Driehaus Capital Management LLC Takes $4.88 Million Position in Vestis Co. (NYSE:VSTS)

Driehaus Capital Management LLC bought a new stake in shares of Vestis Co. (NYSE:VSTS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 320,405 shares of the company's stock, valued at approximately $4,883,000. Driehaus Capital Management LLC owned approximately 0.24% of Vestis at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Annex Advisory Services LLC boosted its holdings in Vestis by 13.5% in the fourth quarter. Annex Advisory Services LLC now owns 293,899 shares of the company's stock worth $4,479,000 after acquiring an additional 34,951 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Vestis in the fourth quarter valued at approximately $2,194,000. Proficio Capital Partners LLC bought a new position in shares of Vestis in the fourth quarter valued at approximately $185,000. Ieq Capital LLC lifted its holdings in shares of Vestis by 689.7% in the fourth quarter. Ieq Capital LLC now owns 160,671 shares of the company's stock valued at $2,449,000 after purchasing an additional 140,324 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Vestis by 17.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,538,882 shares of the company's stock valued at $38,693,000 after purchasing an additional 382,071 shares in the last quarter. Institutional investors own 97.40% of the company's stock.

Vestis Stock Performance

Shares of NYSE VSTS traded down $0.32 during mid-day trading on Wednesday, hitting $6.10. The company had a trading volume of 2,165,929 shares, compared to its average volume of 2,146,951. The company has a market capitalization of $803.88 million, a price-to-earnings ratio of 76.26 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. The stock's 50-day moving average price is $8.89 and its 200-day moving average price is $12.76.

Vestis (NYSE:VSTS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.15 by ($0.20). Vestis had a return on equity of 7.91% and a net margin of 0.34%. The business had revenue of $665.25 million for the quarter, compared to analysts' expectations of $690.81 million. The business's revenue for the quarter was down 5.7% compared to the same quarter last year. On average, sell-side analysts forecast that Vestis Co. will post 0.7 earnings per share for the current year.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of analysts recently commented on the company. The Goldman Sachs Group dropped their price target on Vestis from $15.00 to $13.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. Robert W. Baird decreased their target price on Vestis from $17.00 to $13.00 and set a "neutral" rating for the company in a research report on Thursday, March 20th. Finally, Barclays decreased their target price on Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $11.75.

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.