Private Management Group Inc. Increases Holdings in Vestis Corporation (NYSE:VSTS)

Key Points

• Private Management Group Inc. increased its holdings in Vestis Corporation by 158.7% during Q1, owning approximately 1,774,342 shares valued at $17.57 million.
• Insider trading activity includes COO William J. Seward purchasing 10,000 shares for $62,300 and Director Keith A. Meister buying 314,390 shares valued at about $1.9 million.
• Vestis stocks have seen a decline of 1.9% recently, with a market price of $6.38 and a 52-week range between $5.20 and $17.83.

Private Management Group Inc. grew its holdings in Vestis Corporation (NYSE:VSTS - Free Report) by 158.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,774,342 shares of the company's stock after acquiring an additional 1,088,514 shares during the quarter. Private Management Group Inc. owned about 1.35% of Vestis worth $17,566,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in VSTS. True Wealth Design LLC acquired a new stake in Vestis during the fourth quarter worth approximately $29,000. Spire Wealth Management raised its stake in Vestis by 168.2% during the 1st quarter. Spire Wealth Management now owns 5,110 shares of the company's stock worth $51,000 after acquiring an additional 3,205 shares in the last quarter. Copeland Capital Management LLC lifted its position in Vestis by 33.0% in the first quarter. Copeland Capital Management LLC now owns 5,428 shares of the company's stock valued at $54,000 after acquiring an additional 1,346 shares during the last quarter. Quantbot Technologies LP acquired a new position in Vestis in the fourth quarter valued at $93,000. Finally, KBC Group NV boosted its stake 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 acquiring an additional 2,568 shares in the last quarter. Institutional investors and hedge funds own 97.40% of the company's stock.

Insider Transactions at Vestis

In other Vestis news, COO William J. Seward bought 10,000 shares of the company's stock in a transaction on Thursday, May 8th. The shares were bought at an average price of $6.23 per share, for a total transaction of $62,300.00. Following the transaction, the chief operating officer owned 130,862 shares of the company's stock, valued at approximately $815,270.26. This trade represents a 8.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Keith A. Meister purchased 314,390 shares of the stock in a transaction dated Wednesday, May 28th. The shares were bought at an average cost of $6.03 per share, for a total transaction of $1,895,771.70. Following the completion of the purchase, the director owned 18,803,899 shares in the company, valued at approximately $113,387,510.97. This trade represents a 1.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 880,675 shares of company stock worth $5,271,632. Company insiders own 13.60% of the company's stock.

Vestis Stock Down 1.9%

VSTS opened at $6.38 on Friday. Vestis Corporation has a 52 week low of $5.20 and a 52 week high of $17.83. The business has a 50 day moving average price of $6.07 and a two-hundred day moving average price of $9.50. The company has a quick ratio of 1.41, a current ratio of 1.87 and a debt-to-equity ratio of 1.46. The company has a market cap of $840.10 million, a PE ratio of -35.42 and a beta of 0.96.

Vestis (NYSE:VSTS - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate 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 company had revenue of $665.25 million for the quarter, compared to analysts' expectations of $690.81 million. The business's revenue was down 5.7% compared to the same quarter last year. As a group, research analysts anticipate that Vestis Corporation will post 0.7 EPS for the current year.

Analyst Ratings Changes

VSTS has been the subject of a number of research analyst reports. Barclays decreased their target price on Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a research report on Friday, May 9th. JPMorgan Chase & Co. restated an "underweight" rating and set a $6.00 target price (up from $5.00) on shares of Vestis in a research report on Monday, July 14th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $9.25.

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.

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