Vestis (NYSE:VSTS) Shares Gap Up on Insider Buying Activity

Vestis Co. (NYSE:VSTS)’s stock price gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $9.91, but opened at $10.33. Vestis shares last traded at $10.55, with a volume of 1,433,312 shares changing hands.

Specifically, CEO Kim Scott bought 15,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average cost of $19.14 per share, for a total transaction of $287,100.00. Following the purchase, the chief executive officer now directly owns 183,131 shares in the company, valued at approximately $3,505,127.34. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Vestis news, Director James Phillip Holloman bought 20,200 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was acquired at an average price of $9.93 per share, with a total value of $200,586.00. Following the completion of the acquisition, the director now directly owns 44,132 shares of the company’s stock, valued at $438,230.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Kim Scott bought 15,000 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were acquired at an average cost of $19.14 per share, with a total value of $287,100.00. Following the acquisition, the chief executive officer now directly owns 183,131 shares of the company’s stock, valued at $3,505,127.34. The disclosure for this purchase can be found here.

Analyst Ratings Changes

VSTS has been the subject of several research analyst reports. Redburn Atlantic lowered shares of Vestis from a “buy” rating to a “neutral” rating and set a $13.40 target price for the company. in a research note on Tuesday. Stifel Nicolaus reiterated a “hold” rating on shares of Vestis in a research note on Friday. JPMorgan Chase & Co. lowered shares of Vestis from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $22.00 to $11.00 in a research report on Friday. The Goldman Sachs Group lowered their price objective on shares of Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, Wolfe Research assumed coverage on Vestis in a report on Thursday, January 11th. They issued an “outperform” rating and a $24.00 target price for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $16.38.

Vestis Price Performance

The company has a debt-to-equity ratio of 1.69, a quick ratio of 2.16 and a current ratio of 2.51. The firm has a 50 day moving average price of $18.19 and a 200-day moving average price of $18.69.

Vestis (NYSE:VSTS) last announced its earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.09). The company had revenue of $705.37 million for the quarter, compared to analysts’ expectations of $722.54 million. Vestis’s quarterly revenue was up .9% on a year-over-year basis. On average, analysts expect that Vestis Co. will post 1.03 EPS for the current fiscal year.

Vestis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were issued a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend was Thursday, March 14th.

Institutional Trading of Vestis

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. bought a new position in Vestis in the 4th quarter worth approximately $302,586,000. Capital International Investors bought a new position in Vestis in the 4th quarter worth approximately $125,586,000. Channing Capital Management LLC bought a new position in Vestis in the 4th quarter worth approximately $72,529,000. Wellington Management Group LLP bought a new position in Vestis in the 4th quarter worth approximately $56,431,000. Finally, Victory Capital Management Inc. bought a new position in Vestis in the 4th quarter worth approximately $48,292,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

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.