Topline Capital Management LLC Sells 321,442 Shares of Vestis Corporation $VSTS

Key Points

• Topline Capital Management LLC significantly reduced its stake in Vestis Corporation by 71.2% during Q1, selling over 321,000 shares.
• Research analysts have downgraded Vestis’ stock ratings, with JPMorgan Chase & Co. lowering its target price from $6.00 to $5.50 and setting an "underweight" rating.
• Vestis reported earnings per share (EPS) of $0.05 for the last quarter, meeting analysts' expectations, but experienced a 3.5% decline in year-over-year revenue.

Topline Capital Management LLC decreased its holdings in shares of Vestis Corporation (NYSE:VSTS - Free Report) by 71.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,000 shares of the company's stock after selling 321,442 shares during the quarter. Topline Capital Management LLC owned about 0.10% of Vestis worth $1,287,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Alberta Investment Management Corp grew its holdings in Vestis by 65.2% during the 1st quarter. Alberta Investment Management Corp now owns 6,145,000 shares of the company's stock worth $60,836,000 after acquiring an additional 2,426,167 shares during the period. AQR Capital Management LLC raised its position in shares of Vestis by 47.4% during the 4th quarter. AQR Capital Management LLC now owns 3,125,669 shares of the company's stock valued at $47,635,000 after acquiring an additional 1,004,497 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Vestis by 46.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,095,278 shares of the company's stock valued at $47,172,000 after purchasing an additional 980,303 shares during the period. Millennium Management LLC grew its holdings in Vestis by 179.4% during the fourth quarter. Millennium Management LLC now owns 3,003,762 shares of the company's stock valued at $45,777,000 after purchasing an additional 1,928,687 shares during the period. Finally, Royce & Associates LP grew its holdings in Vestis by 196.2% during the first quarter. Royce & Associates LP now owns 2,842,936 shares of the company's stock valued at $28,145,000 after purchasing an additional 1,883,106 shares during the period. 97.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

VSTS has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of 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 upgraded shares of Vestis from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Barclays decreased their price objective 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. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $9.13.

Vestis Stock Up 1.2%

Shares of Vestis stock traded up $0.05 on Monday, hitting $4.67. The company had a trading volume of 1,136,430 shares, compared to its average volume of 2,243,455. The firm has a market capitalization of $616.22 million, a P/E ratio of -20.32 and a beta of 0.98. Vestis Corporation has a twelve month low of $4.32 and a twelve month high of $17.83. 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 stock has a 50-day moving average of $5.61 and a 200-day moving average of $7.57.

Vestis (NYSE:VSTS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.05 EPS for the quarter, hitting analysts' consensus estimates of $0.05. The business had revenue of $673.80 million for 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 firm's revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 earnings per share. Research analysts predict that Vestis Corporation will post 0.7 earnings per share for the current 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.