Vestis Corporation $VSTS Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Vestis Corporation by 13.2%, holding approximately 926,631 shares valued at $9.17 million as of the end of the most recent quarter.
• Vestis reported a quarterly revenue of $673.80 million, slightly above estimates, but had a negative net margin of 1.11% and a year-over-year revenue decline of 3.5%.
• Several analysts have downgraded their price targets for Vestis, with JPMorgan setting it at $5.50, indicating a consensus rating of "Reduce".

Northern Trust Corp decreased its stake in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 13.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 926,631 shares of the company's stock after selling 141,065 shares during the period. Northern Trust Corp owned about 0.70% of Vestis worth $9,174,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of VSTS. Spire Wealth Management lifted 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 purchasing an additional 3,205 shares during the last quarter. Copeland Capital Management LLC lifted 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 purchasing an additional 1,346 shares during the last quarter. KBC Group NV lifted its position in shares of Vestis by 54.2% during the first quarter. KBC Group NV now owns 7,309 shares of the company's stock worth $72,000 after purchasing an additional 2,568 shares during the last quarter. Bfsg LLC lifted its position in shares of Vestis by 128.2% during the first quarter. Bfsg LLC now owns 14,210 shares of the company's stock worth $141,000 after purchasing an additional 7,984 shares during the last quarter. Finally, Toronto Dominion Bank bought a new position in shares of Vestis during the fourth quarter worth about $154,000. Institutional investors own 97.40% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on VSTS. 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. Wall Street Zen raised shares of Vestis from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $9.13.

Vestis Stock Performance

VSTS traded down $0.29 on Monday, hitting $4.28. 2,145,940 shares of the company's stock were exchanged, compared to its average volume of 1,853,171. The firm has a market cap of $563.62 million, a PE ratio of -18.59 and a beta of 0.98. Vestis Corporation has a twelve month low of $4.20 and a twelve month high of $17.83. The stock has a fifty day moving average of $5.43 and a two-hundred day moving average of $7.19. The company has a current ratio of 1.84, a quick ratio of 1.42 and a debt-to-equity ratio of 1.45.

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

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.