Vestis Co. (NYSE:VSTS) Major Shareholder Acquires $6,491,068.78 in Stock

Vestis Co. (NYSE:VSTS) major shareholder Corvex Management Lp bought 622,346 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was purchased at an average price of $10.43 per share, with a total value of $6,491,068.78. Following the transaction, the insider now directly owns 16,591,833 shares in the company, valued at $173,052,818.19. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, May 6th, Corvex Management Lp bought 1,828,009 shares of Vestis stock. The stock was acquired at an average price of $9.54 per share, for a total transaction of $17,439,205.86.

Vestis Price Performance

NYSE:VSTS traded up $0.32 during mid-day trading on Wednesday, hitting $10.55. 4,014,338 shares of the company’s stock were exchanged, compared to its average volume of 2,360,555. Vestis Co. has a one year low of $8.92 and a one year high of $22.37. The business has a fifty day moving average price of $17.83 and a 200 day moving average price of $18.60. The company has a current ratio of 2.51, a quick ratio of 2.16 and a debt-to-equity ratio of 1.69.

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

Vestis Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Friday, March 15th were paid 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 yield of 1.33%.

Hedge Funds Weigh In On Vestis

A number of hedge funds have recently bought and sold shares of VSTS. Strs Ohio purchased a new stake in Vestis during the third quarter valued at $359,000. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Vestis during the third quarter valued at approximately $1,318,000. Wolverine Asset Management LLC purchased a new position in shares of Vestis during the 3rd quarter worth $2,412,000. CI Investments Inc. purchased a new position in Vestis during the third quarter valued at $28,000. Finally, Soros Fund Management LLC bought a new stake in Vestis during the third quarter valued at about $14,714,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on VSTS. The Goldman Sachs Group reduced their price target on Vestis from $20.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday. Barclays cut their price target on shares of Vestis from $19.00 to $10.00 and set an “underweight” rating on the stock in a report on Friday, May 3rd. Wolfe Research began coverage on Vestis in a report on Thursday, January 11th. They set an “outperform” rating and a $24.00 price target on the stock. Redburn Atlantic cut Vestis from a “buy” rating to a “neutral” rating and set a $13.40 price objective for the company. in a report on Tuesday. Finally, Stifel Nicolaus reissued a “hold” rating on shares of Vestis in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.38.

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.