Alyeska Investment Group L.P. Lowers Position in Vestis Corporation $VSTS

Key Points

• Alyeska Investment Group L.P. reduced its stake in Vestis Corporation by 78.8%, selling over 1.3 million shares, leaving it with approximately 0.27% ownership valued at $3.56 million.
• Several institutional investors increased their positions in Vestis significantly, with Jane Street Group LLC raising its stake by 700.5% in the 1st quarter.
• Vestis shares currently hold a consensus rating of "Reduce" from analysts, with a target price adjusted downward to $5.00 by Barclays and $5.50 by JPMorgan Chase.

Alyeska Investment Group L.P. cut its stake in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 78.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 359,694 shares of the company's stock after selling 1,333,549 shares during the quarter. Alyeska Investment Group L.P. owned about 0.27% of Vestis worth $3,561,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Spire Wealth Management grew its position in Vestis by 168.2% during the 1st quarter. Spire Wealth Management now owns 5,110 shares of the company's stock valued at $51,000 after purchasing an additional 3,205 shares during the last quarter. Copeland Capital Management LLC grew its holdings in shares of Vestis by 33.0% during 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. KBC Group NV raised its holdings 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 last quarter. Toronto Dominion Bank purchased a new position in Vestis in the 4th quarter worth approximately $154,000. Finally, Eisler Capital Management Ltd. bought a new position in Vestis in the 4th quarter valued at approximately $191,000. Institutional investors own 97.40% of the company's stock.

Vestis Stock Performance

Vestis stock traded up $0.29 during mid-day trading on Thursday, reaching $4.36. 1,866,350 shares of the stock traded hands, compared to its average volume of 1,631,988. The stock has a market capitalization of $574.16 million, a PE ratio of -18.93 and a beta of 0.97. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.84 and a quick ratio of 1.42. The business's 50-day moving average is $5.32 and its 200-day moving average is $7.09. Vestis Corporation has a 12-month low of $3.98 and a 12-month high of $17.83.

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, meeting the consensus estimate of $0.05. The firm 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 business's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.16 EPS. As a group, sell-side analysts predict that Vestis Corporation will post 0.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. JPMorgan Chase & Co. reduced their target price on Vestis from $6.00 to $5.50 and set an "underweight" rating for the company in a report on Thursday, August 7th. Wall Street Zen raised Vestis from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $9.13.

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.