The Manufacturers Life Insurance Company cut its stake in Vestis Co. (NYSE:VSTS – Free Report) by 8.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,084 shares of the company’s stock after selling 1,670 shares during the period. The Manufacturers Life Insurance Company’s holdings in Vestis were worth $284,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its holdings in Vestis by 223.0% in the second quarter. AQR Capital Management LLC now owns 3,753,889 shares of the company’s stock valued at $45,197,000 after acquiring an additional 2,591,593 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Vestis by 9.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,156,811 shares of the company’s stock worth $32,136,000 after buying an additional 192,525 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Vestis by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,541,710 shares of the company’s stock worth $18,854,000 after buying an additional 8,997 shares in the last quarter. Granite Investment Partners LLC bought a new position in shares of Vestis during the 2nd quarter worth approximately $13,752,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Vestis by 99.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 824,649 shares of the company’s stock worth $12,287,000 after buying an additional 411,466 shares in the last quarter. 97.40% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research firms have issued reports on VSTS. Barclays increased their price target on Vestis from $10.00 to $13.00 and gave the stock an “underweight” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. increased their price target on Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Finally, The Goldman Sachs Group increased 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.73.
Vestis Price Performance
Shares of NYSE:VSTS opened at $16.05 on Monday. The company has a quick ratio of 1.36, a current ratio of 1.73 and a debt-to-equity ratio of 1.40. Vestis Co. has a twelve month low of $8.92 and a twelve month high of $22.37. The stock’s 50 day moving average is $14.94 and its 200-day moving average is $13.76. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of 100.32 and a beta of 1.17.
Vestis (NYSE:VSTS – Get Free Report) last issued 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 firm had revenue of $684.28 million for the quarter, compared to analyst estimates of $693.54 million. Vestis had a return on equity of 9.07% and a net margin of 0.75%. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. Sell-side analysts forecast that Vestis Co. will post 0.66 EPS for the current fiscal year.
Vestis Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Friday, December 13th will be given a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend is Friday, December 13th. Vestis’s payout ratio is currently 87.51%.
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.
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