Royce & Associates LP Boosts Stake in Vestis Corporation (NYSE:VSTS)

Royce & Associates LP boosted its holdings in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 196.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,842,936 shares of the company's stock after acquiring an additional 1,883,106 shares during the period. Royce & Associates LP owned about 2.16% of Vestis worth $28,145,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of VSTS. True Wealth Design LLC purchased a new stake in shares of Vestis in the fourth quarter valued at $29,000. Spire Wealth Management grew its holdings in shares of Vestis by 168.2% during the first quarter. Spire Wealth Management now owns 5,110 shares of the company's stock worth $51,000 after buying an additional 3,205 shares in the last quarter. Copeland Capital Management LLC raised its position in shares of 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 buying an additional 1,346 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Vestis during the fourth quarter worth approximately $93,000. Finally, KBC Group NV grew its stake in Vestis by 54.2% in the 1st quarter. KBC Group NV now owns 7,309 shares of the company's stock worth $72,000 after acquiring an additional 2,568 shares during the period. Hedge funds and other institutional investors own 97.40% of the company's stock.

Vestis Trading Up 0.1%

Shares of VSTS stock traded up $0.01 on Friday, reaching $6.39. 1,051,063 shares of the stock were exchanged, compared to its average volume of 2,925,986. 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 stock has a market cap of $841.42 million, a P/E ratio of -35.47 and a beta of 0.96. The firm has a 50 day moving average of $6.08 and a two-hundred day moving average of $9.38. Vestis Corporation has a 1-year low of $5.20 and a 1-year high of $17.83.

Vestis (NYSE:VSTS - Get Free Report) last announced 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 firm had revenue of $665.25 million for the quarter, compared to analyst estimates of $690.81 million. The business's revenue was down 5.7% compared to the same quarter last year. On average, research analysts anticipate that Vestis Corporation will post 0.7 EPS for the current year.

Insiders Place Their Bets

In related news, Director Keith A. Meister purchased 314,390 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was purchased at an average cost of $6.03 per share, for a total transaction of $1,895,771.70. Following the acquisition, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO William J. Seward acquired 10,000 shares of Vestis 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 purchase, the chief operating officer owned 130,862 shares of the company's stock, valued at $815,270.26. This represents a 8.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 880,675 shares of company stock worth $5,271,632 over the last ninety days. 13.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

VSTS has been the topic of several analyst reports. Barclays decreased their price objective on Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a report on Friday, May 9th. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $6.00 price target (up from $5.00) on shares of Vestis in a research note on Monday, July 14th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target 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.