Forest Avenue Capital Management LP Acquires New Stake in Vestis Co. (NYSE:VSTS)

Forest Avenue Capital Management LP acquired a new position in shares of Vestis Co. (NYSE:VSTS) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,307,800 shares of the company’s stock, valued at approximately $19,486,000. Vestis makes up 2.4% of Forest Avenue Capital Management LP’s investment portfolio, making the stock its 19th biggest holding. Forest Avenue Capital Management LP owned approximately 0.99% of Vestis as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in VSTS. LMR Partners LLP grew its holdings in shares of Vestis by 726.8% during the third quarter. LMR Partners LLP now owns 160,528 shares of the company’s stock worth $2,392,000 after buying an additional 141,113 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Vestis in the 1st quarter valued at $1,069,000. Private Management Group Inc. lifted its stake in shares of Vestis by 9.2% during the 2nd quarter. Private Management Group Inc. now owns 692,394 shares of the company’s stock worth $8,468,000 after purchasing an additional 58,538 shares during the period. Royce & Associates LP boosted its holdings in shares of Vestis by 10.7% during the third quarter. Royce & Associates LP now owns 689,389 shares of the company’s stock worth $10,272,000 after purchasing an additional 66,621 shares during the last quarter. Finally, Comerica Bank grew its position in shares of Vestis by 39.8% in the first quarter. Comerica Bank now owns 168,552 shares of the company’s stock valued at $3,248,000 after purchasing an additional 47,996 shares during the period. Institutional investors and hedge funds own 97.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Barclays increased their target price on Vestis from $10.00 to $13.00 and gave the stock an “underweight” rating in a research report on Friday, November 22nd. The Goldman Sachs Group raised their target price on shares of Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Baird R W downgraded shares of Vestis from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 8th. Robert W. Baird downgraded shares of Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 price target on the stock. in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Vestis from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $17.43.

Vestis Stock Performance

NYSE:VSTS opened at $16.33 on Wednesday. The firm’s fifty day simple moving average is $14.65 and its 200 day simple moving average is $13.41. The company has a current ratio of 1.73, a quick ratio of 1.36 and a debt-to-equity ratio of 1.40. Vestis Co. has a twelve month low of $8.92 and a twelve month high of $22.37. The firm has a market capitalization of $2.15 billion and a price-to-earnings ratio of 102.07.

Vestis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Friday, December 13th will be given a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Friday, December 13th. Vestis’s payout ratio is 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.