Invenomic Capital Management LP Has $5.81 Million Holdings in Vestis Corporation $VSTS

Key Points

• Invenomic boosted its Vestis stake by 158.3% to 1,282,039 shares worth $5.81 million (0.97% of the company), and other large institutions also raised positions, leaving institutional ownership at about 97.4%.
• Analysts are largely negative on VSTS — one Hold and four Sell ratings lead to a MarketBeat average of "Strong Sell" and a mean price target of $5.88, below the current share price (~$7.59).
• Insiders have been buying heavily: Director Keith A. Meister bought 800,222 shares (~$5.45M) and insiders acquired 1,035,064 shares (~$7.05M) over the past three months, with insiders now owning 15.7% of the stock.

Invenomic Capital Management LP boosted its position in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 158.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,282,039 shares of the company's stock after acquiring an additional 785,667 shares during the period. Invenomic Capital Management LP owned 0.97% of Vestis worth $5,808,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of VSTS. Alberta Investment Management Corp lifted its position in shares of Vestis by 57.7% during the 2nd quarter. Alberta Investment Management Corp now owns 9,692,000 shares of the company's stock worth $55,535,000 after purchasing an additional 3,547,000 shares during the last quarter. Medina Value Partners LLC acquired a new position in shares of Vestis during the third quarter worth approximately $6,469,000. First Trust Advisors LP boosted its position in shares of Vestis by 327.2% in the second quarter. First Trust Advisors LP now owns 1,461,190 shares of the company's stock valued at $8,373,000 after acquiring an additional 1,119,157 shares during the period. AQR Capital Management LLC grew its stake in shares of Vestis by 19.8% in the second quarter. AQR Capital Management LLC now owns 5,593,129 shares of the company's stock worth $32,049,000 after acquiring an additional 923,459 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Vestis by 45.3% during the second quarter. Geode Capital Management LLC now owns 2,731,391 shares of the company's stock worth $15,652,000 after acquiring an additional 851,208 shares during the period. 97.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on VSTS. Weiss Ratings reissued a "sell (d)" rating on shares of Vestis in a report on Wednesday, January 21st. The Goldman Sachs Group lifted their target price on Vestis from $5.30 to $6.00 and gave the stock a "sell" rating in a research report on Wednesday, February 11th. Robert W. Baird raised their price objective on Vestis from $5.00 to $6.50 and gave the stock a "neutral" rating in a research report on Tuesday, December 2nd. Barclays reissued an "underweight" rating on shares of Vestis in a report on Tuesday, February 17th. Finally, JPMorgan Chase & Co. raised their price target on shares of Vestis from $5.50 to $6.00 and gave the stock an "underweight" rating in a research note on Wednesday, December 3rd. One research analyst has rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Strong Sell" and an average price target of $5.88.

Vestis Stock Up 0.8%

Shares of NYSE VSTS opened at $7.59 on Monday. Vestis Corporation has a 52-week low of $3.98 and a 52-week high of $11.23. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.74 and a current ratio of 2.17. The business has a fifty day moving average of $7.25 and a two-hundred day moving average of $6.10. The stock has a market cap of $1.00 billion, a PE ratio of -20.51 and a beta of 0.48.

Vestis (NYSE:VSTS - Get Free Report) last posted its earnings results on Tuesday, February 10th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.04. The business had revenue of $663.39 million for the quarter, compared to analyst estimates of $665.77 million. Vestis had a negative net margin of 1.75% and a positive return on equity of 2.08%. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.14 EPS. As a group, equities research analysts expect that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Insider Activity at Vestis

In other Vestis news, Director Keith A. Meister acquired 800,222 shares of Vestis stock in a transaction on Tuesday, December 16th. The shares were bought at an average price of $6.81 per share, with a total value of $5,449,511.82. Following the completion of the purchase, the director owned 19,604,121 shares in the company, valued at $133,504,064.01. This trade represents a 4.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Douglas A. Pertz bought 15,000 shares of the firm's stock in a transaction dated Friday, December 19th. The shares were acquired at an average price of $6.90 per share, for a total transaction of $103,500.00. Following the acquisition, the director directly owned 322,010 shares of the company's stock, valued at approximately $2,221,869. The trade was a 4.89% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 1,035,064 shares of company stock worth $7,046,839 over the last three months. 15.70% of the stock is 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.

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