Bank of New York Mellon Corp Buys Shares of 645,172 Vestis Corporation $VSTS

Key Points

• Bank of New York Mellon acquired 645,172 Vestis shares worth approximately $9.4 million, giving it a 0.49% stake. Institutional investors collectively own 97.4% of the company.
• Analyst sentiment remains cautious: Vestis has one Buy, three Hold and four Sell ratings, resulting in an average “Reduce” rating and a consensus price target of $12.66.
• Vestis exceeded quarterly earnings expectations, reporting adjusted EPS of $0.18 versus the $0.10 consensus estimate, though revenue of $661.7 million fell short of the $668.9 million forecast.

Bank of New York Mellon Corp bought a new position in shares of Vestis Corporation (NYSE:VSTS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 645,172 shares of the company's stock, valued at approximately $9,368,000. Bank of New York Mellon Corp owned approximately 0.49% of Vestis at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in VSTS. Farther Finance Advisors LLC grew its stake in shares of Vestis by 176.1% during the fourth quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company's stock worth $35,000 after buying an additional 3,312 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Vestis during the 4th quarter valued at $36,000. EverSource Wealth Advisors LLC grew its position in Vestis by 471.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company's stock worth $31,000 after acquiring an additional 4,502 shares during the last quarter. Osaic Holdings Inc. increased its holdings in Vestis by 703.2% in the 2nd 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. Finally, PNC Financial Services Group Inc. increased its holdings in Vestis by 147.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,006 shares of the company's stock worth $53,000 after purchasing an additional 4,766 shares in the last quarter. Institutional investors own 97.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on VSTS. Robert W. Baird lifted their price target on Vestis from $15.00 to $16.00 and gave the company a "neutral" rating in a research note on Wednesday, August 12th. William Blair upgraded shares of Vestis from a "market perform" rating to an "outperform" rating in a report on Tuesday, May 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Vestis in a research report on Friday, August 7th. Zacks Research lowered shares of Vestis from a "strong-buy" rating to a "hold" rating in a report on Monday, August 10th. Finally, Stifel Nicolaus upped their price target on shares of Vestis from $11.00 to $14.00 and gave the company a "hold" rating in a research report on Wednesday, August 12th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $12.66.

Vestis Price Performance

VSTS stock opened at $12.17 on Thursday. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of -243.43 and a beta of 0.95. 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 $3.98 and a 12-month high of $16.90. The company's fifty day simple moving average is $14.16 and its 200 day simple moving average is $11.34.

Vestis (NYSE:VSTS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.18 earnings per share 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 firm had revenue of $661.66 million during the quarter, compared to the consensus estimate of $668.94 million. On average, analysts expect that Vestis Corporation will post 0.62 earnings per share for the current year.

Vestis 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.

Want to see what other hedge funds are holding VSTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vestis Corporation (NYSE:VSTS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.