Vestis Co. (NYSE:VSTS) Major Shareholder Corvex Management Lp Acquires 1,828,009 Shares

Vestis Co. (NYSE:VSTS) major shareholder Corvex Management Lp acquired 1,828,009 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was bought at an average price of $9.54 per share, for a total transaction of $17,439,205.86. Following the completion of the acquisition, the insider now owns 14,973,187 shares of the company’s stock, valued at $142,844,203.98. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Corvex Management Lp also recently made the following trade(s):

• On Wednesday, May 8th, Corvex Management Lp bought 622,346 shares of Vestis stock. The stock was purchased at an average cost of $10.43 per share, for a total transaction of $6,491,068.78.

Vestis Stock Performance

Shares of NYSE VSTS opened at $10.55 on Thursday. Vestis Co. has a 52-week low of $8.92 and a 52-week high of $22.37. 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 company’s 50 day moving average price is $17.83 and its 200-day moving average price is $18.60.

Vestis (NYSE:VSTS) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.09). The business had revenue of $705.37 million during the quarter, compared to analysts’ expectations of $722.54 million. The company’s revenue for the quarter was up .9% compared to the same quarter last year. Research analysts forecast that Vestis Co. will post 1.03 EPS for the current year.

Vestis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Friday, March 15th were issued a dividend of $0.035 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.14 annualized dividend and a dividend yield of 1.33%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on VSTS shares. Redburn Atlantic lowered shares of Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price target on the stock. in a research report on Tuesday. Robert W. Baird lowered their target price on Vestis from $24.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. JPMorgan Chase & Co. downgraded shares of Vestis from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $22.00 to $11.00 in a research note on Friday, May 3rd. Wolfe Research began coverage on shares of Vestis in a research report on Thursday, January 11th. They set an “outperform” rating and a $24.00 price objective for the company. Finally, Stifel Nicolaus restated a “hold” rating on shares of Vestis in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $16.38.

Institutional Trading of Vestis

Large investors have recently made changes to their positions in the company. Parkside Financial Bank & Trust acquired a new position in Vestis during the fourth quarter worth $25,000. Sound Income Strategies LLC acquired a new stake in shares of Vestis in the 4th quarter worth about $25,000. CI Investments Inc. bought a new position in Vestis in the 3rd quarter valued at about $28,000. Daiwa Securities Group Inc. purchased a new stake in shares of Vestis in the fourth quarter worth approximately $34,000. Finally, Wahed Invest LLC bought a new stake in Vestis during the fourth quarter worth $42,000. 97.40% of the stock is currently owned by institutional investors and hedge funds.

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.