned about 1.45% of Vestis worth $28,398,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Raymond James & Associates purchased a new stake in Vestis during the second quarter worth $1,205,000. Louisiana State Employees Retirement System boosted its stake in shares of Vestis by 1.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 66,100 shares of the company’s stock worth $808,000 after acquiring an additional 1,000 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in shares of Vestis by 9.6% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 21,747 shares of the company’s stock valued at $266,000 after acquiring an additional 1,900 shares during the period. nVerses Capital LLC acquired a new stake in shares of Vestis during the 2nd quarter valued at about $61,000. Finally, BBR Partners LLC purchased a new position in shares of Vestis in the 2nd quarter valued at about $183,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

Vestis Stock Performance

NYSE:VSTS opened at $15.70 on Friday. The company has a market cap of $2.07 billion, a P/E ratio of 98.13 and a beta of 1.17. Vestis Co. has a twelve month low of $8.92 and a twelve month high of $22.37. The company’s 50-day moving average price is $15.12 and its 200-day moving average price is $13.97. 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 (NYSE:VSTS) last released its earnings results on Thursday, November 21st. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). The business had revenue of $684.28 million during the quarter, compared to analysts’ expectations of $693.54 million. Vestis had a return on equity of 9.07% and a net margin of 0.75%. Vestis’s revenue for the quarter was down 4.4% on a year-over-year basis. On average, sell-side analysts forecast that Vestis Co. will post 0.66 earnings per share for the current fiscal year.

Vestis Dividend Announcement

The business also recently announced 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. This represents a $0.14 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, December 13th. Vestis’s payout ratio is currently 87.50%.

Analysts Set New Price Targets

VSTS has been the topic of a number of recent analyst reports. Barclays increased their target price on Vestis from $10.00 to $13.00 and gave the company an “underweight” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. lifted their target price on shares of Vestis from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, The Goldman Sachs Group upped their price target on shares of Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $15.73.

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.