Lord Abbett & CO. LLC Reduces Holdings in Vestis Co. (NYSE:VSTS)

Lord Abbett & CO. LLC cut its stake in Vestis Co. (NYSE:VSTS) by 4.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 364,232 shares of the company’s stock after selling 15,686 shares during the period. Lord Abbett & CO. LLC owned about 0.28% of Vestis worth $5,427,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of VSTS. Assenagon Asset Management S.A. increased its position in shares of Vestis by 1,153.6% during the second quarter. Assenagon Asset Management S.A. now owns 413,183 shares of the company’s stock worth $5,053,000 after purchasing an additional 380,223 shares in the last quarter. Raymond James & Associates acquired a new position in Vestis during the second quarter worth approximately $1,205,000. Pallas Capital Advisors LLC purchased a new stake in Vestis in the second quarter valued at approximately $244,000. Fifth Third Bancorp boosted its holdings in shares of Vestis by 5,618.1% in the second quarter. Fifth Third Bancorp now owns 21,157 shares of the company’s stock valued at $259,000 after acquiring an additional 20,787 shares during the period. Finally, Lecap Asset Management Ltd. purchased a new position in shares of Vestis during the second quarter worth approximately $657,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

Vestis Trading Up 1.9 %

Shares of Vestis stock opened at $16.35 on Tuesday. The company has a quick ratio of 1.36, a current ratio of 1.73 and a debt-to-equity ratio of 1.40. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 102.19 and a beta of 1.17. Vestis Co. has a 52-week low of $8.92 and a 52-week high of $22.37. The company’s 50-day simple moving average is $14.94 and its 200-day simple moving average is $13.78.

Vestis (NYSE:VSTS) last issued its earnings results on Thursday, November 21st. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). The business had revenue of $684.28 million for the quarter, compared to analysts’ expectations of $693.54 million. Vestis had a return on equity of 9.07% and a net margin of 0.75%. Vestis’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, equities research analysts anticipate that Vestis Co. will post 0.66 earnings per share for the current year.

Vestis Announces Dividend

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 $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Friday, December 13th. Vestis’s dividend payout ratio (DPR) is currently 87.50%.

Analyst Ratings Changes

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

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.