Jane Street Group LLC Raises Holdings in Vestis Corporation $VSTS

Key Points

• Jane Street Group LLC has significantly increased its stake in Vestis Corporation, acquiring 1,734,442 shares, which represents a growth of 700.5% in the first quarter, bringing its total ownership to about 1.5% valued at $19.6 million.
• Major hedge funds, such as Alberta Investment Management Corp and Millennium Management LLC, have also substantially increased their positions in Vestis, with institutional investors owning 97.40% of the stock.
• Vestis Corporation reported earnings of $0.05 per share for the last quarter, meeting expectations, but revenue declined by 3.5% year-over-year, indicating potential challenges in performance.

Jane Street Group LLC grew its holdings in Vestis Corporation (NYSE:VSTS - Free Report) by 700.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,982,027 shares of the company's stock after acquiring an additional 1,734,442 shares during the period. Jane Street Group LLC owned about 1.50% of Vestis worth $19,622,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Spire Wealth Management grew its stake in shares of Vestis by 168.2% in the first quarter. Spire Wealth Management now owns 5,110 shares of the company's stock worth $51,000 after acquiring an additional 3,205 shares in the last quarter. Copeland Capital Management LLC grew its stake 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 worth $54,000 after acquiring an additional 1,346 shares in the last quarter. KBC Group NV grew its stake in shares of Vestis by 54.2% in the first quarter. KBC Group NV now owns 7,309 shares of the company's stock worth $72,000 after acquiring an additional 2,568 shares in the last quarter. Toronto Dominion Bank acquired a new position in shares of Vestis in the fourth quarter worth $154,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Vestis in the first quarter worth $137,000. Institutional investors and hedge funds own 97.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on VSTS shares. JPMorgan Chase & Co. dropped 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. Wall Street Zen upgraded shares of Vestis from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $9.13.

Vestis Stock Up 2.0%

Shares of VSTS stock traded up $0.08 on Thursday, reaching $4.14. 1,897,007 shares of the stock were exchanged, compared to its average volume of 1,531,241. Vestis Corporation has a twelve month low of $3.98 and a twelve month high of $17.83. The company has a market capitalization of $545.82 million, a price-to-earnings ratio of -18.00 and a beta of 0.97. The company has a current ratio of 1.84, a quick ratio of 1.42 and a debt-to-equity ratio of 1.45. The business's 50 day moving average price is $5.12 and its 200 day moving average price is $6.82.

Vestis (NYSE:VSTS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. The company had revenue of $673.80 million for the quarter, compared to analyst estimates of $673.65 million. Vestis had a positive return on equity of 3.76% and a negative net margin of 1.11%.The business's quarterly revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.16 earnings per share. As a group, sell-side analysts expect that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Vestis Company 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.