Public Sector Pension Investment Board Has $3.60 Million Holdings in Vestis Corporation $VSTS

Key Points

• The Public Sector Pension Investment Board increased its holdings in Vestis Corporation by 27.5% during Q1, now owning 363,484 shares valued at approximately $3.60 million.
• Despite reporting earnings per share that met consensus estimates, Vestis experienced a 3.5% decline in revenue compared to the same quarter last year.
• Vestis stock has a current market cap of $647.20 million and is rated as a "hold" by analysts, with a price target consensus of $9.13.

Public Sector Pension Investment Board increased its position in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 27.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 363,484 shares of the company's stock after acquiring an additional 78,446 shares during the quarter. Public Sector Pension Investment Board owned 0.28% of Vestis worth $3,598,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of Vestis during the first quarter valued at approximately $2,746,000. Invesco Ltd. raised its holdings in shares of Vestis by 15.6% during the first quarter. Invesco Ltd. now owns 701,596 shares of the company's stock valued at $6,946,000 after acquiring an additional 94,695 shares during the period. Wolverine Asset Management LLC acquired a new stake in shares of Vestis during the first quarter valued at approximately $346,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Vestis by 1.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,582,601 shares of the company's stock valued at $25,568,000 after acquiring an additional 43,719 shares during the period. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Vestis during the first quarter valued at approximately $1,756,000. Institutional investors and hedge funds own 97.40% of the company's stock.

Vestis Stock Performance

Shares of VSTS opened at $4.91 on Tuesday. The company's 50 day moving average price is $5.84 and its 200 day moving average price is $8.15. Vestis Corporation has a 52 week low of $4.32 and a 52 week high of $17.83. The company has a market capitalization of $647.20 million, a PE ratio of -21.34 and a beta of 0.96. 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 (NYSE:VSTS - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. The company had revenue of $673.80 million during the quarter, compared to the consensus estimate of $673.65 million. Vestis had a negative net margin of 1.11% and a positive return on equity of 3.76%. The company's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 earnings per share. Research analysts expect that Vestis Corporation will post 0.7 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Wall Street Zen raised shares of Vestis from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. JPMorgan Chase & Co. lowered their price objective 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. Finally, Barclays lowered their price objective on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a research report on Friday, May 9th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat.com, Vestis has a consensus rating of "Hold" and a consensus price target of $9.13.

Insider Buying and Selling

In other Vestis news, Director Keith A. Meister bought 314,390 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was bought at an average cost of $6.03 per share, with a total value of $1,895,771.70. Following the completion of the transaction, the director directly owned 18,803,899 shares of the company's stock, valued at approximately $113,387,510.97. The trade was a 1.70% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 800,675 shares of company stock valued at $4,777,432 over 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.

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