Vestis Corporation $VSTS Shares Bought by Private Management Group Inc.

Private Management Group Inc. lifted its stake in shares of Vestis Corporation (NYSE:VSTS) by 6.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,589,626 shares of the company’s stock after acquiring an additional 149,908 shares during the period. Private Management Group Inc. owned 1.96% of Vestis worth $11,731,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Alberta Investment Management Corp increased its position in Vestis by 57.7% during the second quarter. Alberta Investment Management Corp now owns 9,692,000 shares of the company’s stock worth $55,535,000 after purchasing an additional 3,547,000 shares during the last quarter. Medina Value Partners LLC acquired a new position in shares of Vestis in the 3rd quarter valued at $6,469,000. First Trust Advisors LP boosted its holdings in shares of Vestis by 327.2% in the 2nd quarter. First Trust Advisors LP now owns 1,461,190 shares of the company’s stock valued at $8,373,000 after purchasing an additional 1,119,157 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Vestis by 19.8% during the 2nd quarter. AQR Capital Management LLC now owns 5,593,129 shares of the company’s stock valued at $32,049,000 after buying an additional 923,459 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Vestis by 45.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,731,391 shares of the company’s stock valued at $15,652,000 after buying an additional 851,208 shares during the period. 97.40% of the stock is owned by institutional investors and hedge funds.

Vestis Price Performance

VSTS stock opened at $7.59 on Friday. The firm has a market cap of $1.00 billion, a P/E ratio of -20.51 and a beta of 0.49. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.74 and a current ratio of 2.17. Vestis Corporation has a 1 year low of $3.98 and a 1 year high of $11.23. The stock has a 50-day simple moving average of $7.25 and a 200-day simple moving average of $6.08.

Vestis (NYSE:VSTS) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.06 by $0.04. The firm had revenue of $663.39 million for the quarter, compared to analyst estimates of $665.77 million. Vestis had a positive return on equity of 2.08% and a negative net margin of 1.75%.Vestis’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.14 EPS. On average, equities analysts predict that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. The Goldman Sachs Group lifted their target price on Vestis from $5.30 to $6.00 and gave the company a “sell” rating in a report on Wednesday, February 11th. Robert W. Baird lifted their price objective on Vestis from $5.00 to $6.50 and gave the company a “neutral” rating in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. increased their target price on shares of Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 3rd. Barclays reaffirmed an “underweight” rating on shares of Vestis in a research report on Tuesday, February 17th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Vestis in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Strong Sell” and a consensus price target of $5.88.

Insider Buying and Selling

In other news, Director Keith A. Meister purchased 209,842 shares of the stock in a transaction that occurred on Wednesday, December 17th. The stock was acquired at an average cost of $6.79 per share, with a total value of $1,424,827.18. Following the acquisition, the director owned 19,813,963 shares in the company, valued at approximately $134,536,808.77. This trade represents a 1.07% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Douglas A. Pertz purchased 15,000 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The shares were purchased at an average cost of $6.90 per share, for a total transaction of $103,500.00. Following the purchase, the director directly owned 322,010 shares in the company, valued at $2,221,869. This trade represents a 4.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 1,035,064 shares of company stock worth $7,046,839 in the last quarter. Insiders own 15.70% of the company’s stock.

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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.