Bank of New York Mellon Corp Sells 118,429 Shares of Vestis Corporation (NYSE:VSTS)

Bank of New York Mellon Corp trimmed its position in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 10.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 978,493 shares of the company's stock after selling 118,429 shares during the period. Bank of New York Mellon Corp owned 0.74% of Vestis worth $9,687,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of VSTS. AQR Capital Management LLC grew its stake in Vestis by 47.4% during the fourth quarter. AQR Capital Management LLC now owns 3,125,669 shares of the company's stock valued at $47,635,000 after acquiring an additional 1,004,497 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Vestis by 46.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,095,278 shares of the company's stock valued at $47,172,000 after buying an additional 980,303 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Vestis by 179.4% in the 4th quarter. Millennium Management LLC now owns 3,003,762 shares of the company's stock valued at $45,777,000 after purchasing an additional 1,928,687 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Vestis by 2.3% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,691,476 shares of the company's stock valued at $41,018,000 after purchasing an additional 59,824 shares in the last quarter. Finally, Vision One Management Partners LP grew its position in shares of Vestis by 34.3% in the 4th quarter. Vision One Management Partners LP now owns 2,107,559 shares of the company's stock worth $32,119,000 after buying an additional 538,739 shares during the last quarter. 97.40% of the stock is currently owned by institutional investors.

Vestis Stock Down 3.5%

Shares of VSTS opened at $5.99 on Tuesday. The company's 50-day simple moving average is $6.07 and its 200-day simple moving average is $9.61. The stock has a market capitalization of $788.84 million, a PE ratio of -33.26 and a beta of 0.96. Vestis Corporation has a 1 year low of $5.20 and a 1 year high of $17.83. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.41 and a current ratio of 1.87.

Vestis (NYSE:VSTS - Get Free Report) last announced its quarterly 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). The company had revenue of $665.25 million during the quarter, compared to analysts' expectations of $690.81 million. Vestis had a negative net margin of 0.89% and a positive return on equity of 5.36%. The company's quarterly revenue was down 5.7% compared to the same quarter last year. Analysts forecast that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. JPMorgan Chase & Co. reissued an "underweight" rating and set a $6.00 target price (up previously from $5.00) on shares of Vestis in a research report on Monday, July 14th. Barclays dropped their price objective on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat, Vestis currently has an average rating of "Hold" and a consensus price target of $9.25.

Insider Transactions at Vestis

In other news, Director Keith A. Meister bought 314,390 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was acquired at an average price of $6.03 per share, with a total value of $1,895,771.70. Following the completion of the purchase, the director directly owned 18,803,899 shares of the company's stock, valued at $113,387,510.97. This represents a 1.70% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO William J. Seward bought 10,000 shares of the firm's stock in a transaction that occurred 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 purchase, the chief operating officer directly owned 130,862 shares of the company's stock, valued at approximately $815,270.26. This represents a 8.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 880,675 shares of company stock worth $5,271,632. 13.60% of the stock is currently owned by company insiders.

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.

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