Vestis (NYSE:VSTS) Shares Gap Up – Should You Buy?

Vestis Co. (NYSE:VSTS)’s share price gapped up prior to trading 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 traded.

Wall Street Analysts Forecast Growth

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

Vestis Price Performance

The firm’s 50 day moving average is $15.04 and its 200 day moving average is $13.86. The firm has a market cap of $2.13 billion, a P/E ratio of 101.38 and a beta of 1.17. 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). Vestis had a net margin of 0.75% and a return on equity of 9.07%. The company had revenue of $684.28 million for the quarter, compared to the consensus estimate of $693.54 million. The firm’s revenue was down 4.4% on a year-over-year basis. As a group, analysts anticipate that Vestis Co. will post 0.66 earnings per share for the current year.

Vestis Dividend Announcement

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

Hedge Funds Weigh In On Vestis

Institutional investors have recently bought and sold shares of the stock. Brooklyn Investment Group purchased a new position in shares of Vestis in the third quarter valued at about $27,000. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Vestis by 104.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,000 shares of the company’s stock valued at $30,000 after acquiring an additional 1,020 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Vestis in the third quarter worth about $41,000. Canada Pension Plan Investment Board purchased a new position in Vestis in the second quarter worth about $44,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Vestis during the third quarter worth approximately $51,000. 97.40% of the stock is owned by institutional investors.

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.