Allianz Asset Management GmbH Boosts Holdings in Vestis Corporation (NYSE:VSTS)

Key Points

• Allianz Asset Management GmbH increased its stake in Vestis Corporation by 52.3%, now holding over 536,000 shares worth approximately $5.3 million.
• Insider trading activity includes Douglas A. Pertz acquiring 70,000 shares, raising his ownership by 30.84% and COO William J. Seward purchasing 10,000 shares, increasing his stake by 8.27%.
• Vestis Corporation's stock currently has a consensus rating of "Hold" with a target price of $9.25, but recent earnings fell short of expectations with reported losses.

Allianz Asset Management GmbH boosted its position in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 52.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 536,030 shares of the company's stock after purchasing an additional 184,188 shares during the quarter. Allianz Asset Management GmbH owned about 0.41% of Vestis worth $5,307,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of VSTS. Raymond James Financial Inc. bought a new position in Vestis during the 4th quarter valued at about $2,194,000. Quantbot Technologies LP bought a new position in shares of Vestis in the 4th quarter worth approximately $93,000. American Century Companies Inc. lifted its stake in shares of Vestis by 13.8% in the 4th quarter. American Century Companies Inc. now owns 228,436 shares of the company's stock worth $3,481,000 after purchasing an additional 27,747 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of Vestis in the 4th quarter worth approximately $388,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Vestis by 4.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 732,351 shares of the company's stock worth $11,161,000 after purchasing an additional 32,427 shares during the period. Institutional investors own 97.40% of the company's stock.

Vestis Stock Performance

NYSE VSTS traded down $0.18 on Friday, reaching $5.89. 446,890 shares of the stock were exchanged, compared to its average volume of 2,346,249. Vestis Corporation has a one year low of $5.20 and a one year high of $17.83. The firm has a market capitalization of $775.53 million, a PE ratio of -32.77 and a beta of 0.96. The company's 50-day simple moving average is $6.11 and its two-hundred day simple moving average is $9.16. The company has a current ratio of 1.87, a quick ratio of 1.41 and a debt-to-equity ratio of 1.46.

Vestis (NYSE:VSTS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.20). Vestis had a negative net margin of 0.89% and a positive return on equity of 5.36%. The company had revenue of $665.25 million for the quarter, compared to analysts' expectations of $690.81 million. The firm's quarterly revenue was down 5.7% on a year-over-year basis. Analysts expect that Vestis Corporation will post 0.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VSTS. Barclays lowered their price objective on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a research note on Friday, May 9th. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $6.00 price objective (up previously from $5.00) on shares of Vestis in a research note on Monday, July 14th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat.com, Vestis presently has an average rating of "Hold" and a consensus target price of $9.25.

Insider Activity at Vestis

In other news, Director Keith A. Meister acquired 377,277 shares of the company's stock in a transaction on Friday, May 23rd. The stock was bought at an average cost of $5.89 per share, with a total value of $2,222,161.53. Following the completion of the purchase, the director directly owned 18,380,501 shares of the company's stock, valued at $108,261,150.89. This represents a 2.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO William J. Seward acquired 10,000 shares of the company's stock in a transaction on Thursday, May 8th. The shares were purchased at an average cost of $6.23 per share, with a total value of $62,300.00. Following the completion of the purchase, the chief operating officer directly owned 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. Over the last ninety days, insiders acquired 880,675 shares of company stock valued at $5,271,632. 13.60% of the stock is owned by corporate insiders.

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.