Nordea Investment Management AB acquired a new stake in Vestis Co. (NYSE:VSTS – Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 184,234 shares of the company’s stock, valued at approximately $3,909,000. Nordea Investment Management AB owned about 0.14% of Vestis at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of VSTS. Royal Bank of Canada purchased a new position in Vestis in the 3rd quarter valued at approximately $948,000. Soros Fund Management LLC acquired a new stake in shares of Vestis in the 3rd quarter valued at $14,714,000. CI Investments Inc. acquired a new stake in shares of Vestis in the 3rd quarter valued at $28,000. Wolverine Asset Management LLC acquired a new stake in shares of Vestis in the 3rd quarter valued at $2,412,000. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Vestis in the 3rd quarter valued at $1,318,000.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the stock. Stifel Nicolaus lifted their price target on shares of Vestis from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, November 30th. Wolfe Research began coverage on shares of Vestis in a report on Thursday, January 11th. They set an “outperform” rating and a $24.00 price objective on the stock. Barclays downgraded shares of Vestis from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $17.00 to $19.00 in a report on Wednesday, February 28th. Wells Fargo & Company started coverage on shares of Vestis in a report on Friday, December 15th. They set an “overweight” rating and a $24.00 price objective on the stock. Finally, The Goldman Sachs Group started coverage on shares of Vestis in a report on Thursday, January 25th. They issued a “neutral” rating and a $22.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Vestis has an average rating of “Moderate Buy” and an average price target of $22.56.
Check Out Our Latest Research Report on Vestis
Vestis Price Performance
VSTS traded down $0.02 during midday trading on Friday, hitting $18.08. 1,402,600 shares of the company’s stock traded hands, compared to its average volume of 1,534,026. The company’s fifty day moving average price is $19.74. The company has a debt-to-equity ratio of 1.73, a quick ratio of 2.23 and a current ratio of 2.61. Vestis Co. has a one year low of $13.83 and a one year high of $22.37.
Vestis (NYSE:VSTS – Get Free Report) last issued its quarterly earnings data on Wednesday, February 7th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). The company had revenue of $717.90 million for the quarter, compared to analysts’ expectations of $724.72 million. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, research analysts expect that Vestis Co. will post 1.03 EPS for the current fiscal year.
Vestis Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 4th. Shareholders of record on Friday, March 15th will be paid a dividend of $0.035 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.14 dividend on an annualized basis and a yield of 0.77%.
Insider Activity
In related news, CEO Kim Scott purchased 15,000 shares of Vestis stock in a transaction that occurred on Friday, February 9th. The shares were acquired at an average price of $19.14 per share, for a total transaction of $287,100.00. Following the transaction, the chief executive officer now directly owns 183,131 shares in the company, valued at $3,505,127.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
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.
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