Invesco Ltd. Grows Stock Holdings in Vestis Corporation $VSTS

Key Points

• Invesco Ltd. increased its position in Vestis Corporation by 15.6% by acquiring an additional 94,695 shares, bringing its total ownership to 701,596 shares worth approximately $6.95 million.
• Major institutional investors, including Alberta Investment Management Corp and Millennium Management LLC, significantly raised their stakes in Vestis, with ownership among institutional investors now at 97.40%.
• Vestis Corporation reported earnings of $0.05 per share for the last quarter and experienced a 3.5% decline in revenue year-over-year, indicating potential challenges ahead despite meeting consensus estimates.

Invesco Ltd. raised its position in Vestis Corporation (NYSE:VSTS - Free Report) by 15.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 701,596 shares of the company's stock after buying an additional 94,695 shares during the period. Invesco Ltd. owned 0.53% of Vestis worth $6,946,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Copeland Capital Management LLC increased its stake in shares of Vestis by 33.0% during the 1st quarter. Copeland Capital Management LLC now owns 5,428 shares of the company's stock worth $54,000 after purchasing an additional 1,346 shares during the last quarter. True Wealth Design LLC bought a new position in shares of Vestis in the fourth quarter worth $29,000. Federated Hermes Inc. boosted its holdings in shares of Vestis by 2.0% in the first quarter. Federated Hermes Inc. now owns 121,589 shares of the company's stock worth $1,204,000 after acquiring an additional 2,352 shares during the period. KBC Group NV boosted its holdings in shares of Vestis by 54.2% in the first quarter. KBC Group NV now owns 7,309 shares of the company's stock worth $72,000 after acquiring an additional 2,568 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its holdings in shares of Vestis by 4.6% in the first quarter. Illinois Municipal Retirement Fund now owns 62,177 shares of the company's stock worth $616,000 after acquiring an additional 2,727 shares during the period. Hedge funds and other institutional investors own 97.40% of the company's stock.

Analyst Upgrades and Downgrades

VSTS has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut their price target on Vestis from $6.00 to $5.50 and set an "underweight" rating for the company in a report on Thursday, August 7th. Wall Street Zen raised shares of Vestis from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Barclays cut their price target on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a 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. According to data from MarketBeat.com, Vestis currently has an average rating of "Reduce" and a consensus price target of $9.13.

Vestis Price Performance

Shares of NYSE VSTS traded up $0.05 during mid-day trading on Monday, reaching $4.67. 1,136,430 shares of the company were exchanged, compared to its average volume of 2,243,455. Vestis Corporation has a 52 week low of $4.32 and a 52 week high of $17.83. The company has a quick ratio of 1.42, a current ratio of 1.84 and a debt-to-equity ratio of 1.45. The stock has a market capitalization of $616.22 million, a PE ratio of -20.32 and a beta of 0.98. The company's 50 day moving average price is $5.61 and its 200 day moving average price is $7.57.

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

About Vestis

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.