TIG Advisors LLC Buys New Shares in Vestis Corporation $VSTS

Key Points

• TIG Advisors LLC has acquired a new stake in Vestis Corporation, purchasing 389,381 shares worth approximately $3.85 million, representing about 0.30% ownership.
• Other institutional investors, such as the New York State Common Retirement Fund, have also increased their holdings in Vestis, indicating growing interest in the stock.
• Vestis reported earnings of $0.05 per share in its last quarter, matching analyst expectations, despite a 3.5% decline in revenue compared to the previous year.

TIG Advisors LLC bought a new stake in shares of Vestis Corporation (NYSE:VSTS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 389,381 shares of the company's stock, valued at approximately $3,855,000. TIG Advisors LLC owned about 0.30% of Vestis at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. New York State Common Retirement Fund lifted its position in Vestis by 7.3% during the first quarter. New York State Common Retirement Fund now owns 368,747 shares of the company's stock worth $3,651,000 after buying an additional 25,044 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in Vestis during the first quarter worth approximately $637,000. Lord Abbett & CO. LLC lifted its position in Vestis by 27.4% during the first quarter. Lord Abbett & CO. LLC now owns 638,134 shares of the company's stock worth $6,318,000 after buying an additional 137,243 shares in the last quarter. Nuveen LLC purchased a new position in Vestis during the first quarter worth approximately $2,746,000. Finally, Quantbot Technologies LP lifted its position in Vestis by 2,918.4% during the first quarter. Quantbot Technologies LP now owns 184,844 shares of the company's stock worth $1,830,000 after buying an additional 178,720 shares in the last quarter. Hedge funds and other institutional investors own 97.40% of the company's stock.

Wall Street Analysts Forecast Growth

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

Vestis Trading Up 1.4%

Shares of VSTS traded up $0.07 during midday trading on Friday, hitting $4.58. 1,684,789 shares of the stock were exchanged, compared to its average volume of 2,319,592. Vestis Corporation has a 52-week low of $4.32 and a 52-week high of $17.83. The stock has a fifty day simple moving average of $5.49 and a 200 day simple moving average of $7.40. The firm has a market cap of $603.17 million, a P/E ratio of -19.89 and a beta of 0.97. 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 released its quarterly earnings results on Tuesday, August 5th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. Vestis had a positive return on equity of 3.76% and a negative net margin of 1.11%.The business had revenue of $673.80 million during the quarter, compared to analyst estimates of $673.65 million. During the same period last year, the business posted $0.16 earnings per share. The company's quarterly revenue was down 3.5% on a year-over-year basis. On average, research analysts anticipate that Vestis Corporation will post 0.7 EPS for the current fiscal year.

About Vestis

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.