Vestis (NYSE:VSTS) Shares Gap Up – Here’s What Happened

Vestis Co. (NYSE:VSTS)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $15.59, but opened at $16.67. Vestis shares last traded at $16.23, with a volume of 164,741 shares changing hands.

Analysts Set New Price Targets

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

Vestis Stock Up 4.0 %

The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of 101.38 and a beta of 1.17. The business has a fifty day moving average price of $15.04 and a two-hundred day moving average price of $13.86. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.73 and a quick ratio of 1.36.

Vestis (NYSE:VSTS) last posted its quarterly earnings data 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 company 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 business’s revenue was down 4.4% compared to the same quarter last year. On average, equities analysts expect that Vestis Co. will post 0.66 earnings per share for the current year.

Vestis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.035 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.14 annualized dividend and a yield of 0.86%. Vestis’s dividend payout ratio (DPR) is currently 87.50%.

Hedge Funds Weigh In On Vestis

A number of hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in Vestis by 223.0% during 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 last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Vestis by 111.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,631,652 shares of the company’s stock worth $39,212,000 after purchasing an additional 1,384,413 shares in the last quarter. TOMS Capital Investment Management LP grew its stake in shares of Vestis by 22.7% in the third quarter. TOMS Capital Investment Management LP now owns 2,330,155 shares of the company’s stock valued at $34,719,000 after buying an additional 430,555 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Vestis by 9.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,156,811 shares of the company’s stock valued at $32,136,000 after buying an additional 192,525 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in 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 acquiring an additional 8,997 shares in the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.

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.