Wellington Management Group LLP Cuts Holdings in Vestis Co. (NYSE:VSTS)

Wellington Management Group LLP reduced its position in Vestis Co. (NYSE:VSTS) by 6.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,879,468 shares of the company’s stock after selling 204,854 shares during the period. Wellington Management Group LLP’s holdings in Vestis were worth $43,883,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VSTS. Captrust Financial Advisors purchased a new stake in shares of Vestis during the 3rd quarter worth approximately $201,000. Verition Fund Management LLC raised its stake in Vestis by 70.4% during the third quarter. Verition Fund Management LLC now owns 119,378 shares of the company’s stock valued at $1,779,000 after purchasing an additional 49,302 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Vestis during the third quarter valued at $51,000. HighTower Advisors LLC grew its stake in shares of Vestis by 223.0% in the 3rd quarter. HighTower Advisors LLC now owns 361,348 shares of the company’s stock worth $5,386,000 after buying an additional 249,479 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in shares of Vestis by 19.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 255,029 shares of the company’s stock worth $3,800,000 after buying an additional 41,833 shares during the last quarter. 97.40% of the stock is owned by institutional investors.

Vestis Stock Performance

Shares of Vestis stock opened at $7.93 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.80 and a debt-to-equity ratio of 1.39. The stock’s fifty day moving average is $12.10 and its two-hundred day moving average is $14.18. Vestis Co. has a 52 week low of $7.89 and a 52 week high of $19.76. The company has a market capitalization of $1.04 billion, a PE ratio of 99.15 and a beta of 1.40.

Vestis (NYSE:VSTS) last posted its quarterly earnings results on Friday, January 31st. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. Vestis had a net margin of 0.34% and a return on equity of 7.91%. During the same period in the prior year, the firm posted $0.22 EPS. As a group, analysts expect that Vestis Co. will post 0.7 earnings per share for the current year.

Vestis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Friday, February 21st were issued a $0.035 dividend. The ex-dividend date was Friday, February 21st. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.77%. Vestis’s payout ratio is 175.00%.

Wall Street Analysts Forecast Growth

VSTS has been the subject of a number of analyst reports. Robert W. Baird lowered their price target on shares of Vestis from $17.00 to $13.00 and set a “neutral” rating for the company in a report on Thursday, March 20th. Barclays lowered their price objective on Vestis from $13.00 to $10.00 and set an “underweight” rating for the company in a research note on Friday. Finally, The Goldman Sachs Group cut their target price on Vestis from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.08.

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.