AQR Capital Management LLC Buys 1,544,001 Shares of Vestis Corporation $VSTS

Key Points

• AQR Capital Management LLC increased its stake in Vestis Corporation by 49.4%, owning approximately 4.67 million shares worth over $45 million as of the latest SEC filing.
• Several institutional investors have significantly boosted their positions in Vestis, with 97.40% of the stock now held by institutional owners.
• Equities analysts have mixed sentiments regarding Vestis, with a consensus rating of "Reduce" and an average price target of $9.13.

AQR Capital Management LLC raised its stake in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 49.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,669,670 shares of the company's stock after buying an additional 1,544,001 shares during the quarter. AQR Capital Management LLC owned about 3.54% of Vestis worth $45,950,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Adage Capital Partners GP L.L.C. boosted its position in shares of Vestis by 267.7% in the first quarter. Adage Capital Partners GP L.L.C. now owns 480,761 shares of the company's stock valued at $4,760,000 after acquiring an additional 350,000 shares during the period. Vision One Management Partners LP grew its position in shares of Vestis by 57.0% during the 1st quarter. Vision One Management Partners LP now owns 3,309,017 shares of the company's stock valued at $32,759,000 after purchasing an additional 1,201,458 shares in the last quarter. TIG Advisors LLC bought a new position in shares of Vestis in the first quarter worth $3,855,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Vestis in the first quarter worth $181,000. Finally, Harris Associates L P boosted its stake in Vestis by 149.3% during the first quarter. Harris Associates L P now owns 295,235 shares of the company's stock valued at $2,923,000 after buying an additional 176,790 shares during the period. 97.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on VSTS. JPMorgan Chase & Co. decreased their target price on Vestis from $6.00 to $5.50 and set an "underweight" rating on the stock in a research note on Thursday, August 7th. Wall Street Zen raised Vestis from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce" and an average price target of $9.13.

Vestis Price Performance

Shares of NYSE VSTS traded down $0.15 during trading hours on Friday, reaching $4.21. 1,653,373 shares of the stock traded hands, compared to its average volume of 1,611,663. The company's 50-day simple moving average is $5.28 and its two-hundred day simple moving average is $7.03. The company has a market capitalization of $555.05 million, a P/E ratio of -18.30 and a beta of 0.97. Vestis Corporation has a 52-week low of $3.98 and a 52-week high of $17.83. The company has a quick ratio of 1.42, a current ratio of 1.84 and a debt-to-equity ratio of 1.45.

Vestis (NYSE:VSTS - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. Vestis had a positive return on equity of 3.76% and a negative net margin of 1.11%.The business had revenue of $673.80 million during the quarter, compared to analyst estimates of $673.65 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. Vestis's revenue for the quarter was down 3.5% on a year-over-year basis. Equities research analysts forecast that Vestis Corporation will post 0.7 EPS for the current 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.