Graham Capital Management L.P. Acquires New Position in Vestis Co. (NYSE:VSTS)

Graham Capital Management L.P. purchased a new stake in shares of Vestis Co. (NYSE:VSTS) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 29,720 shares of the company’s stock, valued at approximately $453,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Spire Wealth Management acquired a new stake in shares of Vestis in the 4th quarter worth approximately $29,000. Smartleaf Asset Management LLC raised its stake in Vestis by 548.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,510 shares of the company’s stock valued at $38,000 after purchasing an additional 2,123 shares during the period. Quantbot Technologies LP acquired a new stake in Vestis during the 4th quarter worth about $93,000. Sterling Capital Management LLC grew its position in Vestis by 45.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,882 shares of the company’s stock valued at $120,000 after purchasing an additional 2,479 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new position in shares of Vestis during the 4th quarter valued at $180,000. Institutional investors own 97.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on VSTS. Robert W. Baird cut their price target on shares of Vestis from $17.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, March 20th. The Goldman Sachs Group decreased their price target on shares of Vestis from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Finally, Barclays dropped their target price on Vestis from $10.00 to $5.00 and set an “underweight” rating for the company in a report on Friday, May 9th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.75.

Insider Activity

In other Vestis news, Director Douglas A. Pertz bought 70,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was acquired at an average cost of $6.17 per share, with a total value of $431,900.00. Following the purchase, the director now owns 297,010 shares in the company, valued at $1,832,551.70. This trade represents a 30.84% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO William J. Seward acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The shares were bought at an average price of $6.23 per share, for a total transaction of $62,300.00. Following the completion of the acquisition, the chief operating officer now owns 130,862 shares of the company’s stock, valued at $815,270.26. This trade represents a 8.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. 13.60% of the stock is currently owned by company insiders.

Vestis Price Performance

Shares of VSTS stock opened at $6.21 on Friday. The firm’s 50 day moving average is $8.69 and its 200-day moving average is $12.66. The firm has a market capitalization of $818.37 million, a price-to-earnings ratio of 77.63 and a beta of 1.61. Vestis Co. has a 1 year low of $5.20 and a 1 year high of $17.83. The company has a current ratio of 1.80, a quick ratio of 1.43 and a debt-to-equity ratio of 1.39.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.20). Vestis had a net margin of 0.34% and a return on equity of 7.91%. The business had revenue of $665.25 million during the quarter, compared to analyst estimates of $690.81 million. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. Sell-side analysts forecast that Vestis Co. will post 0.7 EPS for the current fiscal year.

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.