Vestis Corporation (NYSE:VSTS) Shares Acquired by Palisade Capital Management LP

Palisade Capital Management LP grew its position in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 20.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 912,704 shares of the company's stock after purchasing an additional 152,105 shares during the quarter. Palisade Capital Management LP owned approximately 0.69% of Vestis worth $9,036,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in VSTS. AQR Capital Management LLC lifted its position in Vestis by 47.4% during the 4th quarter. AQR Capital Management LLC now owns 3,125,669 shares of the company's stock worth $47,635,000 after acquiring an additional 1,004,497 shares during the period. Dimensional Fund Advisors LP increased its stake in Vestis by 46.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,095,278 shares of the company's stock valued at $47,172,000 after buying an additional 980,303 shares during the period. Millennium Management LLC raised its position in Vestis by 179.4% during the 4th quarter. Millennium Management LLC now owns 3,003,762 shares of the company's stock worth $45,777,000 after buying an additional 1,928,687 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Vestis by 2.3% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,691,476 shares of the company's stock worth $41,018,000 after acquiring an additional 59,824 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Vestis by 17.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,538,882 shares of the company's stock worth $38,693,000 after acquiring an additional 382,071 shares during the period. Hedge funds and other institutional investors own 97.40% of the company's stock.

Vestis Price Performance

Vestis stock traded up $0.01 during mid-day trading on Thursday, reaching $6.15. The company had a trading volume of 3,733,561 shares, compared to its average volume of 2,264,581. The stock's 50-day simple moving average is $6.56 and its 200-day simple moving average is $10.55. The company has a market capitalization of $810.45 million, a P/E ratio of 17.06 and a beta of 0.96. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.87 and a quick ratio of 1.41. Vestis Corporation has a 1 year low of $5.20 and a 1 year high of $17.83.

Vestis (NYSE:VSTS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of $0.15 by ($0.20). Vestis had a positive return on equity of 5.36% and a negative net margin of 0.89%. The firm had revenue of $665.25 million for the quarter, compared to analysts' expectations of $690.81 million. The company's revenue for the quarter was down 5.7% compared to the same quarter last year. On average, equities analysts predict that Vestis Corporation will post 0.7 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their price target on shares of Vestis from $15.00 to $13.00 and set a "neutral" rating on the stock in a research note on Monday, March 17th. Robert W. Baird dropped their target price on Vestis from $17.00 to $13.00 and set a "neutral" rating on the stock in a research report on Thursday, March 20th. Finally, Barclays reduced their price target on Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $11.75.

Insider Buying and Selling

In related news, Director Keith A. Meister acquired 377,277 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average price of $5.89 per share, with a total value of $2,222,161.53. Following the completion of the purchase, the director directly owned 18,380,501 shares in the company, valued at approximately $108,261,150.89. The trade was a 2.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas A. Pertz bought 70,000 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was purchased at an average cost of $6.17 per share, with a total value of $431,900.00. Following the purchase, the director directly owned 297,010 shares in the company, valued at $1,832,551.70. The trade was a 30.84% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 880,675 shares of company stock worth $5,271,632 in the last ninety days. Insiders own 13.60% of the company's stock.

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.