Insider Buying: Vestis (NYSE:VSTS) CEO Purchases $1,045,265.00 in Stock

Vestis Corporation (NYSE:VSTS) CEO James Barber acquired 84,500 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The stock was purchased at an average price of $12.37 per share, with a total value of $1,045,265.00. Following the completion of the acquisition, the chief executive officer directly owned 867,222 shares in the company, valued at approximately $10,727,536.14. This represents a 10.80% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Vestis Stock Performance

Shares of NYSE VSTS opened at $13.29 on Friday. The stock’s 50-day moving average is $14.12 and its 200 day moving average is $11.39. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -265.75 and a beta of 0.95. Vestis Corporation has a 1-year low of $3.98 and a 1-year high of $16.90. The company has a current ratio of 2.17, a quick ratio of 1.75 and a debt-to-equity ratio of 1.38.

Vestis (NYSE:VSTS) last issued its earnings results on Tuesday, August 11th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.08. The business had revenue of $661.66 million during the quarter, compared to analyst estimates of $668.94 million. Vestis had a positive return on equity of 7.27% and a negative net margin of 0.20%. On average, sell-side analysts anticipate that Vestis Corporation will post 0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Vestis

Hedge funds and other institutional investors have recently modified their holdings of the company. Philadelphia Investment Partners LLC bought a new stake in shares of Vestis in the second quarter worth about $47,000. Farther Finance Advisors LLC raised its position in Vestis by 176.1% during the 4th quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company’s stock valued at $35,000 after purchasing an additional 3,312 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in Vestis in the 4th quarter worth approximately $36,000. EverSource Wealth Advisors LLC lifted its holdings in Vestis by 471.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock worth $31,000 after buying an additional 4,502 shares during the period. Finally, Osaic Holdings Inc. grew its position in shares of Vestis by 703.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock worth $33,000 after buying an additional 5,028 shares during the last quarter. 97.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on VSTS. Zacks Research downgraded shares of Vestis from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. JPMorgan Chase & Co. lifted their price objective on Vestis from $11.00 to $13.00 and gave the stock an “underweight” rating in a report on Thursday, August 13th. Stifel Nicolaus boosted their target price on Vestis from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th. Barclays increased their target price on Vestis from $9.00 to $11.00 and gave the company an “underweight” rating in a report on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Vestis in a research note on Friday, August 7th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Vestis has a consensus rating of “Reduce” and a consensus price target of $12.66.

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