Public Employees Retirement System of Ohio Sells 194,894 Shares of Vestis Corporation $VSTS

Key Points

• Public Employees Retirement System of Ohio cut its Vestis stake by 94.6%, selling 194,894 shares and retaining 11,231 shares valued at approximately $88,000. Institutional investors collectively own 97.4% of the company.
• Vestis reported quarterly adjusted EPS of $0.16, beating estimates of $0.09, while revenue of $659.4 million slightly exceeded expectations but declined 0.9% year over year.
• Analyst sentiment remains cautious: Vestis has an average “Reduce” rating and a consensus price target of $9.50, well below its recent share price of $13.84.

Public Employees Retirement System of Ohio trimmed its position in Vestis Corporation (NYSE:VSTS - Free Report) by 94.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,231 shares of the company's stock after selling 194,894 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Vestis were worth $88,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position in shares of Vestis by 471.9% in the second quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company's stock valued at $31,000 after acquiring an additional 4,502 shares during the period. Osaic Holdings Inc. increased its position in Vestis by 703.2% during the second quarter. Osaic Holdings Inc. now owns 5,743 shares of the company's stock worth $33,000 after acquiring an additional 5,028 shares during the period. Farther Finance Advisors LLC increased its position in Vestis by 176.1% during the fourth quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company's stock worth $35,000 after acquiring an additional 3,312 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in Vestis during the fourth quarter worth about $36,000. Finally, PNC Financial Services Group Inc. raised its stake in Vestis by 147.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,006 shares of the company's stock worth $53,000 after purchasing an additional 4,766 shares in the last quarter. Institutional investors own 97.40% of the company's stock.

Vestis Trading Down 0.7%

Shares of Vestis stock opened at $13.84 on Friday. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of -98.82 and a beta of 0.97. The company has a quick ratio of 1.69, a current ratio of 2.13 and a debt-to-equity ratio of 1.44. Vestis Corporation has a 12-month low of $3.98 and a 12-month high of $16.90. The firm's 50-day moving average price is $14.14 and its two-hundred day moving average price is $10.53.

Vestis (NYSE:VSTS - Get Free Report) last issued its earnings results on Tuesday, May 12th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.09 by $0.07. The company had revenue of $659.44 million during the quarter, compared to analysts' expectations of $655.32 million. Vestis had a negative net margin of 0.63% and a positive return on equity of 5.27%. The business's revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.05) EPS. On average, analysts forecast that Vestis Corporation will post 0.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. The Goldman Sachs Group restated a "sell" rating and set a $7.50 target price on shares of Vestis in a research report on Wednesday, May 13th. Barclays boosted their price target on Vestis from $6.00 to $9.00 and gave the company an "underweight" rating in a research note on Friday, May 15th. Zacks Research raised Vestis from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 10th. Robert W. Baird raised their price objective on Vestis from $10.00 to $14.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 13th. Finally, Stifel Nicolaus raised their price objective on Vestis from $8.50 to $11.00 and gave the stock a "hold" rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus target price of $9.50.

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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.

Want to see what other hedge funds are holding VSTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vestis Corporation (NYSE:VSTS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source