Granite Investment Partners LLC Sells 372,087 Shares of Vestis Co. (NYSE:VSTS)

Granite Investment Partners LLC lessened its holdings in shares of Vestis Co. (NYSE:VSTS) by 35.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 684,776 shares of the company’s stock after selling 372,087 shares during the period. Granite Investment Partners LLC owned 0.52% of Vestis worth $10,436,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Captrust Financial Advisors bought a new stake in Vestis during the third quarter worth about $201,000. Quantinno Capital Management LP purchased a new position in shares of Vestis during the third quarter valued at approximately $164,000. Nomura Asset Management Co. Ltd. boosted its position 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 worth $30,000 after purchasing an additional 1,020 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Vestis by 105.2% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 122,255 shares of the company’s stock worth $1,822,000 after buying an additional 62,675 shares during the last quarter. Finally, Barclays PLC increased its position in Vestis by 445.4% during the 3rd quarter. Barclays PLC now owns 51,981 shares of the company’s stock valued at $774,000 after buying an additional 42,450 shares in the last quarter. 97.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. The Goldman Sachs Group dropped their target price on Vestis from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Robert W. Baird dropped their price target on shares of Vestis from $17.00 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday, March 20th. Finally, Barclays reduced their price objective on shares of Vestis from $13.00 to $10.00 and set an “underweight” rating for the company in a research note on Friday, April 4th. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat.com, Vestis has an average rating of “Hold” and an average price target of $13.08.

Vestis Price Performance

NYSE VSTS opened at $7.86 on Friday. Vestis Co. has a one year low of $7.37 and a one year high of $19.39. The stock has a 50-day moving average of $11.12 and a 200 day moving average of $13.83. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.43 and a current ratio of 1.80. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 98.20 and a beta of 1.55.

Vestis (NYSE:VSTS) last released its quarterly earnings data on Friday, January 31st. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.02. Vestis had a net margin of 0.34% and a return on equity of 7.91%. During the same quarter in the previous year, the business earned $0.22 earnings per share. On average, sell-side analysts forecast that Vestis Co. will post 0.7 EPS for the current year.

Vestis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Friday, February 21st were issued a dividend of $0.035 per share. The ex-dividend date was Friday, February 21st. This represents a $0.14 annualized dividend and a dividend yield of 1.78%. Vestis’s payout ratio is 175.00%.

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.