115,000 Vestis Corporation $VSTS Shares Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems increased its Vestis stake by 368.6% in the third quarter, purchasing 115,000 shares and bringing its holdings to 146,200 shares, valued at about $1.95 million.
• Vestis reported quarterly earnings of $0.18 per share, beating the $0.10 consensus estimate, but revenue of $661.66 million fell short of analysts’ $668.94 million forecast.
• Analyst sentiment is cautious: Vestis has a consensus “Reduce” rating and a $12.66 average price target. Separately, CEO James Barber bought 84,500 shares for about $1.05 million.

VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 368.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,200 shares of the company's stock after buying an additional 115,000 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.11% of Vestis worth $1,953,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of VSTS. Philadelphia Investment Partners LLC acquired a new stake in shares of Vestis in the second quarter worth about $47,000. R Squared Ltd acquired a new position in shares of Vestis during the 1st quarter valued at about $88,000. Allen Capital Group LLC bought a new position in shares of Vestis in the 1st quarter valued at approximately $94,000. Public Employees Retirement System of Ohio bought a new position in shares of Vestis in the 2nd quarter valued at approximately $145,000. Finally, Sanders Morris Harris LLC bought a new position in shares of Vestis in the 3rd quarter valued at approximately $173,000. 97.40% of the stock is currently owned by institutional investors.

Vestis Stock Performance

VSTS opened at $14.63 on Wednesday. The firm has a market capitalization of $1.93 billion, a P/E ratio of 31.23 and a beta of 0.83. The stock's 50 day moving average price is $13.81 and its two-hundred day moving average price is $11.50. The company has a quick ratio of 1.75, a current ratio of 2.17 and a debt-to-equity ratio of 1.38. Vestis Corporation has a 12-month low of $4.93 and a 12-month high of $16.90.

Vestis (NYSE:VSTS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.08. Vestis had a positive return on equity of 7.27% and a negative net margin of 0.20%. The company had revenue of $661.66 million during the quarter, compared to analyst estimates of $668.94 million. On average, equities analysts forecast that Vestis Corporation will post 0.62 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Vestis in a research report on Friday, August 7th. JPMorgan Chase & Co. lifted their price target on shares of Vestis from $11.00 to $13.00 and gave the company an "underweight" rating in a research report on Thursday, August 13th. Zacks Research lowered shares of Vestis from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 10th. Barclays boosted their price objective on shares of Vestis from $9.00 to $11.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 12th. Finally, The Goldman Sachs Group raised their target price on shares of Vestis from $8.20 to $9.30 and gave the company a "sell" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Vestis currently has a consensus rating of "Reduce" and a consensus target price of $12.66.

Insider Transactions at Vestis

In related news, CEO James Barber bought 84,500 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The shares were acquired at an average price of $12.37 per share, with a total value of $1,045,265.00. Following the completion of the transaction, the chief executive officer owned 867,222 shares of the company's stock, valued at $10,727,536.14. The trade was a 10.80% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.70% of the company's stock.

Vestis Company Profile

Vestis Corporation NYSE: VSTS provides workplace apparel and facility services to businesses and organizations across the United States and Canada. Its offerings are designed to help customers manage employee uniforms and maintain clean, safe, and professional work environments.

The company supplies and services uniforms, workwear, and protective apparel, along with related products such as linens, towels, floor mats, restroom supplies, first-aid products, and other workplace essentials.

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