QSM Asset Management Ltd Boosts Position in Vestis Corporation (NYSE:VSTS)

QSM Asset Management Ltd lifted its stake in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 20.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 518,066 shares of the company's stock after acquiring an additional 86,350 shares during the period. Vestis accounts for approximately 3.9% of QSM Asset Management Ltd's portfolio, making the stock its 16th biggest position. QSM Asset Management Ltd owned about 0.39% of Vestis worth $5,144,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Gamco Investors INC. ET AL increased its holdings in Vestis by 2.0% in the 4th quarter. Gamco Investors INC. ET AL now owns 45,350 shares of the company's stock valued at $691,000 after purchasing an additional 875 shares during the last quarter. Bank of Montreal Can increased its holdings in Vestis by 11.1% in the 4th quarter. Bank of Montreal Can now owns 15,315 shares of the company's stock valued at $233,000 after purchasing an additional 1,534 shares during the last quarter. Swiss National Bank increased its holdings in Vestis by 0.7% in the 4th quarter. Swiss National Bank now owns 232,750 shares of the company's stock valued at $3,547,000 after purchasing an additional 1,700 shares during the last quarter. True Wealth Design LLC acquired a new stake in Vestis in the 4th quarter valued at approximately $29,000. Finally, Smartleaf Asset Management LLC increased its holdings in Vestis by 548.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,510 shares of the company's stock valued at $38,000 after purchasing an additional 2,123 shares during the last quarter. Hedge funds and other institutional investors own 97.40% of the company's stock.

Insider Transactions at Vestis

In other news, Director Keith A. Meister acquired 377,277 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was acquired at an average cost of $5.89 per share, with a total value of $2,222,161.53. Following the transaction, the director now owns 18,380,501 shares in the company, valued at approximately $108,261,150.89. This trade represents a 2.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Douglas A. Pertz acquired 70,000 shares of the firm's stock in a transaction dated Thursday, May 8th. The shares were purchased at an average cost of $6.17 per share, with a total value of $431,900.00. Following the completion of the transaction, the director now owns 297,010 shares in the company, valued at approximately $1,832,551.70. The trade was a 30.84% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 880,675 shares of company stock valued at $5,271,632. Insiders own 13.60% of the company's stock.

Analysts Set New Price Targets

VSTS has been the subject of several research reports. The Goldman Sachs Group dropped their target price on shares of Vestis from $15.00 to $13.00 and set a "neutral" rating for the company in a report on Monday, March 17th. Robert W. Baird dropped their target price on shares of Vestis from $17.00 to $13.00 and set a "neutral" rating for the company in a report on Thursday, March 20th. Finally, Barclays dropped their target price on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a report on Friday, May 9th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $11.75.

Vestis Stock Performance

Shares of VSTS stock opened at $6.10 on Friday. The company has a quick ratio of 1.41, a current ratio of 1.87 and a debt-to-equity ratio of 1.46. Vestis Corporation has a 52 week low of $5.20 and a 52 week high of $17.83. The stock has a market capitalization of $803.20 million, a PE ratio of -33.86 and a beta of 1.03. The firm has a 50 day moving average of $6.71 and a two-hundred day moving average of $10.84.

Vestis (NYSE:VSTS - Get Free Report) last issued 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 negative net margin of 0.89% and a positive return on equity of 5.36%. The business had revenue of $665.25 million during the quarter, compared to analysts' expectations of $690.81 million. Vestis's revenue was down 5.7% on a year-over-year basis. On average, research analysts predict that Vestis Corporation will post 0.7 EPS 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.

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