Channing Capital Management LLC Takes Position in Vestis Co. (NYSE:VSTS)

Channing Capital Management LLC acquired a new position in shares of Vestis Co. (NYSE:VSTS) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,430,870 shares of the company’s stock, valued at approximately $72,529,000. Vestis accounts for approximately 2.1% of Channing Capital Management LLC’s investment portfolio, making the stock its 12th largest position. Channing Capital Management LLC owned approximately 2.61% of Vestis at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Sound Income Strategies LLC purchased a new position in shares of Vestis during the fourth quarter worth $25,000. Parkside Financial Bank & Trust acquired a new position in Vestis during the 4th quarter worth about $25,000. CI Investments Inc. purchased a new position in Vestis during the 3rd quarter valued at about $28,000. Daiwa Securities Group Inc. acquired a new position in Vestis in the 4th quarter valued at about $34,000. Finally, S.A. Mason LLC purchased a new stake in Vestis during the fourth quarter worth about $52,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

Vestis Stock Performance

Shares of NYSE VSTS traded down $0.75 during midday trading on Friday, hitting $9.41. 24,764,651 shares of the company’s stock were exchanged, compared to its average volume of 2,588,736. The firm’s fifty day simple moving average is $18.38 and its 200-day simple moving average is $18.72. Vestis Co. has a twelve month low of $8.92 and a twelve month high of $22.37. The company has a debt-to-equity ratio of 1.69, a current ratio of 2.51 and a quick ratio of 2.23.

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

Vestis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were issued a dividend of $0.035 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.14 dividend on an annualized basis and a yield of 1.49%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wolfe Research initiated coverage on shares of Vestis in a report on Thursday, January 11th. They issued an “outperform” rating and a $24.00 price objective for the company. Stifel Nicolaus reaffirmed a “hold” rating on shares of Vestis in a research report on Friday. The Goldman Sachs Group began coverage on Vestis in a research note on Thursday, January 25th. They set a “neutral” rating and a $22.00 target price for the company. Robert W. Baird reduced their price target on Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, Barclays decreased their price objective on Vestis from $19.00 to $10.00 and set an “underweight” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Vestis has an average rating of “Hold” and a consensus target price of $19.33.

Insiders Place Their Bets

In related news, CEO Kim Scott acquired 15,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were bought at an average price of $19.14 per share, with a total value of $287,100.00. Following the completion of the acquisition, the chief executive officer now owns 183,131 shares in the company, valued at $3,505,127.34. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Vestis 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.