Vestis (NYSE:VSTS) Trading 5.9% Higher – Here’s What Happened
by Scott Moore · The Cerbat GemVestis Corporation (NYSE:VSTS – Get Free Report)’s stock price was up 5.9% on Thursday . The company traded as high as $7.90 and last traded at $7.94. Approximately 535,260 shares changed hands during trading, a decline of 73% from the average daily volume of 1,991,027 shares. The stock had previously closed at $7.50.
Wall Street Analyst Weigh In
A number of research firms have weighed in on VSTS. JPMorgan Chase & Co. raised their price objective on shares of Vestis from $5.50 to $6.00 and gave the company an “underweight” rating in a research note on Wednesday, December 3rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Vestis in a report on Wednesday, January 21st. Barclays reiterated an “underweight” rating on shares of Vestis in a report on Tuesday, February 17th. The Goldman Sachs Group raised their price target on shares of Vestis from $5.30 to $6.00 and gave the company a “sell” rating in a research report on Wednesday, February 11th. Finally, Robert W. Baird upped their price objective on shares of Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research report on Tuesday, December 2nd. One investment analyst has rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Vestis currently has a consensus rating of “Strong Sell” and an average target price of $5.88.
Read Our Latest Stock Analysis on Vestis
Vestis Trading Up 4.9%
The company has a quick ratio of 1.74, a current ratio of 2.17 and a debt-to-equity ratio of 1.48. The firm has a market cap of $1.04 billion, a P/E ratio of -21.20 and a beta of 0.49. The firm’s 50-day simple moving average is $7.21 and its 200 day simple moving average is $6.04.
Vestis (NYSE:VSTS – Get Free Report) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.04. Vestis had a negative net margin of 1.75% and a positive return on equity of 2.08%. The company had revenue of $663.39 million during the quarter, compared to analyst estimates of $665.77 million. During the same quarter last year, the business posted $0.14 EPS. Vestis’s quarterly revenue was down 3.0% compared to the same quarter last year. As a group, analysts expect that Vestis Corporation will post 0.7 earnings per share for the current year.
Insider Buying and Selling at Vestis
In other news, Director Douglas A. Pertz acquired 15,000 shares of Vestis stock in a transaction that occurred on Friday, December 19th. The stock was bought at an average price of $6.90 per share, with a total value of $103,500.00. Following the completion of the purchase, the director owned 322,010 shares in the company, valued at approximately $2,221,869. The trade was a 4.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Keith A. Meister purchased 800,222 shares of Vestis stock in a transaction dated Tuesday, December 16th. The shares were purchased at an average price of $6.81 per share, with a total value of $5,449,511.82. Following the completion of the transaction, the director directly owned 19,604,121 shares in the company, valued at approximately $133,504,064.01. This represents a 4.26% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 1,035,064 shares of company stock valued at $7,046,839. 15.70% of the stock is owned by company insiders.
Institutional Trading of Vestis
Several institutional investors and hedge funds have recently made changes to their positions in VSTS. Alberta Investment Management Corp raised its stake in shares of 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 acquiring an additional 3,547,000 shares in the last quarter. Geode Capital Management LLC grew its position in Vestis by 45.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,731,391 shares of the company’s stock worth $15,652,000 after acquiring an additional 851,208 shares during the last quarter. Private Management Group Inc. increased its stake in shares of Vestis by 37.5% in the second quarter. Private Management Group Inc. now owns 2,439,718 shares of the company’s stock worth $13,980,000 after buying an additional 665,376 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Vestis by 22.6% during the third quarter. Allianz Asset Management GmbH now owns 700,798 shares of the company’s stock worth $3,175,000 after purchasing an additional 129,415 shares during the period. Finally, Vision One Management Partners LP lifted its holdings in Vestis by 8.5% in the 2nd quarter. Vision One Management Partners LP now owns 3,590,017 shares of the company’s stock worth $20,571,000 after buying an additional 281,000 shares during the period. Hedge funds and other institutional investors own 97.40% 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.