Vestis Corporation $VSTS Stake Lowered by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. has drastically reduced its stake in Vestis Corporation by 88.8%, now holding only 300,547 shares valued at approximately $2.97 million.
• Despite Jacobs Levy's sell-off, other institutional investors such as Spire Wealth Management and Copeland Capital Management have significantly increased their positions in Vestis, indicating mixed sentiment among market players.
• Analysts have recently revised their outlook on Vestis, with JPMorgan Chase cutting its price target from $6.00 to $5.50 and classifying the stock as "underweight," while the current consensus rating stands at "Reduce" with an average price target of $9.13.

Jacobs Levy Equity Management Inc. trimmed its holdings in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 88.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 300,547 shares of the company's stock after selling 2,390,929 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.23% of Vestis worth $2,975,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Spire Wealth Management increased its position in shares of Vestis by 168.2% during the first quarter. Spire Wealth Management now owns 5,110 shares of the company's stock worth $51,000 after acquiring an additional 3,205 shares during the last quarter. Copeland Capital Management LLC increased its position in shares of Vestis by 33.0% during the first quarter. Copeland Capital Management LLC now owns 5,428 shares of the company's stock worth $54,000 after acquiring an additional 1,346 shares during the last quarter. KBC Group NV increased its holdings in Vestis by 54.2% in the first quarter. KBC Group NV now owns 7,309 shares of the company's stock valued at $72,000 after buying an additional 2,568 shares during the last quarter. Hsbc Holdings PLC bought a new stake in Vestis in the first quarter valued at about $137,000. Finally, Bfsg LLC increased its holdings in Vestis by 128.2% in the first quarter. Bfsg LLC now owns 14,210 shares of the company's stock valued at $141,000 after buying an additional 7,984 shares during the last quarter. 97.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on VSTS shares. Wall Street Zen raised Vestis from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. JPMorgan Chase & Co. lowered their price objective on Vestis from $6.00 to $5.50 and set an "underweight" rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $9.13.

Vestis Stock Performance

Shares of NYSE:VSTS traded down $0.15 during trading on Friday, hitting $4.21. 1,653,373 shares of the company traded hands, compared to its average volume of 1,611,663. The stock has a market capitalization of $555.05 million, a price-to-earnings ratio of 17.44 and a beta of 0.97. The business's fifty day moving average is $5.28 and its 200-day moving average is $7.03. Vestis Corporation has a one year low of $3.98 and a one year 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.

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

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.