Clearline Capital LP Acquires New Shares in Vestis Co. (NYSE:VSTS)

Clearline Capital LP bought a new position in Vestis Co. (NYSE:VSTS) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 14,267 shares of the company’s stock, valued at approximately $213,000.

A number of other hedge funds have also recently added to or reduced their stakes in VSTS. Brooklyn Investment Group acquired a new stake in Vestis in the third quarter valued at approximately $27,000. Capital Performance Advisors LLP bought a new position in Vestis during the third quarter valued at about $41,000. Canada Pension Plan Investment Board acquired a new stake in shares of Vestis in the second quarter worth about $44,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Vestis during the 3rd quarter worth about $51,000. Finally, GAMMA Investing LLC boosted its stake in shares of Vestis by 143.5% during the 3rd quarter. GAMMA Investing LLC now owns 3,960 shares of the company’s stock worth $59,000 after acquiring an additional 2,334 shares in the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.

Analyst Upgrades and Downgrades

VSTS has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their target price on Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. upped their price objective on shares of Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Robert W. Baird downgraded shares of Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 target price on the stock. in a report on Thursday, August 8th. Baird R W cut shares of Vestis from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Barclays raised their price target on Vestis from $10.00 to $13.00 and gave the company an “underweight” rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Vestis presently has a consensus rating of “Hold” and a consensus price target of $16.91.

Vestis Stock Down 0.6 %

NYSE VSTS opened at $16.08 on Monday. Vestis Co. has a twelve month low of $8.92 and a twelve month high of $22.37. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.36 and a current ratio of 1.73. The stock has a market cap of $2.12 billion and a PE ratio of 100.51. The firm has a 50-day simple moving average of $14.69 and a 200 day simple moving average of $13.49.

Vestis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Friday, December 13th. Vestis’s payout ratio is presently 87.51%.

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.