Harris Associates L P Increases Position in Vestis Corporation $VSTS

Key Points

• Harris Associates L P increased its stake in Vestis Corporation by 149.3% during the first quarter, holding approximately $2.92 million in the company at the end of the reporting period.
• Shares of Vestis Corporation (NYSE:VSTS) opened at $4.67, with a 52-week range from $4.32 to $17.83, and the company has a market capitalization of $616.22 million.
• Recent analyst reports have generally been negative, with Barclays lowering their price target from $10.00 to $5.00 and assigning an "underweight" rating, while the average target price is currently $9.13.

Harris Associates L P grew its holdings in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 149.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 295,235 shares of the company's stock after purchasing an additional 176,790 shares during the quarter. Harris Associates L P owned approximately 0.22% of Vestis worth $2,923,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Alberta Investment Management Corp grew its position in shares of Vestis by 65.2% in the first quarter. Alberta Investment Management Corp now owns 6,145,000 shares of the company's stock valued at $60,836,000 after purchasing an additional 2,426,167 shares in the last quarter. Millennium Management LLC grew its position in shares of 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 purchasing an additional 1,928,687 shares in the last quarter. Royce & Associates LP grew its position in shares of Vestis by 196.2% in the first quarter. Royce & Associates LP now owns 2,842,936 shares of the company's stock valued at $28,145,000 after purchasing an additional 1,883,106 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Vestis by 2.3% in the fourth 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, Charles Schwab Investment Management Inc. grew its position in shares of Vestis by 1.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,582,601 shares of the company's stock valued at $25,568,000 after purchasing an additional 43,719 shares in the last quarter. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

Vestis Trading Up 1.4%

Shares of NYSE:VSTS traded up $0.07 during mid-day trading on Friday, reaching $4.58. 1,684,789 shares of the company were exchanged, compared to its average volume of 2,319,592. Vestis Corporation has a 1 year low of $4.32 and a 1 year high of $17.83. The firm's 50-day simple moving average is $5.49 and its 200 day simple moving average is $7.40. The firm has a market cap of $603.17 million, a price-to-earnings ratio of -19.89 and a beta of 0.97. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.84 and a quick ratio of 1.42.

Vestis (NYSE:VSTS - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. Vestis had a negative net margin of 1.11% and a positive return on equity of 3.76%. The firm had revenue of $673.80 million for the quarter, compared to the consensus estimate of $673.65 million. During the same period in the prior year, the firm earned $0.16 EPS. The firm'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.

Analyst Upgrades and Downgrades

VSTS has been the subject of a number of analyst reports. Wall Street Zen upgraded Vestis from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. JPMorgan Chase & Co. reduced their price target on shares of Vestis from $6.00 to $5.50 and set an "underweight" rating on the stock in a research report on Thursday, August 7th. Finally, Barclays reduced their price target on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a research report on Friday, May 9th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $9.13.

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.