Bleakley Financial Group LLC Makes New Investment in Vestis Corporation $VSTS

Bleakley Financial Group LLC acquired a new position in shares of Vestis Corporation (NYSE:VSTS) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 59,474 shares of the company’s stock, valued at approximately $341,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Ethic Inc. acquired a new stake in Vestis during the 2nd quarter worth approximately $74,000. Allianz Asset Management GmbH lifted its holdings in shares of Vestis by 6.6% in the 2nd quarter. Allianz Asset Management GmbH now owns 571,383 shares of the company’s stock valued at $3,274,000 after buying an additional 35,353 shares during the period. Ascent Group LLC acquired a new stake in shares of Vestis in the 2nd quarter valued at approximately $59,000. HB Wealth Management LLC acquired a new stake in shares of Vestis in the 2nd quarter valued at approximately $65,000. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Vestis by 7.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 68,195 shares of the company’s stock valued at $389,000 after buying an additional 4,686 shares during the period. 97.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

VSTS has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Vestis in a report on Friday. Wall Street Zen raised Vestis from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Finally, JPMorgan Chase & Co. reduced their price target on Vestis from $6.00 to $5.50 and set an “underweight” rating for the company in a report on Thursday, August 7th. Two analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Strong Sell” and an average price target of $9.13.

Vestis Stock Performance

Shares of VSTS stock opened at $5.26 on Monday. The stock has a fifty day moving average price of $4.61 and a 200 day moving average price of $5.81. The stock has a market cap of $692.82 million, a PE ratio of -22.85 and a beta of 0.97. Vestis Corporation has a 1 year low of $3.98 and a 1 year high of $17.83. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.42 and a current ratio of 1.84.

Vestis (NYSE:VSTS) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. The firm had revenue of $673.80 million during the quarter, compared to analysts’ expectations of $673.65 million. Vestis had a positive return on equity of 3.76% and a negative net margin of 1.11%.Vestis’s revenue was down 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 earnings per share. Sell-side analysts forecast that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

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.