Riverwater Partners LLC Purchases New Position in Vestis Co. (NYSE:VSTS)

Riverwater Partners LLC acquired a new position in shares of Vestis Co. (NYSE:VSTS) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 84,603 shares of the company’s stock, valued at approximately $1,255,000. Riverwater Partners LLC owned approximately 0.06% of Vestis as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of VSTS. Canada Pension Plan Investment Board purchased a new position in Vestis during the second quarter worth about $44,000. GAMMA Investing LLC boosted its stake in shares of Vestis by 143.5% in the 3rd quarter. GAMMA Investing LLC now owns 3,960 shares of the company’s stock worth $59,000 after buying an additional 2,334 shares during the last quarter. Copeland Capital Management LLC bought a new position in shares of Vestis in the third quarter valued at approximately $60,000. nVerses Capital LLC purchased a new stake in shares of Vestis during the second quarter valued at approximately $61,000. Finally, PNC Financial Services Group Inc. bought a new stake in Vestis during the fourth quarter worth $65,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

Vestis Stock Down 3.6 %

VSTS opened at $14.35 on Thursday. The company has a 50 day moving average of $14.58 and a 200 day moving average of $13.82. 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 12 month low of $8.92 and a 12 month high of $22.37.

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

Vestis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Friday, September 13th were given a $0.035 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.98%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on VSTS. Baird R W downgraded Vestis from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 8th. The Goldman Sachs Group increased their price target on shares of Vestis from $12.50 to $13.80 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Finally, Robert W. Baird lowered shares of Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 price objective on the stock. in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Vestis currently has a consensus rating of “Hold” and a consensus target price of $16.69.

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.