Private Management Group Inc. Reduces Holdings in Vestis Co. (NYSE:VSTS)

Private Management Group Inc. lowered its stake in shares of Vestis Co. (NYSE:VSTS) by 0.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 690,362 shares of the company’s stock after selling 2,032 shares during the period. Private Management Group Inc. owned 0.53% of Vestis worth $10,286,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VSTS. PNC Financial Services Group Inc. acquired a new position in Vestis during the fourth quarter worth $65,000. Capstone Investment Advisors LLC acquired a new position in shares of Vestis in the 1st quarter valued at $409,000. DAVENPORT & Co LLC acquired a new position in shares of Vestis in the 1st quarter valued at $21,712,000. Texas Permanent School Fund Corp lifted its stake in shares of Vestis by 1.9% in the 1st quarter. Texas Permanent School Fund Corp now owns 115,037 shares of the company’s stock valued at $2,217,000 after purchasing an additional 2,124 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Vestis by 617.8% in the 1st quarter. SG Americas Securities LLC now owns 75,697 shares of the company’s stock valued at $1,459,000 after purchasing an additional 65,151 shares during the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.

Vestis Trading Down 0.9 %

Shares of VSTS stock traded down $0.12 on Friday, hitting $13.40. The stock had a trading volume of 1,779,855 shares, compared to its average volume of 1,466,730. The company’s 50 day moving average price is $14.66 and its 200-day moving average price is $13.60. The company has a debt-to-equity ratio of 1.67, a current ratio of 2.37 and a quick ratio of 2.02. Vestis Co. has a 1 year low of $8.92 and a 1 year high of $22.37. The firm has a market capitalization of $1.76 billion and a P/E ratio of 18.11.

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

Vestis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Friday, September 13th were issued a dividend of $0.035 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.14 annualized dividend and a yield of 1.04%. Vestis’s dividend payout ratio (DPR) is 18.92%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Baird R W lowered Vestis from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 8th. Robert W. Baird lowered Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 price target on the stock. in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group upped their price target on Vestis from $12.50 to $13.80 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target 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.