Forest Avenue Capital Management LP Invests $19.49 Million in Vestis Co. (NYSE:VSTS)

Forest Avenue Capital Management LP bought a new stake in Vestis Co. (NYSE:VSTS) in the 3rd quarter, Holdings Channel reports. The fund bought 1,307,800 shares of the company’s stock, valued at approximately $19,486,000. Vestis accounts for 2.4% of Forest Avenue Capital Management LP’s holdings, making the stock its 19th biggest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new stake in Vestis during the 3rd quarter worth approximately $27,000. Capital Performance Advisors LLP bought a new stake in shares of Vestis in the third quarter worth $41,000. Canada Pension Plan Investment Board acquired a new stake in Vestis in the second quarter valued at $44,000. GAMMA Investing LLC boosted its stake in Vestis by 143.5% during the 3rd quarter. GAMMA Investing LLC now owns 3,960 shares of the company’s stock valued at $59,000 after acquiring an additional 2,334 shares during the last quarter. Finally, Copeland Capital Management LLC acquired a new position in Vestis during the 3rd quarter worth $60,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Vestis Trading Up 0.1 %

Vestis stock opened at $16.33 on Wednesday. The firm has a 50-day moving average price of $14.65 and a two-hundred day moving average price of $13.41. Vestis Co. has a 52-week low of $8.92 and a 52-week high of $22.37. The firm has a market capitalization of $2.15 billion and a price-to-earnings ratio of 102.07. The company has a quick ratio of 1.36, a current ratio of 1.73 and a debt-to-equity ratio of 1.40.

Vestis Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors 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 is Friday, December 13th. Vestis’s dividend payout ratio (DPR) is 87.51%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on VSTS. Baird R W cut shares of Vestis from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. lifted their target price on Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Barclays upped 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. Robert W. Baird lowered shares of Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 target price for the company. in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group raised their price target 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Vestis currently has a consensus rating of “Hold” and a consensus price target of $17.43.

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.