Fox Run Management L.L.C. Acquires New Holdings in Vestis Corporation $VSTS

Key Points

• Fox Run Management L.L.C. acquired a new stake in Vestis Corporation, purchasing 64,314 shares valued at approximately $637,000 during the first quarter.
• Institutional investors dominate Vestis with 97.40% of the company's stock, with significant increases in holdings from firms such as Alberta Investment Management Corp and Millennium Management LLC.
• The company's earnings report indicated a net margin of -1.11% and a revenue decline of 3.5% year-over-year, raising concerns about its financial health.

Fox Run Management L.L.C. bought a new position in shares of Vestis Corporation (NYSE:VSTS - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 64,314 shares of the company's stock, valued at approximately $637,000.

Several other institutional investors have also modified their holdings of the business. Alberta Investment Management Corp increased its holdings in Vestis by 65.2% during the 1st quarter. Alberta Investment Management Corp now owns 6,145,000 shares of the company's stock worth $60,836,000 after purchasing an additional 2,426,167 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Vestis by 47.4% during the fourth quarter. AQR Capital Management LLC now owns 3,125,669 shares of the company's stock worth $47,635,000 after buying an additional 1,004,497 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Vestis by 46.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,095,278 shares of the company's stock worth $47,172,000 after buying an additional 980,303 shares during the last quarter. Millennium Management LLC raised its holdings in Vestis by 179.4% in the fourth quarter. Millennium Management LLC now owns 3,003,762 shares of the company's stock valued at $45,777,000 after acquiring an additional 1,928,687 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in Vestis by 196.2% during the 1st quarter. Royce & Associates LP now owns 2,842,936 shares of the company's stock valued at $28,145,000 after acquiring an additional 1,883,106 shares during the last quarter. Institutional investors and hedge funds own 97.40% of the company's stock.

Vestis Stock Performance

VSTS traded down $0.1550 during trading on Thursday, reaching $4.6850. 932,400 shares of the company were exchanged, compared to its average volume of 2,371,008. Vestis Corporation has a 52 week low of $4.32 and a 52 week high of $17.83. The company has a current ratio of 1.84, a quick ratio of 1.42 and a debt-to-equity ratio of 1.45. The firm has a 50 day moving average of $5.79 and a 200 day moving average of $8.10. The stock has a market cap of $617.67 million, a P/E ratio of -20.34 and a beta of 0.96.

Vestis (NYSE:VSTS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. The company had revenue of $673.80 million during the quarter, compared to the consensus estimate of $673.65 million. Vestis had a negative net margin of 1.11% and a positive return on equity of 3.76%. The company's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 earnings per share. On average, sell-side analysts forecast that Vestis Corporation will post 0.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on VSTS shares. Wall Street Zen raised shares of Vestis from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. JPMorgan Chase & Co. decreased their price target on Vestis from $6.00 to $5.50 and set an "underweight" rating for the company in a research note on Thursday, August 7th. Finally, Barclays cut their price objective on Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a research note on Friday, May 9th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $9.13.

Insider Transactions at Vestis

In other Vestis news, Director Keith A. Meister acquired 377,277 shares of Vestis stock in a transaction dated Friday, May 23rd. The stock was acquired at an average cost of $5.89 per share, for a total transaction of $2,222,161.53. Following the completion of the transaction, the director owned 18,380,501 shares in the company, valued at approximately $108,261,150.89. This represents a 2.10% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have bought 800,675 shares of company stock worth $4,777,432. Insiders own 13.60% of the company's stock.

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.