Quarry LP Sells 248,239 Shares of Vestis Corporation $VSTS

Key Points

• Quarry LP significantly reduced its stake in Vestis Corporation by 96.3% in the first quarter, selling 248,239 shares and retaining only 9,653 shares valued at $96,000.
• Analysts have lowered their price targets for Vestis stock, with JPMorgan and Barclays both issuing "underweight" ratings and reducing targets to $5.50 and $5.00, respectively.
• Vestis Corporation reported a quarterly revenue of $673.80 million and earnings per share of $0.05, matching analyst expectations, despite experiencing a 3.5% decline in revenue year-over-year.

Quarry LP cut its stake in Vestis Corporation (NYSE:VSTS - Free Report) by 96.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,653 shares of the company's stock after selling 248,239 shares during the quarter. Quarry LP's holdings in Vestis were worth $96,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in VSTS. Northern Trust Corp grew its stake in shares of Vestis by 3.7% in the fourth quarter. Northern Trust Corp now owns 1,067,696 shares of the company's stock worth $16,272,000 after acquiring an additional 38,056 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Vestis in the fourth quarter worth approximately $1,357,000. Captrust Financial Advisors grew its stake in shares of Vestis by 81.9% in the fourth quarter. Captrust Financial Advisors now owns 24,505 shares of the company's stock worth $373,000 after acquiring an additional 11,034 shares during the period. Caption Management LLC bought a new stake in shares of Vestis in the fourth quarter worth approximately $363,000. Finally, Driehaus Capital Management LLC bought a new stake in shares of Vestis in the fourth quarter worth approximately $4,883,000. 97.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Vestis from $6.00 to $5.50 and set an "underweight" rating for the company in a research note on Thursday, August 7th. Barclays dropped their price objective on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a report on Friday, May 9th. Finally, Wall Street Zen raised shares of Vestis from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $9.13.

Vestis Stock Performance

VSTS opened at $4.36 on Thursday. The firm has a market cap of $574.16 million, a P/E ratio of -18.93 and a beta of 0.97. Vestis Corporation has a 1-year low of $4.32 and a 1-year high of $17.83. The company has a 50 day simple moving average of $5.53 and a two-hundred day simple moving average of $7.47. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.84 and a quick ratio of 1.42.

Vestis (NYSE:VSTS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.05 earnings per share for the quarter, hitting analysts' consensus estimates of $0.05. The business had revenue of $673.80 million during the quarter, compared to analyst estimates 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 was down 3.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.16 earnings per share. Equities analysts forecast that Vestis Corporation will post 0.7 earnings per share 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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