Vestis Corporation (NYSE:VSTS) Shares Sold by Mutual of America Capital Management LLC

Key Points

• Mutual of America Capital Management LLC significantly reduced its holdings in Vestis Corporation by 91.9%, selling 189,882 shares and retaining only 16,691 shares valued at $165,000.
• Company earnings for the latest quarter met expectations with EPS of $0.05, but revenue decreased by 3.5% year-over-year.
• Insider activity saw Director Keith A. Meister purchase 377,277 shares at $5.89 each, increasing his stake by 2.10% and reflecting confidence in the company.

Mutual of America Capital Management LLC reduced its position in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 91.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,691 shares of the company's stock after selling 189,882 shares during the period. Mutual of America Capital Management LLC's holdings in Vestis were worth $165,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in Vestis by 1.7% in 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 purchasing an additional 43,719 shares during the period. Jefferies Financial Group Inc. purchased a new stake in Vestis in the first quarter valued at approximately $1,756,000. Alberta Investment Management Corp grew its holdings in Vestis by 65.2% in the first quarter. Alberta Investment Management Corp now owns 6,145,000 shares of the company's stock valued at $60,836,000 after purchasing an additional 2,426,167 shares during the period. GSA Capital Partners LLP grew its holdings in Vestis by 369.6% in the first quarter. GSA Capital Partners LLP now owns 58,850 shares of the company's stock valued at $583,000 after purchasing an additional 46,317 shares during the period. Finally, Federated Hermes Inc. grew its holdings in Vestis by 2.0% in the first quarter. Federated Hermes Inc. now owns 121,589 shares of the company's stock valued at $1,204,000 after purchasing an additional 2,352 shares during the period. 97.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Vestis

In other news, Director Keith A. Meister bought 377,277 shares of Vestis stock in a transaction dated Friday, May 23rd. The shares were acquired at an average cost of $5.89 per share, with a total value of $2,222,161.53. Following the completion of the transaction, the director owned 18,380,501 shares in the company, valued at approximately $108,261,150.89. This trade represents a 2.10% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have acquired 800,675 shares of company stock worth $4,777,432 over the last 90 days. Insiders own 13.60% of the company's stock.

Vestis Trading Up 6.9%

Shares of VSTS stock opened at $4.66 on Thursday. The stock has a market cap of $614.37 million, a price-to-earnings ratio of -20.26 and a beta of 0.96. The company has a quick ratio of 1.42, a current ratio of 1.84 and a debt-to-equity ratio of 1.45. Vestis Corporation has a fifty-two week low of $4.32 and a fifty-two week high of $17.83. The firm's 50 day moving average price is $5.94 and its two-hundred day moving average price is $8.47.

Vestis (NYSE:VSTS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.05 earnings per share for the quarter, meeting analysts' consensus estimates of $0.05. The firm had revenue of $673.80 million for the quarter, compared to analysts' expectations of $673.65 million. Vestis had a negative net margin of 1.11% and a positive return on equity of 3.76%. Vestis's revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 earnings per share. On average, analysts anticipate that Vestis Corporation will post 0.7 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on VSTS. Wall Street Zen upgraded shares of Vestis from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Barclays lowered 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. Finally, JPMorgan Chase & Co. reduced their price target 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. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $9.13.

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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