Vestis (NYSE:VSTS) Director Acquires $1,424,827.18 in Stock

Vestis Corporation (NYSE:VSTS) Director Keith Meister acquired 209,842 shares of the stock in a transaction dated Wednesday, December 17th. The stock was bought at an average price of $6.79 per share, for a total transaction of $1,424,827.18. Following the purchase, the director owned 19,813,963 shares of the company’s stock, valued at $134,536,808.77. The trade was a 1.07% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Vestis Price Performance

Shares of NYSE:VSTS traded up $0.04 during trading on Wednesday, reaching $6.94. The stock had a trading volume of 3,447,881 shares, compared to its average volume of 2,384,297. The business’s 50-day moving average price is $5.77 and its 200 day moving average price is $5.49. The company has a debt-to-equity ratio of 1.49, a current ratio of 2.08 and a quick ratio of 1.64. Vestis Corporation has a 52 week low of $3.98 and a 52 week high of $16.68. The stock has a market capitalization of $914.52 million, a PE ratio of -22.37 and a beta of 0.78.

Vestis (NYSE:VSTS) last posted its earnings results on Monday, December 1st. The company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. Vestis had a positive return on equity of 2.62% and a negative net margin of 1.47%.The firm had revenue of $712.01 million during the quarter, compared to analysts’ expectations of $690.65 million. During the same period in the previous year, the firm earned $0.11 earnings per share. The company’s revenue was up 4.1% on a year-over-year basis. As a group, equities analysts predict that Vestis Corporation will post 0.7 earnings per share for the current year.

Institutional Trading of Vestis

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its position in shares of Vestis by 471.9% in the second quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock worth $31,000 after buying an additional 4,502 shares in the last quarter. Osaic Holdings Inc. grew its stake in Vestis by 703.2% in the second quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock worth $33,000 after purchasing an additional 5,028 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Vestis by 331.4% during the second quarter. PNC Financial Services Group Inc. now owns 9,427 shares of the company’s stock valued at $54,000 after buying an additional 7,242 shares during the period. AREX Capital Management LP bought a new stake in shares of Vestis in the 2nd quarter valued at about $57,000. Finally, Simplicity Wealth LLC bought a new position in shares of Vestis in the 3rd quarter worth $46,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group raised their target price on Vestis from $5.50 to $6.30 and gave the company a “neutral” rating in a report on Tuesday, December 2nd. JPMorgan Chase & Co. upped their price objective on shares of Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, December 3rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Vestis in a research note on Wednesday, October 8th. Finally, Robert W. Baird raised their target price on Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Strong Sell” and an average price target of $5.95.

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.