Jacobs Levy Equity Management Inc. Cuts Stock Holdings in Vestis Corporation $VSTS

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. lessened its stake in Vestis Corporation (NYSE:VSTS - Free Report) by 88.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 300,547 shares of the company's stock after selling 2,390,929 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 0.23% of Vestis worth $2,975,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings in shares of Vestis by 49.4% in the 1st quarter. AQR Capital Management LLC now owns 4,669,670 shares of the company's stock worth $45,950,000 after purchasing an additional 1,544,001 shares during the period. Adage Capital Partners GP L.L.C. raised its holdings in Vestis by 267.7% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 480,761 shares of the company's stock valued at $4,760,000 after acquiring an additional 350,000 shares during the period. Vision One Management Partners LP lifted its position in shares of Vestis by 57.0% during the first quarter. Vision One Management Partners LP now owns 3,309,017 shares of the company's stock worth $32,759,000 after acquiring an additional 1,201,458 shares in the last quarter. TIG Advisors LLC purchased a new stake in shares of Vestis during the first quarter worth $3,855,000. Finally, Focus Partners Advisor Solutions LLC purchased a new stake in shares of Vestis during the first quarter worth $181,000. Institutional investors own 97.40% of the company's stock.

Vestis Price Performance

VSTS traded up $0.04 during trading on Monday, reaching $4.24. The stock had a trading volume of 84,343 shares, compared to its average volume of 2,294,244. The stock has a market cap of $558.34 million, a PE ratio of -18.41 and a beta of 0.97. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.42 and a current ratio of 1.84. Vestis Corporation has a one year low of $3.98 and a one year high of $17.83. The business has a 50-day moving average of $5.28 and a 200-day moving average of $6.96.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. dropped their target price on Vestis from $6.00 to $5.50 and set an "underweight" rating on the stock in a research report on Thursday, August 7th. Wall Street Zen upgraded Vestis from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $9.13.

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.