Bank of New York Mellon Corp Sells 80,271 Shares of Vestis Corporation $VSTS

Key Points

• Bank of New York Mellon reduced its Vestis stake by 11.4%, selling 80,271 shares during the first quarter and retaining 626,720 shares worth approximately $4.9 million. Institutional investors collectively own 97.4% of Vestis.
• Vestis beat quarterly expectations, reporting EPS of $0.16 versus the $0.09 consensus and revenue of $659.4 million, although revenue declined 0.9% year over year and the company posted a negative net margin.
• Analyst views remain mixed, with ratings ranging from strong buy to sell. The consensus rating is “Reduce”, with an average price target of $9.50 versus the stock’s reported price of $13.94.

Bank of New York Mellon Corp trimmed its holdings in Vestis Corporation (NYSE:VSTS - Free Report) by 11.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 626,720 shares of the company's stock after selling 80,271 shares during the quarter. Bank of New York Mellon Corp owned about 0.47% of Vestis worth $4,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. State of Wyoming lifted its position in shares of Vestis by 10.4% during the 4th quarter. State of Wyoming now owns 15,145 shares of the company's stock valued at $101,000 after acquiring an additional 1,428 shares during the period. Captrust Financial Advisors grew its holdings in Vestis by 15.6% in the second quarter. Captrust Financial Advisors now owns 20,599 shares of the company's stock worth $118,000 after purchasing an additional 2,787 shares during the period. Nisa Investment Advisors LLC increased its stake in Vestis by 147.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 5,175 shares of the company's stock valued at $35,000 after purchasing an additional 3,082 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Vestis by 176.1% in the fourth quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company's stock valued at $35,000 after purchasing an additional 3,312 shares in the last quarter. Finally, Mariner LLC raised its holdings in shares of Vestis by 3.2% during the third quarter. Mariner LLC now owns 123,981 shares of the company's stock valued at $562,000 after purchasing an additional 3,798 shares during the period. Institutional investors own 97.40% of the company's stock.

Vestis Stock Performance

Shares of Vestis stock opened at $13.94 on Thursday. The company has a market cap of $1.84 billion, a PE ratio of -99.56 and a beta of 0.97. Vestis Corporation has a 52 week low of $3.98 and a 52 week high of $16.90. The business has a 50 day moving average price of $14.12 and a 200-day moving average price of $10.48. The company has a quick ratio of 1.69, a current ratio of 2.13 and a debt-to-equity ratio of 1.44.

Vestis (NYSE:VSTS - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.07. The company had revenue of $659.44 million for the quarter, compared to analysts' expectations of $655.32 million. Vestis had a positive return on equity of 5.27% and a negative net margin of 0.63%.Vestis's quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. Equities analysts anticipate that Vestis Corporation will post 0.52 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on VSTS shares. Zacks Research raised Vestis from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 10th. Robert W. Baird increased their price target on Vestis from $10.00 to $14.00 and gave the stock a "neutral" rating in a report on Wednesday, May 13th. William Blair raised Vestis from a "market perform" rating to an "outperform" rating in a research note on Tuesday, May 12th. The Goldman Sachs Group restated a "sell" rating and set a $7.50 price objective on shares of Vestis in a report on Wednesday, May 13th. Finally, Stifel Nicolaus upped their target price on Vestis from $8.50 to $11.00 and gave the stock a "hold" rating in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $9.50.

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

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